In New York real estate transactions, attorneys commonly perform all of the following functions EXCEPT:
Correct Answer
D) Determining the fair market value of the property for financing purposes
Determining fair market value for financing purposes is typically performed by licensed appraisers, not attorneys. Lenders require appraisals by certified professionals to establish property value for loan purposes.
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Real estate agent Michael is working with a buyer who does not want to hire an attorney for their New York property purchase. The buyer asks Michael to handle all aspects of the transaction including contract review. How should Michael respond?
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During a New York real estate closing, the buyer's attorney discovers a lien that was not disclosed in the title report. The seller's attorney claims the lien is invalid and should be ignored. What is the most appropriate course of action?