In New York State a foreclosure is a legal action in which the mortgage holder obtains title to a property due to a borrower defaulting on a loan. Once a judgment is obtained, the foreclosed property is auctioned off. A deed, known as a “Referee Deed,” is then created, which transfers title of the real property to the highest bidder. Continue reading “Buying A Foreclosed Property May Lead To Eviction”
Tag: real estate contracts
Choosing a Residential Real Estate Closing Attorney
The basic role of Real Estate Attorney in a residential real estate closing is to carry out the deal negotiated by the client – that is (i) reduce the client’s deal to writing in the Contract of Sale, (ii) describe to the client what the key terms of Contract of Sale means, (iii) to ensure that the transaction occurs in accordance with those terms, and (iv) if it doesn’t extricate you from the transaction with the least amount of damage. Continue reading “Choosing a Residential Real Estate Closing Attorney”
