Typical Questions Answered
Why select a real estate attorney?
- The real estate market in New York City is a very dynamic market. Having a real estate attorney who specializes in the NYC market is very important. First, they know the intricacies of the laws and regulations. Second, they can respond quickly to any problems that arise and can therefore expedite the closing. Ask your Bahadiring Realty Broker to assist you in selecting a qualified real estate attorney.
What is a closing?
- A closing is where a buyer gives the seller money in exchange for ownership and title to a particular property. This bargained for exchange, or consideration, transfers ownership of the property. The seller also needs to sign different documents including a deed. The place of closing is normally at the bank attorney's office. The parties present will be: seller, bank attorney, brokers, seller's attorney, buyer's attorney and title closer.
What is a deal sheet?
- A deal sheet is a summary of the transaction terms. It is put together by the brokers after negotiation and an offer has been aceepted. it will include information such as sales price, estimated closing date, attorneys information, and both the buyers and sellers personal info. Once completed and reviewed by both sides, it is forwarded to the sellers attorney in order to draft the contract of sale.
Is an offer legally binding?
- No, in NYC neither a written or oral offer is binding. A sales contract is what legally binds a seller and a buyer.