If you are planning to sell your home in the state of New York, it is best to hire both a real estate agent to help you market, as well negotiate any offers for the property and a lawyer to help you prepare all the paperwork including the contract of sale and represent you during the closing of the sale.
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Although lawyers are not a requirement to do a real estate transaction in most states, the local tradition in New York is for both the buyer and the seller to be represented by a licensed lawyer of their own choosing. In this article, we will take a closer look at the certain roles that the seller’s representative and lawyer play in the New York home sale industry.
The agent’s role in a home sale
A listing or real estate agent is usually the first person you need to hire if you are planning to sell your home. They will advise the seller on the asking prices for which houses are being sold. They will also help the seller determine the amount for which the home will be listed.
Not only that, they will advise the sellers on different marketing techniques like staging the property, making the necessary repairs or other important updates to help improve the seller’s ability to sell the house at the best possible price.
The agent will most likely arrange to photograph the home and use the photos as marketing material. They will advertise the house in different places, including the agent or the firm’s website, online newspapers, local print ads or online listings for real estate properties.
The agent is also accountable for showing the property to potential buyers, whether at open homes for sale in Manlius, NY or individual buyers. The representative will receive any possible offers from different buyers, present a written proposal for the purchaser and deal with the potential buyers on the seller’s behalf in basic terms of the deal.
The terms will include the price that was offered by the buyer (whether to close the sale is a contingent on the site of the buyer to obtain a mortgage), as well as any personal property that will be included during the sale or any fixtures that will be excluded from the sale.
The agent will provide any potential buyers to an offer sheet, which differs from agency to agency, on which purchaser will make the offer to buy the property. Not like in other areas in the United States, the offer sheet or form is not considered as a legal document and doesn’t force the purchaser to go through with the acquisition.
Once the offer is accepted and the firm or the representative communicates the approval of the deal to the potential purchaser, the representative will prepare the term sheet and present it to the attorney of both sides. While the seller’s attorney starts to prepare the necessary paper like the contract to sell, the representative will accompany the purchaser’s home inspector when they inspect the house.
Going forward, the representative will also work with the lawyer to deal with the purchaser, negotiate any possible issues that can occur in the creation of the contract, as well as facilitate the scheduling of the deal’s closing.
Lawyer’s role in a home sale in New York
According to the term sheet that your representative prepared and to the conversations with the agent, the lawyer will arrange the necessary documents like the contract of sale. A lot of attorneys start with standardized forms and add a rider with added terms to be brokered with the purchaser.
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Once the lawyer has finalized the contract, the seller and the buyer will sign the documents, and the purchaser will send the seller’s lawyer a down payment, according to the amount they discussed. The down payment the purchaser paid may lose if the buyerwalks away from the agreed deal without any valid reason written in the signed contract.
Usually, in the state of New York, the down payment is for 10% of the agreed-upon price and the seller’s lawyer will deposit the amount into a third-party account. Finally, the lawyer will represent the seller at the closing of the deal, advising them when it comes to the documents that they need to sign and ensuring that all the payments are made accurately and without any problems.