Ulster County NY real estate attorneys are a critical link in the purchase and sale of real estate. Counties included are Columbia, Dutchess, Greene, Ulster, Albany, Rensselaer, Berkshire, Schoharie and Saratoga. Once an agreement is reached about the sale of property, the agreement is expressed in a written contract. Under New York State law, until there is a signed, written contract, neither party is obligated in the sale of real estate. Oral agreements to buy or sell real estate cannot be enforced in the State of New York.
The following Hudson Valley real estate attorneys have shared their minimum fees and the number of closings they complete in a typical year. Fees are based on purchase price and difficulty. Some attorneys will quote you a firm price for a closing, while others will charge you by the hour. The latter approach runs the danger of encouraging the attorney to raise issues which are not critical, but will delay the closing and raise the total legal fees. The attorneys below have shared information with us about their legal fees and the number of closings per year.
Peter Berger 130 South Main Street Ellenville, NY 12428 | 845-647-4000 | 29 Closings | Fee starts at $650
Rachel Cavell 239 Wall Street Kingston, NY 12401 | 845-331-0100 | 12 Closings | Fee starts at $700
Sharon Graff 78 Main Street Kingston, NY 12401 | 845-338-4993 | 30 Closings | Fee starts at $725
Rod Futerfas 239 Wall Street Kingston, NY 12401| 845-331-0100 | 22 Closings | Fee starts at $700
Ulster County NY real estate attorneys
generally represent either the buyer or seller of real estate. But Buyers and Sellers may choose to represent themselves. In some areas, such as the Albany Capital District, contracts are prepared by the real estate brokers and sent to the attorneys for their approval. Many attorneys outside of the Capital District object to this procedure and insist upon drafting the contracts themselves. Buyers attorneys often add detailed riders prepared by the Sellers’ attorneys.
In Columbia County the attorneys have worked with the local real estate brokers to create a standard form binder, which operates like a contract, except that once the binder is signed a more detailed contract is prepared often prolonging the process by one month or more. The binder makes it easier to start the process of purchasing, but because of its hybrid nature can cause problems if one party wants to withdraw and the other wants to proceed.
The selection of Ulster County NY real estate attorneys can be critical.
Attorneys can facilitate the process or complicate the process. Some attorneys tend to focus on inconsequential issues which can delay or even undermine the completion of the transaction. They also can protect their clients by raising important issues.
Be sure to select Ulster County NY real estate attorneys who complete a good number of closings each year, are recommended by someone you trust, and provide a reliable estimate of legal fees. Legal fees vary considerably. Do not hesitate to check around and negotiate. Some of the typical rates are published below. You need the best Ulster County NY real estate attorneys for you.
Most contracts allow the Buyer to hire inspectors
to determine if problems exist that may detract from the value of the house. Click here for help in selecting an inspector. If the problems are serious the Buyer can ordinarily withdraw from the contract with the deposit returned. The Albany Capital Region Contract gives the buyer the right to withdraw from a contract and have his deposit returned if the inspection indicates that more than $1500 will be required to bring the property to an acceptable level. Consult your own contract because these clauses are not uniform.
In addition to structural matters purchasers typically will check to make sure the water is potable, the septic or sewer is in working condition, there is no pest infestation and radon levels ( a gas coming from the ground) are below levels recommended by the Environmental Protection Administration.
Contracts for the purchase of real estate are usually subject to obtaining a mortgage.
If the Buyer is not able to obtain a mortgage, his or her deposit, paid on the signing of the contract, is returned. Check to make sure this contingency is include in your contract of sale. Of course if you are paying cash for the home, no such contingency would be included. For more information on mortgages, click here.
Once a mortgage commitment has been obtained Ulster County NY real estate attorneys will schedule the closing.
By this time any issues which have arisen during the inspections should be resolved. The Buyer’s attorney usually sets the closing date along with the mortgage lender’s attorney. If the Buyer is reluctant to close, the Seller’s attorney will prepare a letter indicating that “time is of the essence,” and that if the Buyer does not close promptly the Buyer will be in default on the contract. Hopefully this step will not be necessary since litigation over real estate contracts can be costly for both sides.
At the closing a title company will be present to insure the Buyer’s title. If any issues involving the title arise after the closing they will be the responsibility of the title company. The representative of the title company handles many of the details of the closing ensuring that the proper documents are signed and filed in the appropriate offices.
In some states, Florida, for example, title companies do the bulk of the paper work when real estate changes hands and closings often take place without attorneys. That is not the case in New York State, where it is usual for buyers and sellers to be represented by attorneys.
Legal fees vary considerably and are usually based, in part, upon the sales price. Some attorneys quote a fixed fee, while others charge by the hour. The latter approach can result in substantial costs if issues develop, whether or not they are critical to the sale. Typical closing fees range from $500 – $2,000.