Real estate transactions cover an immense amount of ground. Whether you’re buying your first home or investing in a new business property, it’s important to proceed with care.
Successfully navigating a real estate transaction is a matter of strategy. When you know what to do, you’re poised to come out ahead. On the other hand, making the wrong moves can be a costly blunder.
Before you move forward with your pending real estate transaction, it’s important to take the time to review the basic real estate dos and don’ts that every buyer should know.
Best Practices for Your Real Estate Transaction
The realm of real estate comes with a lot of red tape. It can be tempting to get ahead of yourself or want to skip certain steps. This is rarely a good idea. Some of the most important things you should do ahead of a real estate transaction include:
- Hire a reputable real estate agent
- Get pre-approved by a trustworthy lender
- View properties in-person
- Do your research on the neighborhood
- Have an inspection done
- Make or insist upon changes recommended by the inspector
- Read the fine print in all contracts
- Be open to compromise
- Be willing to negotiate
Whether you’re selling or purchasing a property, it can be easy to quickly settle into an expectation of how things will unfold. Unfortunately, there’s a lot that’s outside of your control during the process that leads up to a real estate transaction.
While it can be frustrating to have to consider a different property, lose a potential buyer, or fail to negotiate the desired price, it’s important to keep a cool head. Instead of letting emotions run high, try to stay calm and weigh the pros and cons of a potential outcome before proceeding.
Things to Avoid During a Real Estate Transaction
Just as it’s important to follow established procedures during a real estate transaction, there are also a number of things you should know to avoid. Being aware of some of the common red flags that can accompany real estate transactions can help you avoid legal issues and costly mistakes.
Things you shouldn’t do before and during a real estate transaction include:
- Rushing the process
- Skipping research
- Signing a contract or an agreement you don’t fully understand
- Signing legal documents without a real estate agent or lawyer
- Purchasing a property that doesn’t fit your budget
- Skipping the inspection or repairs
- Failing to consider additional costs, like taxes and HOA fees
Make sure to ask plenty of questions before you purchase or sell a piece of real estate. It’s also important to make sure that all the required legal steps are carefully followed at closing. Errors or oversights can lead to delays in the closing process. Those, in turn, can result in additional expenses or disagreements that end up in court.
Consult a New York Real Estate Attorney Today
Real estate transactions are high-stakes events with long-term implications. Before you move forward with a real estate transaction in New York, it’s wise to consult a real estate lawyer proactively.
If something goes wrong, you may find yourself in legal trouble or needing to take the other party to court. When this happens, you need the services of a New York real estate litigation attorney you can trust.
Levy Goldenberg LLP is a real estate litigation firm serving clients in New York, NY, and Suffolk County. With over 35 years of real estate litigation experience, our team can help you protect your financial best interests during your next New York real estate transaction. Contact us to speak to a seasoned New York real estate lawyer today.