Buying or selling a home in the Albany, Clifton Park, Schenectady, or Saratoga NY area is a significant transaction. For many people, their home is one of their biggest investments. From real estate agents, banks, inspectors and others, there are many players involved in this transaction. Getting quality representation is very important in protecting your investment.
You can't turn on the news without hearing about the falling real estate market and the rise in foreclosures. Many foreclosures are being suffered by homeowners who did not get good advice when they purchased their homes. Buying or selling a house can be confusing. There is a lot at stake.
At Seebold Law, we will guide you through the process and protect your legal rights while making sure that you are comfortable through the whole transaction. It's really important to have an attorney guide you. Although some banks will close a loan with a notary, it is very unwise for a borrower to not have the advice of an attorney.
Fears about the economy have made people more cautious about purchasing homes. While caution is always advisable, there remain good opportunities for buyers. Housing prices have come down and interest rates remain low.
Unfortunately, due to lower housing prices and the prevalence of 100% financing in recent years, many people have found themselves in difficult financial situations and possibly facing foreclosure. At Seebold Law, we are familiar with negotiating with banks and arranging short sales-a sale of the house to a third party with a payment to the bank of less than the full mortgage amount due.
A lawyer can draft a contract for you or review one that has been drafted by the realtor or other side. It is important to have your attorney review the contract before signing. Many things, like tax adjustments, can make a big difference in your bottom line if they are written incorrectly.
A lawyer can advise you about the costs of various methods of financing and compare the costs outlined by different banks and brokers for you. Some methods of financing can cost you thousands more in closing costs so it is important to have your attorney review them for you.
Houses and land come with a history. Part of that history is the chain of title- who owned it before and what types of rights and restrictions go with the land. Your attorney can do a title search and make sure you are getting all that you think you are buying and not buying any problems you did not realize.
In addition to making sure that you are getting good ownership of your property through a title search, the attorney can arrange for you to get title insurance. This insurance protects you if there is a dispute with the neighbors over the property lines or someone claims an interest in your property. If you are financing, the bank will require you to have insurance in the amount of the mortgage. You should get additional insurance to cover your equity.
The attorney will arrange with the other parties and the bank as to the closing date. At the closing, the attorney will explain all the mortgage papers, deeds, and figures to the client. If you are a seller, any mortgages that are on the property will be paid off through the closing. If you are buying, the attorney will record your deed to the property on the land records ensuring your ownership.
If you need help navigating your real estate transaction, you may wish to contact our office for a consultation.