A real estate lawyer in Long Island New York can help parties who are buying or selling real property. Purchasing real property is often an investment decision, and it is important to understand the parameters surrounding a real estate transaction before committing to it. A real estate lawyer in Long Island New York assists with the due diligence process in the following ways:
Review the Title
A real estate lawyer can review the chain of title to check for any unknown encumbrances on the property, such as a mortgage or any clouds to the title. He or she can check for any restrictions that may affect the value of the property or the way that it can be used if there are any restrictive covenants imposed on it.
Check Zoning Requirements
It is particularly important for a lawyer to review zoning requirements if the property is going to be used for some commercial purpose. A buyer will not want to purchase a property only to discover after the purchase that he or she cannot use it in the way that it was intended.
Additionally, a real estate lawyer can review other reports that may impact the value of the property, such as environmental reports, crime reports and other statistical data.