Steps Used By A Real Estate Lawyer In Brooklyn, NY To Protect Consumers

by | Jul 20, 2015 | Law Services

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New York real estate attorneys take measures to prevent lenders and real estate agencies from taking advantage of consumers. These measures also apply to potential sellers. A Real Estate Lawyer in Brooklyn NY starts these tasks as soon as the seller accepts the buyer’s offer.

The First Step of Closing

A real estate attorney conducts a a title search to acquire a copy of all titles for the property. The search includes any title transfer that occurred in the last twenty years. The purpose is to determine if the current seller is the legal owner of the property and maintains the right to sell it. Any discrepancies in title transfers could prevent the transaction from taking place.

The attorney offers title insurance for the buyer at this time. This protects their initial investment if the seller cannot sell the property to them legally. In short, the buyer regains their down payment if the transaction cannot take place for this reason.

The Search for Predatory Lending Practices

The attorney reviews the mortgage loan documents to determine if the lender followed current lending laws. According to these new laws, all lenders must establish affordability before providing a mortgage to a consumer. If the attorney identifies any common trends that could affect the buyer’s ability to repay the mortgage, they must notify the lender. In these instances, a loan modification is necessary to protect the consumer’s rights.

Full Disclosure to the Buyer

Under a closing, the seller and real estate agent must disclose fully all details about the property to the buyer. This includes the presence of any potential health hazards. For example, if at any time lead-based paint was used in the property, the buyer must receive disclosure. The same is true of any asbestos-based products.

A Real Estate Lawyer in Brooklyn NY protects the rights of consumers. They prevent lenders, sellers, and real estate agencies from violating laws associated with real property transactions. They identify the rightful owner of the property and initiate loan modifications as needed. Before buying a new home, contact The Law Offices of Elan Wurtzel to acquire assistance with these transactions. You can also visit their Facebook page for more information.