Realtors are expected to be aware about each formality associated with property dealing but it is learnt that realtors are not aware about the legal formalities. Buying, selling and renting property involves legal compliances. It is not difficult for a realtor to check property papers but in case there is a dispute or the property has back taxes to pay, you would need a New York real estate lawyer to suggest a solution.

First you should locate the legal heir of the property. Second thing is determining the legal status of the property. Third thing is making sure that the property is free from taxes, penalties and other necessary expenditures. Fourth thing is you should obtain a non-disclosure statement from the seller and fifth thing is you should make the property papers ready before the day of closing.

If you want to use the property for earning rent then you should be ready with a rental agreement granting the right related to the use of the property by the renter. The agreement should clear to the renter and also it shouldnâEUR(TM)t leave any place for dispute. In case of disagreement, the renter could take recourse. If you are buying a multi-unit property and considering renting out the units then you would need a common rent agreement for all the renters.

Drafting an agreement is a legal matter as it has the force of the law. Anyone could draft an agreement but if you want to remain save and avoid any dispute with your renters then you should get the agreement drafted by a professional. Here you would need help of a New York real estate lawyer. An attorney could safeguard your interests better than you could.

If you are buying a shop and considering renting out the shop to an entrepreneur then there should be an agreement between you and the entrepreneur. This agreement would be different from rent agreement for a property. A New York real estate lawyer could provide real help and only an attorney could help. If you think that your realtor could help then you are simply mistaken.

Your realtor would also agree that you rope in an attorney for starting negotiations with the seller. The realtor wonâEUR(TM)t object to your idea of taking legal help. If the realtor has any objection of your taking the legal route then you have a reason to doubt the intentions of the realtor. Let a New York real estate lawyer take charge of your real estate investment project.