What is the name of your state (only U.S. law)? New York
Is it correct that a seller of a house in New York does not need to hire a lawyer, even if it may be customary to do so? I ask because local lawyers want as much as $2000 to handle what should be a straightforward process. For many years, we've rented out the house, and I've always handled the tenancy agreements--based on a boilerplate contract with some riders--even though the tenants typically had lawyers represent them or review the terms.
In the case of our hoped-for home sale, the New York Bar Association provides online a sample house contract of sale; a copy of the deed should be available at the town clerk's office; and drafting a new deed of general warranty for sale based on that should be short and easy to do.
My wife wants to sell this house, which she owns and which had only one previous owner; it has no mortgage nor any liens. So are there any other potential complications to consider, from the sellers' perspective? Also, just as one pro-rates property taxes up to the date of sale, can one get a refund for unused months of an annual home-insurance premium after the sale date?
I assume our accountant should be able to help with any questions about New York State's form TP-584, the Real Estate Transfer Tax Return.
Is it correct that a seller of a house in New York does not need to hire a lawyer, even if it may be customary to do so? I ask because local lawyers want as much as $2000 to handle what should be a straightforward process. For many years, we've rented out the house, and I've always handled the tenancy agreements--based on a boilerplate contract with some riders--even though the tenants typically had lawyers represent them or review the terms.
In the case of our hoped-for home sale, the New York Bar Association provides online a sample house contract of sale; a copy of the deed should be available at the town clerk's office; and drafting a new deed of general warranty for sale based on that should be short and easy to do.
My wife wants to sell this house, which she owns and which had only one previous owner; it has no mortgage nor any liens. So are there any other potential complications to consider, from the sellers' perspective? Also, just as one pro-rates property taxes up to the date of sale, can one get a refund for unused months of an annual home-insurance premium after the sale date?
I assume our accountant should be able to help with any questions about New York State's form TP-584, the Real Estate Transfer Tax Return.
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