Throughout my career I have dealt with real estate, contracts and commercial transactions. I have seen varying practices and customs for conveying property, but the basic themes are the same. Buyers want to get what they are paying for without unhappy surprises later. Sellers want to get their money with a minimum of fuss and delay. Both hope the sale will be final with no complaints arising after. When it is done right both parties should leave the closing table happy. That is the goal.

Attorneys play an essential role in drafting the contract of sale and the closing process.

Of course, there are brokers, inspectors, appraisers, lenders, title agents and others who are also needed to properly conduct most real estate deals. A real estate broker is often the first professional involved, listing a property for sale and then working with other brokers to find a “match”. As an attorney, my first contact with real estate clients usually comes when preliminary terms have been reached and the parties are ready to go to contract.

Typically the attorney for the Seller prepares a contract draft which is then reviewed by the attorney for the Buyer. The Buyer’s attorney will commonly counter with a list of modifications called a “rider”, or appendix. It is not unusual for there to be negotiation over the details involving both the parties and their attorneys. When both attorneys approve the text, they will advise their respective clients to sign off and the transaction goes forward.

Naturally this is an abbreviated description of the start of a complex process. The client rightly looks to their attorney as an expert in the process who can answer any questions, keep things on track and above all defend their interests. Trust and effective communication between client and attorney are essential. The Bar Association and the Laws of the State of New York impose stringent requirements on attorneys practicing in this field. These are not obligations to take lightly.