In New York both sellers and buyers are represented by attorneys in home sales. If you are selling a home in New York, you will hire a real estate agent to market and negotiate offers on the property, and also an attorney to prepare the sale contract and to represent you at closing. A real estate agent will advise you on prices for which comparable homes are sold, and help you to determine the price to list your home based on the comparables. The agent may also advise you on staging your home or making repairs or updates to sell at the highest price. The agent will also arrange for photographs of your home to use in marketing materials. Additionally, the agent will advertise and show your home to potential buyers.
Your agent will receive buyer’s offers, present the offers to you and negotiate with the buyers. The offer form does not obligate the buyers to go through with the purchase. Once you accept an offer, and the agent communicates the acceptance to the buyers, your agent will prepare a term sheet and provide it to the attorneys. Your agent will also accompany the buyer’s inspector. Sometimes the deal falls through at the inspection stage depending on what the inspection report shows.
Your attorney will prepare the sale contract. Once the attorneys have finalized the contract, you and the buyers will sign it and the buyers will send your attorney earnest money to help secure the deal. The earnest money can be around 10% of the purchase price, and your attorney will deposit this amount into an escrow account. After the contract is signed, your attorney will review the title report ordered by the buyers’ attorney. There could be issues such as liens or violations. Second, your attorney will prepare the closing documents including the deed. Third, your attorney will calculate amounts that will be owed at closing. If you had a mortgage, your attorney will request a pay-off letter to determine the amount owed to your lender. Your attorney will also calculate the closing costs that you owe and proceeds owed to you. Finally, your attorney will represent you at the closing. If you require assistance with a selling a home or home closing, consult with an experienced real estate attorney.