While other areas of the country may use standard real estate contracts, real estate transactions in Glen Oaks, Great Neck, Seaford, Suffolk County, Valley Stream, Levittown, NY, and the surrounding areas typically involve non-standard forms that are first put together with the help of closing attorneys for both buyer and seller. And this is just the start of the reasons why working with a closing attorney from the Law Offices of Aaron I. Katsman, P.C. is not only a good idea, but virtually required. And while some real estate transactions elsewhere can go relatively fast, it will take at least a few weeks for the attorneys to hammer out the contract language for the purchase/sale. And a buyer signing the agreement without the benefit of a closing attorney will be accepting whatever that seller’s attorney put into the agreement, which could be detrimental to the buyer. Don’t get caught accepting things that you shouldn’t and talk with our team today to start working with one of our closing attorneys.
Understanding The Layers of Transfer Taxes
The cost of just transferring property titles between parties is significantly higher than in most of the rest of the country, and this is due to the various layers of transfer taxes that must be paid. Keeping all of this straight is just part of the duties that your closing attorney will make sure gets taken care of. And this is just the start of the differences between New York real estate transactions and those happening in other areas of the country.
If you are purchasing a larger, more expensive personal residence, then there may be additional ‘mansion’ taxes that must be paid by the buyer of the property. Understanding how this progressive tax works and where the brackets are is important, and your closing attorney could save you money by trying to negotiate a lower price to keep you out of a higher bracket.
Commercial Property Is Its Own Animal
Buying a house is not always the same as buying a commercial property, whether or not there is a business operating on the property, or whether you are purchasing said business along with the property or not. Different restrictions on property use, as well as other covenants might be in play, and these should all be reflected in the purchase contract, which could lengthen the amount of time needed to write up this custom contract. Working with a closing attorney becomes a vital piece of your real estate puzzle.
While plenty of buyers of real estate in Glen Oaks, Great Neck, Seaford, Suffolk County, Valley Stream, Levittown, NY, and the surrounding areas are looking for ways to keep their costs down, the reality of the situation is that you should not be skimping on a closing attorney. Working with the Law Offices of Aaron I. Katsman, P.C. will ensure that you have quality representation with years of experience, meaning that you can rest easy with your property purchase.