Real estate transactions are complex and require careful attention to detail. The purpose of a real estate attorney in these matters is to ensure that the interests and rights of both the seller and buyer are protected. This includes ensuring that the lender provides funding based on the Mortgage Reform and Anti-predatory Lending Act.
Initiating a Title Search
A Real Estate Lawyer in Brooklyn NY must search for all transfers of ownership for at least the last twenty years. This is to determine that the seller has the legal right to sell the property and is the legal owner. This search determines that all transfers were conducted correctly as outlined under New York real estate laws. The attorney provides title insurance for the buyer to prevent them from losing any funds used to secure the property until closing. If an issue arises, which prevents the sell of the property to the buyer, the insurance helps them to recover these funds.
Examination of the Mortgage Loan
Predatory lending laws require the lender to establish affordability before offering a loan to any consumer. This requires them to assess the consumer’s income-to-debt ratio based on the type of mortgage they are requesting. The attorney reviews these documents to ensure that the lender abides by the most recent lending laws. At any time that the attorney discovers any terms that indicate predatory lending practices, they are required to enforce the law by requesting a loan modification.
The Closing Process
A Real Estate Lawyer in Brooklyn NY attends the closing to officiate the process. The generate a deed for the property in the name of the buyer. They ensure that the buyer has secured the correct amount of homeowner’s insurance as directed by the mortgage lender and real estate laws.
While you aren’t required, it could be in your best interests to secure your own attorney during a real estate transaction. This provides you with personalized protection from unethical practices. Your attorney could review the mortgage documents to determine whether the lender is providing you with the most beneficial deal. They could also prevent the real estate agent from taking high commissions than allowed on the sales contract. If you need to consult an attorney about a real estate transaction, contact The Law Offices of Elan Wurtzel today. You can also visit them on Facebook.
