Choose Your Real Estate Attorney Wisely on The North Fork

September 14th, 2007 category: Buyers, Real Estate Philosophy, Sellers

Choosing an attorney for your real estate needs would seem to be a simple task. IS IT?

With an ever changing real estate market, simplicity is no longer…SIMPLE. As basic as real estate contracts are, the arena has changed. Foreclosures, short sales, credit issues, buyer rebates…all relatively new to most home sellers and buyers. And, some attorneys.

You would likely pass on a dentist that offers teeth cleaning and maintenance if you have an issue with your gums; you would likely pass on a doctor that specializes in feet if you have an issue with your heart. And so it goes, with attorneys who offer “real estate services” in addition to a myriad of other services. Jack of all lawsuits; master of none.

OBTAINING A REAL ESTATE ATTORNEY is critical in todays marketplace. If your attorney is stretched thin with other endeavors, you are risking up to the minute knowledge that could be imperative to your situation. A case in point (true story):

A buyer purchased a condominium that was to be built. Delays created life changes; two years and two weeks into the purchase, the buyer had a life change that resulted in the decision to cancel the contract. Told by employees of the builder that the earnest money was non-refundable in the event of a cancellation, the buyer conferred with their attorney, who reviewed the terms of the agreement. The buyer, not wanting to lose the 10% down payment, continued with the purchase.

HAD THE ATTORNEY BEEN A REAL ESTATE SPECIALIST, it would have been determined that in fact, the contract permitted full cancellation, with earnest money returned, in the event that the construction process exceeded two years.

As long as New York insists on the presence of lawyers for your real estate closings, choosing a specialist in real estate is imperative. There is far too much to lose in the event that your attorney is not “on the ball”- and with the current huge changes in the marketplace, gambling that you have someone competent without the assurance that their primary (if not only) focus is real estate is comparable to seeking an ear specialist when you have a broken toe.

Your REAL ESTATE TEAM, due to New York’s antiquated system, demands an attorney. Make it the right one- as real estate professionals, at Options Realty we want everyone on your team watching out for YOU.

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This entry was posted on Friday, September 14th, 2007 at 8:11 pm and is filed under Buyers, Real Estate Philosophy, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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