8 Questions to Ask When Hiring a Real Estate Attorney in NYC | Hauseit®

Questions to Ask Your Real Estate Attorney in NYC: https://www.hauseit.com/questions-to-ask-your-real-estate-attorney-in-nyc/ List Full Service for Just 1%: https://www.hauseit.com/agent-managed-listing/ After a real estate offer has been accepted in NYC, the real estate attorney takes over and handles all aspects of contract negotiation,…

8 Questions to Ask When Hiring a Real Estate Attorney in NYC | Hauseit®

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Questions to Ask Your Real Estate Attorney in NYC: https://www.hauseit.com/questions-to-ask-your-real-estate-attorney-in-nyc/

List Full Service for Just 1%: https://www.hauseit.com/agent-managed-listing/

After a real estate offer has been accepted in NYC, the real estate attorney takes over and handles all aspects of contract negotiation, legal and financial due diligence and the closing process.

As a result, it’s extremely important to have an experienced, trustworthy and competent real estate attorney guiding you through one of the most important transactions of your life!

If you’re buying, you may also be interested in estimating your buyer closing costs in NYC using Hauseit’s interactive closing cost calculator available at www.hauseit.com. You can also save money on your purchase by requesting a Hauseit Buyer Closing Credit.

Here are some ‘interview’ questions to ask as you speak with prospective attorneys:

What Other Areas of Law Do You Practice Outside of Real Estate?

The field of law is so complex that the experts in each niche generally focus solely on their sector. Therefore, it may be a red flag if an attorney claims to be a practicing, top expert in multiple fields such as criminal defense, divorce litigation and real estate.

Will You Personally Be Working with Me or Will You Hand Me off to Your Paralegal?

You may have hired the best real estate lawyer in New York City, but it won’t mean a dime if you get handed off to her or his assistant. This is why it’s very important to confirm in writing with your attorney whether he or she will personally be handling your file and attending your closing.

How Attentive and Responsive Will You Be?

It’s widely known that slow and unresponsive attorneys kill real estate deals in NYC. You can easily test how responsive your lawyer is by seeing how quickly they respond to your initial outreach and whether or not they’re thorough in answering your screening questions.

Is Your Legal Fee All Inclusive?

Traditionally, real estate legal fees are typically taken at closing and consist of a one-time, all-inclusive flat fee. You should get the amount of their fee and ideally what it includes in writing.

What Does Your Due Diligence Entail?

A good real estate lawyer will conduct thorough contract, legal and financial due diligence on behalf of their buyer client regardless of the amount of their fee. However, there have been cases of lawyers who provide low quality work or abbreviated due diligence either because of inexperience or because of the discounted fee they are charging.

Are You Affiliated with a Title Company?

A lawyer that is getting paid to refer clients to a title company or a lawyer that outright owns a title company may have a severe conflict of interest with their buyer client. That’s because the lawyer may be incentivized to push a deal through simply to profit off of the title-related business, even if it’s not a good transaction for the buyer client to move forward with.

What Kind of Insurance Coverage Do You Have?

Often times simply due to prohibitive cost, a law firm may have professional liability insurance and fidelity bond coverage but a very low amount. A low amount of coverage won’t do most home buyers very good when it’s very common to see sale prices well north of $1 million.

What Kind of Computer or Email Security Does Your Law Firm Employ?

Real estate attorneys are routinely targeted by hackers because of the amount of sensitive client information that is typically stored on an attorney servers, such as bank account information and social security numbers. Therefore, it’s important that your real estate attorney’s firm has a robust data security strategy.

Calculate Seller Closing Costs in NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/

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