Does the law require a real estate lawyer in New York State? I have been offered a cash deal and would like to avoid the long process. What can I do?
There is no law that requires you to obtain representation in New York, but attempting to represent yourself in a transactional real estate matter may end up costing you much more than a typical attorney fee in Long Island. Having practiced transactional real estate law in several states, I can attest to the nuanced way in which these types of transactions are handled especially in New York. There are so many things that can fall through the cracks and so many people involved in each transaction that it becomes logistically difficult to handle without having an understanding of the process or at least someone on your side who does. For example, you may end up paying junk fees by a title company or other entity. You may miss credits owed to you at closing for adjustments, and, most importantly, you may find yourself obligated under the terms of (and on the wrong side of) a very one-sided contract. Most transactional real estate attorneys work for very reasonable flat fees rather than charging at an hourly rate. Call around. You should be able to find someone to help that fits within your budget. Just be aware that the cheapest rate doesn't always pay.See question