If you are planning to buy a property in Long Island, it’s always a wise decision to consult with a seasoned real estate lawyer first before signing any documents. While in most states people can DIY buying land and houses, it’s certainly not the best practice. On top of doing some practical homework like scoping the place multiple times before even considering buying it, there are many other things that an experienced real estate lawyers in Long Island can help with.
Consider the following practical guidelines:
1. Examine the size of the property and calculate the potential costs of maintaining it.
While the location is undoubtedly essential, the lot size and other practical measurements are also critical.
As a property owner, you will have to decide if you are up for the costs of maintaining that property in that particular neighborhood. Or would you be better off hiring someone else to perform the maintenance? What are the costs associated with that?
2. Scope out the neighborhood and nearby areas.
If you are planning to stay for years in the new neighborhood, the thought of schools may have already crossed your mind. However, it’s also essential to think of the teacher-to-child ratio and the quality of the schools nearby. Maybe there are issues with dropout rates, too? It’s challenging to tell for sure unless you take a closer look at the neighborhood.
3. How convenient is the area for your needs?
Just looking at the architecture and the neighborhood planning doesn’t give you all the information you need to make a sound decision based on these requirements. Remember to check out if the schedules of the schools are favorable for your working schedule. Is the drive comfortably short for you and your spouse, as well?
4. Examine what’s beyond the property.
Sure, your family is stable and pleasant. But what about the homes and people nearby? Are you sure that the neighborhood is acceptably lovely at all hours of the day? Traffic may also be a problem. A quiet area ceases to be one when there is constant, heavy traffic at certain times of the day. It’s a good idea to visit in the evening, as well as during the daytime hours.
Working with a Lawyer in Long Island
A real estate lawyer in Long Island will perform several steps to ensure the smooth flow of the purchase of a piece of real estate:
- The real estate attorney will first verify the proper taxes on the specific property. Then, particular exemptions that apply to the current owner will continue to hold for the next owner. Some of these exemptions include volunteer firefighter exemption, veteran’s exemption, and enhanced star.
- The lawyer will work with the town to establish the integrity of the tax information. You should never rely simply on the listing or the information from the real estate agent regarding taxes. Tax-related matters must be verified directly with the city or town, so there will be no regrets later. In addition, this type of information changes over time depending on various factors, so it makes sense to obtain updated information directly from the city/town government.
- A real estate lawyer may also recommend hiring either an engineer or home inspector so the property can be thoroughly examined before any contract is drawn up.
The inspection will detect any problems, not just with the property’s structural integrity but also potential issues the major systems of the house.
In addition, it’s essential to have any home inspected for wood-destroying bugs like bees, carpenters, and termites.
- A lawyer can also direct you to a local precinct so you can take a look at the crime ratio in the neighborhood you plan to live in. As we have discussed previously, there are so many things that you can’t see just by looking at houses and the friendly people walking by. Even driving by the neighborhood for weeks will not reveal the actual dynamics of the place. Taking a deeper look is critical if you want to keep your family safe.
- A real estate lawyer specializes in negotiating the terms of the purchase. He also can order a title report on the place. The title report is a document that provides information about the property’s compliance issues and zoning. It’s also critical to determine if there are judgments or liens against the current property owner or seller.
It’s also a good idea to determine the permits and previous transactions involved that eventually gave rise to the “clear” title of the property.
Essentially, a real estate lawyer can help trace the history of the transactions of the property, so you are 100% aware of what has been going on before your arrival at the scene.
- Don’t forget about the importance of lot lines and building plans. Nothing could be more of a hassle to discover later that your new property has local code violations and there are previous issues with the zoning and the lot lines. In addition, should there be mortgage issues, these would have to be discussed on an ongoing basis, and everything should be above board and transparent. Luckily, your real estate lawyer in Long Island will be able to help you every step of the way.
Spending money on a real estate attorney in Long Island is undoubtedly worthwhile. Real estate attorneys ensure that all documentation is completed correctly and filed with the appropriate authorities.
Attorneys also do title searches and can negotiate if a problem is discovered. Buyers and sellers should ideally be represented by lawyers to protect their rights and interests.
Most people are capable of negotiating with another person face to face. However, for the terms of the arrangement to be genuine and legally binding, they must be appropriately recorded in a contract. Attorneys can negotiate on your behalf and ensure that the contract is compliant with all applicable state laws. They can also address any unique issues that might hinder the property’s future use.