Buffalo Real Estate Attorney Handling Property Transactions For Over 30 Years
Buying or selling a home may be the most significant financial transaction and investment of your lifetime. When handling such important decisions, experience matters! The Law Office of Randy H. Gugino has over 30 years of experience providing comprehensive legal services to homeowners, investors, commercial property owners, developers, out of town buyers, and other Buffalo residents with a variety of real estate matters.
Buffalo real estate attorney Randy Gugino has a strong knowledge of real estate law and has established a reputation as one of the top real estate attorneys in Western New York. Our office represents both buyers and sellers in a variety of property transactions, and our staff is dedicated to providing effectual, attentive, and cost effective representation to all of our clients.
Whether you need help drafting or reviewing a contract, arranging the closing, ordering the title search, or any of the many nuances involved in a property transaction, our dedicated Buffalo real estate attorney will keep you informed every step of the way. Allow us to join your professional team and assist your real estate agent, and mortgage broker in moving your real estate transaction forward in an expeditious manner.
With over 30 years of experience, Buffalo real estate attorney Randy Gugino has the knowledge and understanding of the complexities involved in real estate law. He offers consultations and would be happy to assist in your next real estate transaction. Contact us today at (716) 833-8455 for dedicated legal representation.
Dedicated Buffalo real estate attorney Randy H. Gugino can assist you with:
- Pre-contract negotiations
- Purchase Offer
- Financing
- Title Examination
- Residential Closings
- Commercial Closings
- Deed Transfers
- Refinances
Do I Still Need A Realtor?
As the seller or the purchaser, you may choose to hire a realtor to assist you in selling your home or locating a residence. The realtor will request that you sign an agreement or multiple listing. This listing agreement is a binding contract with the realtor once it is signed. It is the policy of our office to work in close partnership with your realtor in order to insure an efficient and successful closing.
Pre-Contract Considerations
The seller of a home or real estate property should begin by determining the premises. A determination with regards to closing costs, including payment of outstanding mortgages, home equity loans, liens, or other encumbrances is necessary so that the seller can determine an acceptable purchase price. The seller may also wish to acquire the documentation necessary to sell the property, including the existing title search and survey.
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Financing
The area of financing has, and continues to undergo various changes. No longer are you dealing with just local lenders or conventional fixed rate loans. There are mortgages with variable mortgage insurance, and various programs presented by banks and mortgage lenders. Mortgage programs can change weekly, and may be subject to modification even after an application is made. We would be happy to review all of the types of available mortgages with you, and provide guidance on which one would be in your best interests.
Closing Date
The closing date specified in the contract of sale is an approximate date for closing, after which either party may declare time to be of the essence, should they chose to do so.
Contract or Purchase Offer
The “purchase offer” is a binding contract between the seller and the buyer once it is fully executed by the parties. There is no statutory three-day right of recession or cooling-off period for either party. The contract of sale sets forth in its final form the rights and obligations of the buyer and the seller. Any verbal agreements or arrangements not written into the contract are not binding.
The signing of the purchase offer or contract is a critical point in the transaction. In the event that the contract of sale has not yet been entered into, please allow our office the opportunity to review the contract prior to it becoming final. This may be done by scheduling an appointment with the contract in hand, or having your real estate agent mail or fax the contract for review. An alternative is to have the contract signed, but contingent upon attorney’s approval within three business days. Once the contract is executed, no addendum’s or modifications of the contract should be made without prior consultation with our office.
The contract of sale should be on a form approved by the Greater Board of Realtors and the Bar Association within the County it is located. The contract should provide for contingencies with respect to financing, occupancy, finding suitable housing, sale of existing residence, and other essential terms. It should also have provisions or riders for attorney approval, professional home inspection, and lead paint investigation. Allowing our office to review the Contract of Sale with you, before signing or within the attorney approval period, may help you to avoid unexpected obligations. Our office may be able to draft additional clauses or contingencies, to ensure that you get what is expected so that there is a smooth transition at the time of settlement.
The purchase of a condominium or townhouse, vacant land, or contract for the construction of a new house requires additional terms and agreements. These types of transactions involve many complex details and potential concerns, such as adequate specifications, financing arrangements, building restrictions, zoning ordinances, health department regulations, construction delays, mechanic’s lien, assessments, common charges, availability of public utilities, perk tests, liabilities assumed with membership in homeowners’ associations, etc. As the purchaser whose interest may conflict with your own. It is essential that you consult with our Buffalo Real Estate Attorneys prior to entering into one of these contracts.
Title Examination
The most important function of the purchaser’s attorney is to conduct a title examination to ensure the transfer of a good and marketable title to the premises, free and clear of all liens, encumbrances, or taxes. The seller normally provides for an updated title search and survey, which are utilized by the purchaser’s attorney to conduct the examination. Examination of the search and survey involves an inspection of the documentation recorded in the Erie County Clerk’s Office, including deeds, mortgages, cover maps, judgments, estate proceedings, and other encumbrances such as easements, right of ways, and building restrictions. The evaluation and interpretation of the legal affect of these various matters require a great deal of legal experience. Buffalo Real Estate Attorney Randy Gugino personally conducts each title examination, to ensure the purchaser that there are no adverse interests in the premises. Attorney Gugino is an approved examining counsel and/or agent for Ticor Title Guarantee Company, Monroe Abstract & Title Corporation, and Fidelity National Title Insurance Company, and has been in practice since February 12, 1980.
The buyer should not depend on the examination of title by a lender’s attorney. The lender’s interest in the property is of a diminishing nature, as the mortgage or financial obligation is being reduced by each payment. Accordingly, the standard for such an examination may not be adequate to insure the purchaser against title defects upon resale of the property.
When it is the responsibility of the seller to provide for an updated search and survey, our office will assist you in locating the original documents. This will often reduce the cost of updating the search or survey, considerably. When acting as the seller’s attorney, it is our responsibility to clear the title or correct problems or defects, which are detected by the title examination. This may include concerns that have arisen during the ownership of the property, such as bankruptcies, judgment liens, tax liens, and death proceedings. It may also include correcting defects in the chain of title existing prior to the seller acquiring same. This sometimes requires considerable attention and effort.
If you have an upcoming real estate transaction, or are considering buying or selling property in Western New York, allow our experienced Buffalo real estate attorney to help. We have over 30 years of experience handling a variety of real estate transactions. Contact us today at (716) 833-8455 for a consultation. Let our experience work for you.
