• Tuesday , 12 December 2017

Why You Need Real Estate Attorney In Long Island?

Buying a house in the long island would a dream of someone that is about to get fulfilled but before that, you need to go through the process of buying a house. This is a place where a real estate attorney gets its wage.

In a typical purchasing of a house, the seller brings in a brokerage contract with a real estate agent, which is generally in writing. When the broker finds a potential buyer, negotiations are held through the broker, most of the times acting as a mediator. Once an informal agreement is reached between the buyer and seller then a formal written agreement is signed. The buyer then finds a method for financing. A title search is held to satisfy the seller as well as the buyer. And eventually, the property is transferred from the seller to the buyer and in exchange, the payment is received by the seller as agreed price in the contract. The process seems pretty simple and doable but without a lawyer, there can be consequences may be all the worse things could happen at the same time due to lack of knowledge in this field.

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Some of the reasons: Why you need a long island real estate lawyer?

  • Dealing with the Broker

A seller without the advice of a lawyer may end up signing a brokerage agreement which may not contain all of the legal problems. The seller may even become a victim of paying a brokerage commission even if the house is not sold or may have to more than one brokerage commission.

  • Dealing with taxes and other issues

There can be no need of a lawyer in negotiating the deal between the buyer and seller but one may have to consult with the lawyer for getting the answers for some of the important questions, such as the tax consequences of the purchase. For a seller, the tax consequences may be a critically important. For example, when the seller is having a larger profit on the house, would the seller able to take some advantage of the taxes allowing for exclusion of capital gains in any circumstances?

These are some the particular situations when you really need a real estate attorney and if you don’t have one, you may end up seeing a hard time.

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