By Vanessa Saunders
When it comes to New York real estate transactions, a competent attorney is essential for buyers and sellers. However, working with an attorney who lacks experience and knowledge in New York real estate law can lead to significant delays, mistakes, and financial losses for all parties involved.
Buyers can suffer from delays in securing financing and closing the deal if their attorney can’t get in touch with the seller’s attorney or if the seller’s attorney takes too long to respond to essential requests. As a result, buyers may miss out on the opportunity to secure their dream property or pay more in interest or fees due to delays.
Sellers can also be negatively impacted by delays caused by an inexperienced attorney. Holding onto their property for longer than necessary can result in additional costs and a delay in their potential move. In addition, a lack of familiarity with local regulations and requirements can lead to mistakes in the contract or failure to comply with specific rules or regulations, which can ultimately cost sellers money.
For instance, an inexperienced attorney may not realize that certain disclosures need to be made in the contract or that certain inspections need to be completed before the sale can go through. If these requirements are not met, it can result in costly delays or even the deal’s termination.
There is also a risk of an attorney who is not well-versed in New York real estate law attempting to negotiate on behalf of their client. This can result in a deal that is not as favorable as it could be for the buyer or seller, leading to financial losses or missed opportunities.
In Conclusion:
It’s important to note that both buyers and sellers can also be negatively impacted by their attorney’s actions. In some cases, a buyer’s attorney may attempt to request changes to the contract without their client’s knowledge or consent. For example, in one recent case, a buyer’s attorney attempted to make the contract contingent upon a mortgage, even though the offer presented and accepted was all cash. This can kill their deal, particularly if the seller has multiple other cash offers to turn to.
Fortunately, in the case mentioned earlier, the listing agent notified the buyer’s agent of the mistake. The situation was quickly resolved when the buyers confronted their attorney and instructed him to follow their original instructions. However, this highlights the potential risks of working with an attorney who is not well-versed in New York real estate law. Such an attorney can cost both buyers and sellers time and money.
In conclusion, working with an attorney specializing in New York real estate law is crucial to ensuring a smooth and successful transaction for all parties involved. With their expertise and knowledge, these attorneys can help buyers and sellers navigate the complexities of the process, avoid costly mistakes and delays, and ultimately protect their financial interests.
In the second of our series on real-life happenings in NY real estate, where attorneys can
make or break a deal, today’s conversation with GPS, features Local Area Specialist Realtor & PSA, Jessie Williams. She tells
how a buyer’s attorney nearly killed the deal by attempting to change the terms accepted by the seller.
