Purchasing property in New York City? Three reasons you need a lawyer.

Purchasing property can provide financial security. These tips help to better ensure the purchase is a wise one.

Whether or not to use an attorney during a real estate transaction may seem like a difficult decision. The issue is so prevalent that The New York Times ran an article discussing the problems inherent to real estate transactions in the city. Two big issues highlighted in the piece that are unique to New York: the housing market in the city is more expensive and complex than most areas.

Unique nature of New York real estate

Although New York City real estate is often more expensive than other areas, the right purchase is often a good financial investment. The Real Deal, an online news source that focuses on New York real estate news, recently published an article supporting this claim, noting property within the city generally has "stable prices, relative liquidity and easy accessibility." However, a property purchase is only a sound financial investment if it is the right purchase. Any concerning legal issues could be a red flag, making it important to have legal representation to review the documents before finalizing a purchase.

The complexity of the market in New York is connected to the variety of offerings. In addition to the typical single family home, New York also has condominiums, co-ops and other real estate offerings. Navigating through the legal issues that can be present with these offerings are often complex. Not only does each option have its own legal issues, but those looking to purchase a home may not be considering just one option. An attorney can take on this task, helping to reduce the risk of any costly legal errors.

Protect your investment, hire a lawyer

Steps can be taken to help better ensure that the investment is a wise one. Arguably, one of the most important steps is hiring a real estate attorney. Some of the top benefits of using an attorney include:

  • Due diligence. An attorney will complete due diligence on the transaction. This legal term is defined in Black's Law Dictionary as a measure of "prudent, activity, or assiduity, as is properly to be expected from, and ordinarily exercised by, a reasonable and prudent man under the particular circumstances." In real estate, this can include an examination of a co-op's finances or a thorough review of an association's board meeting notes.
  • Competition. The piece in The New York Times notes that having legal representation can make an offer more appealing. A seller may consider a buyer with representation as a stronger candidate because they have "all [their] ducks in a row."
  • Closing. Before the final signing, an attorney can review the documents to make sure there are no surprises.

These are just a few of the more common benefits of an attorney during a real estate transaction. An experienced real estate lawyer can guide a buyer or seller through the process, working to better ensure their interests are protected.