You can purchase a commercial or residential property in NYC without hiring a Long Island real estate attorney. But should you? Making a big real estate purchase can be risky. Which is why it is highly unusual for a real estate transaction to take place in NYC without the buyer and/or seller having a real estate attorney.
Reasons to Have a Real Estate Attorney
Prior to making a purchase on a residential property in NYC, you should have a reputable real estate attorney on your side to ensure that you are making a sound financial investment. An attorney should review several years worth of minutes from board meetings to gather valuable information. From these minutes, you’ll learn of any ongoing and potentially expensive problems with the building. Your list of things to be aware should include problems that require major repairs, bed bug infestations or a perpetually leaking roof. Not only are these repairs an inconvenience for all involved, they can also be costly.
In addition to researching board meeting minutes, a real estate attorney will also be able to review financial statements, along with your offering plan which will detail bylaws and special risk. This can reveal information to the buyer that can be especially important, especially when purchasing a unit in an older building.
Purchasing real estate is a large financial decision. Because it is a huge purchase, it is imperative that you have the right representation to protect your interest and your investment. Be prepared and hire an attorney prior to starting the negotiations so that you don’t have to go at it alone.
Warren S. Dank, ESQ., P.C. is an experienced Long Island real estate attorney who can help you negotiate a real estate deal that will leave you with peace of mind. You can confidently make a real estate purchase with the assistance of Warren S. Dank and his years of experience. Contact his office at (516) 364-2469 today before you attempt to negotiate a real estate deal yourself!