Legal Question in Real Estate Law in New York

A contractor who buys and renovates houses, offered us a fair price for our house. this will eliminate the need

for a real estate agent. The contractor offered to give us the name of a lawyer for the closing; but my brother feels safer hiring his own.

As we are not familiar with this procedure and closings in general, is there anything else we should be wary of.

Thank you

CV


Asked on 7/03/25, 7:28 pm

1 Answer from Attorneys
Howard Knispel Howard E. Knispel, P.C.

Your brother is 100% correct. Never use an attorney recommended by the other party, or even the real estate broker. You need an independent attorney who only represents YOUR interests. Typically the seller's attorney prepares the contract, however it is somewhat common in transactions like you describe that the buyer will present a contract. This is even more of a reason you need an independent attorney. A down payment, typically 20%, is held in an escrow account by your attorney until closing. The buyer will obtain a title report to make sure there are no liens or judgments against the property and that you are the true owner. If there is a mortgage you need a payoff from the mortgagee. When all that is done you have a closing where the buyer pays the balance in certified funds. Speak to an attorney before signing anything.

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Answered on 7/04/25, 7:24 am


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