How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WiseOwl58 Your Own Question
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3654
Experience:  Experienced real estate lawyer and real estate broker.
62735101
Type Your Real Estate Law Question Here...
WiseOwl58 is online now
A new question is answered every 9 seconds

I am in the process of purchasing a home. I would like to

Customer Question

Hello,
I am in the process of purchasing a home. I would like to protect my myself from fraud and loosing money if the deal falls through. Is there any legal advice you can provide to assist with my concern such as drafting up a contract that fully protects me against loses?
thanks
Submitted: 12 months ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 12 months ago.

First, you should have all the payments go through an escrow agent. That way, you will be protected from fraud under New York law, because the escrow agent won't release any money to the seller until transfer of title to you has been filed. The escrow agent will have clear instruction that no money will go out of the escrow account until the transfer of title is made. If for some reason the transfer of title does not get made, then the escrow agent will refund all money to you.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Customer: replied 12 months ago.
Is it necessary to include this information in the contract?
Expert:  WiseOwl58 replied 12 months ago.

If you use an escrow agent, the escrow agent will give you a contract through which you specify instructions to the escrow agent only to release funds to the seller when title transfers. So, to answer your question it will be in the contract with the escrow agent.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Customer: replied 12 months ago.
Thank you
Expert:  WiseOwl58 replied 12 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 12 months ago.

You need to "accept" the answer with a rating, otherwise I do not get credit for my work helping you.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 12 months ago.

The way this site works here is that now you should accept the answer and rate 4 or 5 . Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 12 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 11 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 11 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 11 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 11 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 11 months ago.

The way this site works is now you need to accept the answer and rate it 4 or 5.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.