In New York, real estate attorneys provide services that reduce common risks. The risks are associated with both residential and commercial real estate primarily. The attorneys guide buyers and sellers through real estate transactions. They also prevent fraud and help existing property owners settle common disputes. Real Estate Lawyers Nassau County NY provide a full range of services related to local real estate.
Identifying Fraud in Real Estate Transactions
Any potential investments related to real estate should be assessed by an attorney. The attorney practicing in this area of law is familiar with common indicators that could imply fraud. The company owner should allow their attorney to review any potential contracts related to these investments. The attorney conducts evaluations for the property and determines if the property is for sale and, in some cases, actually exists.
Title Searches and Insurance
A title search is conducted during a real estate transaction. The range for the search is thirty years or based on the age of the property. The search determines if any errors exist when the property was sold previously. It also determines if the current seller is the lawful owner. If the transaction is stopped due to an unlawful sale, the title insurance provides the buyer with a full refund of their down payment, earnest money, or funds in escrow.
Combating Predatory Lending Practices
Real Estate Lawyers Nassau County NY combat predatory lending practices. They review mortgage contracts and identify any terms that fall under these laws. The first consideration is affordability. An assessment of the mortgage loan and the buyer’s income defines whether or not the buyer could afford the mortgage. If they can’t, the lender is guilty of predatory lending practices. The attorney can assist the buyer by requesting a loan modification.
In New York, real estate attorneys offer assistance with real estate transactions. Their role in the transaction is to mitigate potential losses. They ensure that sellers have the right to sell the property and that the buyer’s rights are protected. Potential buyers or sellers who need help contact Real Estate Lawyers Nassau County NY through The Law Offices of Peter Morra today.
