A New York real estate agent prepares a purchase offer using a standard form contract. After the seller accepts the offer, what typically happens next regarding attorney involvement?
Correct Answer
A) Both parties' attorneys review the contract and may negotiate modifications
In New York, it is customary for both the buyer's and seller's attorneys to review the signed contract during the attorney review period and negotiate any necessary modifications to protect their respective clients' interests.
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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?
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Attorney Susan represents a seller in a New York transaction. During contract review, she discovers that her client failed to disclose a known foundation issue. The buyer has not yet hired an attorney. What should Susan do?