Albany Real Estate Lawyers

Real Estate Lawyers in Albany, New York

The real estate lawyers in Albany, New York at The Towne Law Firm, P.C. are here to help you with your real estate transaction needs. Purchasing a home or property is, for many people, the largest purchase you’ll likely make in your life. For most people, real estate involves a substantial investment and may involve a substantial portion of an individual or couple’s life savings. With so much at stake, it can be immensely helpful to have an Albany, New York real estate lawyer on your side.

A real estate attorney can help you with your real estate closing, contracts, title search, and represent you as you navigate various aspects of the real estate purchase process. While it is not a legal requirement to hire a real estate lawyer in New York, in most real estate sales and purchases, it is common for both the buyer and seller to be represented by their own real estate attorneys. A real estate lawyer can help you avoid common errors and help you navigate the sale and purchase process.

A real estate lawyer can review your real estate contract, explain your rights and obligations, and help you if your contract requires additional contingencies. A real estate lawyer can help you draw up a purchase or sale contract or modify existing contracts before you sign, to protect your rights. If you have questions about real estate, contact the real estate lawyers in Albany, New York at The Towne Law Firm, P.C. today.

How Can a Real Estate Lawyer Help Me?

A real estate lawyer can help you with many aspects of your real estate transaction. Here are some ways that a real estate lawyer in Albany, New York may be able to help you.

• Title Search. A real estate lawyer can perform a title search of the property you intend to purchase to make sure there are no outstanding liens, loans, or other claims on the property. A real estate lawyer can also review the title to make sure that the person selling the property owns the property and is authorized to make the sale. While most title searches can reveal issues with a property, sometimes things can get missed, especially if there is a long-lost heir or other obscure documentation error. This is why it is often advised that homeowners and home buyers also purchase title insurance. With title insurance, you’ll have the peace of mind of knowing that if an issue with the title comes up down the line (like if a long-lost heir makes a claim on your property), that you’ll be protected for the value of the home. A real estate lawyer in Albany, New York can perform a title search and arrange for title insurance to protect you and your investment.
• Reviewing Your Contracts, Modifying Contracts, and Drafting Contracts. A real estate lawyer in Albany, New York can review real estate purchase contracts before you sign them and help you understand your rights and obligations. In some cases, individuals might want to have certain contingencies in place before they make a purchase. For example, many real estate contracts have home inspection contingencies. Yet, sometimes in the case of all-cash offers or to make an offer more appealing, prospective buyers choose to draw up real estate contracts with no contingencies. In cases where individuals need to secure a loan to purchase property, loan contingencies would be needed. Ultimately, your real estate contract will likely reflect your needs, your desire to present a strong offer, and whether you’ll need secure funding through a mortgage to purchase real estate. A real estate attorney in Albany, New York at The Towne Law Firm, P.C. can review your contract to make sure it reflects your needs, and suggest modifications as needed.
• Helping You Understand Your Purchase. When purchasing a co-op, condo, or home in a subdivision, your financial responsibilities might be different than when purchasing a home that doesn’t involve HOA or other community fees. A real estate lawyer can help you understand these fees and obligations. For example, do you have time to read the fine print of your homeowner’s association articles of incorporation? Do you know what elements of your condo would be your responsibility to repair and what elements would be the responsibility of the homeowner’s association? The answer to these questions may not always be straightforward and can have significant financial implications. A real estate lawyer in Albany, New York can read the fine print and help you understand HOA fees, the process by which HOA fees are raised, and what your responsibilities might be when it comes to communal property in a condo as opposed to repairs that are the responsibility of the owner. Your real estate lawyer can help you understand how special assessments levied by the HOA could also impact your investment and the value of your property. Sometimes individuals buy condos thinking they are getting a deal, unaware that major repairs are soon to come, which may result in special assessments. A real estate lawyer can look at the HOA reserve funds, meeting minutes, and review state and local regulations to help you understand whether major repairs might be coming down the line. Co-op and other housing arrangements can also complicate a real estate purchase or sale. Even if you are purchasing a home without an HOA, a real estate lawyer in Albany, New York can also help you understand property and utility taxes where you’ll be making your purchase to help you better plan your purchase.
• Helping with Closing. Your real estate lawyer in Albany, New York can walk with you through the closing process and help explain the process and your rights every step of the way.
• Reviewing the Mortgage Terms and Contract. If you’ll need a mortgage to purchase property, a real estate lawyer in Albany, New York can review your mortgage contract to help you understand the rights and responsibilities of the mortgage you are getting into. Sometimes individuals might be offered what appeals to be a strong “sales pitch” from a lender, but they may not be aware of the full implications or what the terms mean. A real estate attorney in Albany, New York can help you understand the difference between variable and fixed rate options and help you read the fine print of your lending contract to see if there are any penalties for early repayment or other issues you might want to consider.
• Other Issues. Other issues can arise with real estate contracts and sales. For example, is the home you are buying up to modern codes or would you face issues if trying to rent or sell the home to a mortgage buyer down the line? When purchasing all-cash, this might be something to consider down the line. Have property lines been carefully reviewed to make sure construction or structures aren’t crossing established property lines? Are there other issues with the property that the seller might not have disclosed? A real estate lawyer in Albany, New York can ask and address these important questions.

If you are purchasing real estate with a mortgage, your lender may require that you hire a real estate attorney. If your seller has an attorney, it is often in your best interests to have a real estate purchase lawyer on your side in Albany, New York. These are just some of the ways a real estate lawyer in Albany can help you. If you have questions specific to your situation, you may want to speak to the Albany, New York real estate lawyers at The Towne Law Firm, P.C. today.

How Much Does a Real Estate Lawyer Cost?

The cost of hiring a real estate attorney in Albany, New York will depend upon your needs. In some cases, your attorney may be able to offer you a fixed rate fee, and in other cases, your attorney may charge you an hourly rate. The Towne Law Firm, P.C. is a real estate law firm in Albany, New York that can review your specific situation and help you understand what to expect.

How Can I Contact a Real Estate Lawyer in Albany, New York?

The real estate lawyers in Albany, New York at the Towne Law Firm, P.C. can be reached by calling 518-452-1800 or by filling out our contact form. We are here to help. Contact us today to learn more about our services and your legal options.