In New York, what is the primary reason that most residential real estate transactions involve attorney participation?
Correct Answer
C) Traditional practice and the complexity of real estate law make attorney review advisable
While New York law does not require attorney involvement, the traditional practice developed due to the complexity of real estate transactions and the legal protections attorneys provide. Most buyers and sellers choose to have attorney representation for contract review and closing procedures.
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Previous Question
A New York purchase contract specifies a closing date of June 15th. On June 10th, the seller's attorney notifies the buyer that the seller needs an additional 10 days to resolve a title issue. The buyer's attorney agrees verbally but requests written confirmation. What is the legal status of this modification?
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A purchase contract in New York includes a clause stating 'Seller warrants that all systems and appliances will be in working order at closing.' Two days before closing, the furnace breaks down and requires $2,500 in repairs. The seller refuses to fix it, claiming normal wear and tear. How should this situation be resolved?