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The attorneys at Meggesto, Crossett & Valerino, LLP bring a unique perspective to practicing Real Estate Law. We not only represent buyers and sellers of residential homes; we also represent Lenders, Builders, Subcontractors, Business People involved with Commercial Leases, Property Transactions, and Land Developers.
Almost everyone, at one time or another in their life, is affected by a real estate transaction. For many people, the decision to buy or sell a home is the largest financial transaction they will make. While many aspects of a real estate transaction, particularly a residential real estate transaction, appear to be simple and straightforward, there are many legal issues presented. We view it as our goal to review an individual's particular needs and do our best to make sure those needs are adequately addressed as part of the transaction.
Each real estate transaction begins with a contract. In the State of New York, an agreement to buy or sell real estate is only enforceable if it is in writing. In Central New York it is typical for a residential real estate contract to be entered into before an attorney becomes involved. Usually, a real estate agent or broker prepares a basic form contract. Typically, that contract is subject to the approval of an attorney.
The contract will become legally binding and obligate the parties to performance. All parties to the contract should clearly understand the terms of the contract and how they will be affected. Sometimes, there is legal terminology that directs a very specific result that an ordinary buyer or seller may not understand.
At Meggesto, Crossett & Valerino, LLP, we urge every party to a residential transaction to obtain counsel and to have the contract reviewed as soon as possible after it is signed to ensure a full understanding of the terms and conditions of that agreement and the practical reality of the contract. Simple, but important issues, such as closing date, possession, and financing time frames are best addressed early in the process as part of that initial attorney approval.
As lawyers for sellers of residential real estate we prepare all the documents and locate all the paperwork that will need to be provided to the buyer to allow for the transfer of "good and marketable title". As lawyers for buyers we review all that paperwork to be aware of the "title" and make sure that no one else has a claim to the real estate being sold, or make sure that if there are restrictions on the "title" that the buyer understands what this means. For example, sometimes there are restrictions and other parties may have rights across or below the property, such as utility companies, or municipalities.
In addition, sometimes the Titles are impaired, by reason of debts or taxes. If these impairments to Title are not cleared up prior to closing, the purchaser may take the property subject to the impairments and unknowingly be liable for those matters.
In addition, there are often questions with regard to financing that are an integral part of the decision to buy or sell real estate. Typically, an attorney will not initiate financing, but will be a part of the completion of the financing process. It is the lawyers job to ensure that the lending institution has the appropriate documentation to advance the loan and to secure it by the property being pledged.
At Meggesto, Crossett & Valerino, LLP, our talented staff of paralegals and assistants work with our attorneys every day to bring about the successful conclusion of real estate transactions. We pride ourselves in being accessible and responsive to our clients questions and concerns.
| Legal Disclaimer |
| The material contained in or made available through this Web site should not be relied on as legal advice and is not intended as an offer to represent you, nor does it create an attorney/client relationship. The content of any e-mail sent to Meggesto, Crossett & Valerino, LLP or any of its attorneys via this site will not create an attorney/client relationship and will not be treated as confidential information. This site has been prepared for informational purposes only, and the completeness, accuracy or timeliness of any material contained in this site is not warranted or guaranteed. Your use of any information from this site or materials linked to this site is at your own risk. |
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Edwina C. Schleider
Ann McGrath