NYC real estate attorney Natalia Sishodia (https://sishodia.com/what-can-go-wrong-with-attorney-review/) of Sishodia PLLC has recently published an enlightening article titled "What Can Go Wrong With Attorney Review?" The piece discusses the critical phase of the attorney review process in real estate transactions, shedding light on potential pitfalls and offering valuable advice for both buyers and sellers in New York.
NYC real estate attorney Natalia Sishodia emphasizes the importance of the attorney review process as an essential step before closing a real estate transaction. In the article, she explains that this phase, while potentially confusing, is crucial for ensuring that both parties' interests are protected. "The attorney review is a necessary step in securing your dream home," Sishodia states. "During this process, both the buyer's and the seller's attorneys will review the contract to ensure everything is legal and fair."
For those planning to buy or sell property in New York, consulting with a knowledgeable NYC real estate attorney can provide invaluable guidance. Sishodia highlights that the attorney review process is often where many real estate transactions can falter. "Since the contract isn't legally binding yet, either the buyer or the seller can withdraw from the deal without any penalties," she notes. This period allows sellers to entertain other offers, which can complicate the transaction for the initial buyer.
As outlined by NYC real estate attorney Natalia Sishodia, the attorney review is a critical stage in a real estate transaction where the lawyers from both parties scrutinize the contract. This review typically takes three business days, during which either lawyer can recommend changes to ensure fairness. "An attorney review helps protect the rights of both the buyer and the seller," says Sishodia. Although the process is expected to conclude in three days, extensions may be necessary to address important concerns.
During the review period, both buyers and sellers have the opportunity to discuss the contract with their attorneys. Modifications can be made, or the agreement can be disapproved if necessary. This phase usually spans three to five business days, beginning when the buyer’s side receives the draft contract. Sishodia advises, "It's essential to stay in close communication with your real estate agent and attorney throughout this stage."
One significant concern during the attorney review is whether the seller can accept another offer. "The answer is, surprisingly, yes," confirms Sishodia. The attorney review period allows both parties to have their attorneys check the contract for legal issues, and during this time, the seller can consider and accept other offers without informing the current buyer. This underscores the importance of quick and clear communication between the buyer, their agent, and their attorney.
Several critical matters need to be resolved during the attorney review process, including the deadline for the deposit payment, the extent of property inspection, the time period for obtaining a mortgage loan, mortgage contingency post-commitment date and pre-closing, and the transfer date of property ownership. Additional issues such as home sale contingencies, replacement home contingencies, and use and occupancy agreements also need to be negotiated to ensure satisfaction with the contract terms.
When reviewing a real estate contract, it’s essential to consider key terms and details to protect oneself during the sale process. Important factors include financing terms, closing costs, fee responsibilities, home inspection terms, and the inclusion of fixtures, appliances, and furniture. The contract should clearly state these terms to prevent misunderstandings.
An attorney can help understand legal terms, negotiate favorable conditions, and ensure clarity in the contract. "The benefits of having an attorney review your real estate contract include protecting your legal rights, identifying potential issues, and providing guidance on how to proceed if any issues arise," Sishodia explains.
A small legal fee for an attorney review can facilitate the transaction and protect one’s financial and legal rights. For those navigating real estate transactions in New York, this guidance is invaluable.
For individuals buying or selling property, the insights from NYC real estate attorney Natalia Sishodia can be crucial in avoiding common pitfalls and ensuring a smooth transaction. Engaging a competent attorney can make all the difference in securing the best possible outcome.
About Sishodia PLLC:
Sishodia PLLC is a leading real estate law firm based in New York City. The firm is dedicated to providing comprehensive legal services for real estate transactions, helping ensure that clients' interests are protected throughout the process. With a commitment to client-centered service, Sishodia PLLC strives to achieve favorable outcomes for all clients involved in buying or selling property in New York.
Embeds:
YouTube Video: https://www.youtube.com/watch?v=EWpl41d2Tbo
GMB: https://www.google.com/maps?cid=12450537318741950980
Email and website
Email: natalia@sishodialaw.com
Website: https://sishodia.com/
Media Contact
Company Name: Sishodia PLLC
Contact Person: Natalia A. Sishodia
Email: Send Email
Phone: (833) 616-4646
Address:600 3rd Ave Second Floor
City: New York
State: New York 10016
Country: United States
Website: https://sishodia.com/
