Over the next few weeks we’ll be posting a series to help our valued buyers avoid the 9 Common Mistakes Buyers Make:
Mistake #1: Hiring the wrong attorney.
New York townhouse purchases, especially those with tenants, are very different from apartments and require a specific expertise. To move with necessary speed and confidence, you need an attorney who personally handles Manhattan townhouse transactions on a regular basis. Your purchase can easily be derailed by your attorney and only when it’s too late will you realize that you chose the wrong one. Here’s a list of typical wrong choices:
• A relative or friend who works for free. (Often overprotective, they will tend to get over-involved in all areas of the transaction, not just the legal aspects. Plus, working for free means attending to it after their other work is done.)
• A non-NYC based attorney. (They often need to educate themselves at the same time, and may use wrong contract templates.)
• The “best” real estate attorney in the city. (They hand you off to their associates, who in turn ask other associates what to do.)
• An attorney with expertise in another area, such as corporate real estate, leasing, litigation, landlord/tenant law-everything but townhouses.
• The trusted family attorney who has assisted you or your family with other transactions in the past. (They can be too focused on their own comfort zone, often oriented more around avoiding mistakes rather than being tuned into your needs of speed and focus in a competitive environment.)
Need Solutions? Want your NYC townhouse purchase to run smoothly?
Call Cathy anytime at (212) 769-2900 or email her at cathy@townhouseexperts.com.
Next up in this series: Mistake #2: Choosing the Wrong Bank or Mortgage Broker
