Is It Really Necessary to Hire a Real Estate Attorney When Buying in NYC?

Do you need to hire a real estate attorney when buying property in NYC? After all, most other states do not require buyers or sellers to hire a real estate lawyer. Is New York the same as other states?

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So, this will be a very short video because the answer to whether or not you need a real estate attorney when buying in New York City is unequivocally yes. Both buyers and sellers are required to work with a real estate attorney when buying and selling here in New York City as well as of course, New York state. As a buyer, your real estate attorney will help with both contract review and buyer due diligence.

Contract review consists of hammering out the specifics within the contract and contract writer between of course, your attorney and the seller's representative. The seller's attorney buyer due diligence consists of for example, in the case of a condo or co-op, your attorney reviewing the board meeting minutes, submitting a questionnaire to management, reviewing the condo or co-op's most recent financial statements, and performing other similar forms of due diligence to ensure that you have the biggest perspective and broadest picture when it comes to you know, the whole situation as to whether or not you should actually sign that contract.

Of course, in the case of a townhouse, your attorney will also help with other things such as checking the department of buildings to make sure there are no other you know, violations or other sort of issues with the property itself and of course your attorney will also help with a title search coordinating that. In the case of a townhouse, a house, a condo of course, and in the case of a co-op, your attorney will typically arrange a lien search as part of the post contract due diligence process.
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