If all goes well, you should have your real estate deal done by the time you are ready to close the transaction. Because of that, some people believe there is not much point in having a lawyer with you at a real estate closing, and may consider trying to handle it all themselves. However, if you do that, you can put yourself at a serious risk of potential legal difficulties, which may emerge at the last minute.
What is a Real Estate Closing?
In real estate, the closing is when all aspects of the transaction are finalized, and all costs of the transaction (including fees, taxes, and other similar expenses) should be paid up. The date of closing is typically set out in the contract of sale itself, putting a deadline for all contingencies and conditions to be met. Ideally, by the time you get to closing, the entire process should be a formality, but things rarely go entirely as planned.
What Can a Lawyer Do at Closing?
At closing, a lawyer serves three primary roles. First, they review all critical documents to ensure they are correct and accurate, and to make certain that no important details were missed. Second, they ensure all closing costs are paid appropriately by the respective parties. Third, they can help to negotiate and settle any problems that may arise at the last minute.
What Might Happen if You Do Not Have a Lawyer Present?
If you do not have a lawyer present with you at closing, you are opening yourself to the possibility that you will be caught with a problem you do not know how to resolve yourself. For example, it may emerge that certain critical documents are incorrect, or the other side may raise a last-minute dispute. If that happens, the entire transaction could be put into danger, and you may face further legal problems down the road as a result.
What Should You Do?
No matter how confident you are that everything has been taken care of beforehand, you should always make sure to have your lawyer present at closing. That way, they can ensure everything goes smoothly and you can focus on enjoying the benefits of your transaction. The sooner you call, the sooner they can begin working on your real estate transaction.
For more than 50 years, the New York lawyers at Elovich and Adell have represented clients like you in real estate cases. Our attorneys, conveniently located in Long Beach, handle personal injury, real estate, commercial transactions, criminal defense, and labor and employment claims all across New York State. For a consultation, please call us at 516-432-6263 or visit our contact page for more information.
