Lenders and borrowers need legal guidance during any real estate transaction. The shrewd banking attorneys at the Albert Maimone & Associates, P.C. law practice act as lender lawyers to protect the interests of lenders in these often complex transactions. Lender attorneys work for the lender, while settlement agents may work with buyers. In either case, call the best banking attorneys in Queens, New York at Albert Maimone & Associates.
What Is Lender Representation?
Lender representation refers to a legal arrangement where a lender designates a legal representative to act on its behalf. The legal representative performs any act on behalf of the lender under a legal, written contract. Any transaction entered into by a lender attorney is legally valid.
A lender can be a traditional bank or institutional lender, mortgage brokerage firm, private bank or correspondent lending institution that makes funds available to a borrower. Real estate attorneys handle transactions that involve buyers, sellers and lenders. Banks and other lenders require the best legal representation in such deals to comply with fiduciary laws and to protect their interests.
In New York, the talented lawyers at the Albert Maimone & Associates law firm offer qualified lender representation and settlement agent services. This highly reviewed law firm operates in all boroughs of NYC — Queens, Brooklyn, Manhattan, the Bronx and Staten Island — as well as in Nassau and Suffolk counties. For all residential and commercial real estate closings, get the best legal services in New York City.
Why Do Lenders Need Representation?
A lender’s lawyer protects the interest of the loan company in property transactions. In the mortgage process, a lender underwrites loans based on the value of a property or expected cash flow from a property. Without proper review of a property and the loan documentation, the lender can end up losing money. Lender representation helps in different ways, including:
- Representing lenders in their different capacities
- Protecting the relationship between the lender and the borrower
- Guaranteeing both lender and borrower satisfaction
- Fostering and maintaining a clear line of communication between the lender and the borrower
- Ensuring compliance with all funding requirements given by the lender
- Providing efficiency in operations to minimize post-closing issues
- Streamlining the closing process
- Spotting threats to the lien
- Ensuring strict adherence to lender closing instructions in real estate transactions
- Providing comprehensive representation in:
- Refinance closings
- Purchase money mortgage closings
- Reverse mortgages closings
- Recognition agreements
- UCC financing statements
- Consolidations, extension and modification agreement (CEMA)
- Cooperative loan closing refinancing closings
- Construction financing agreements
- Reviewing the title beyond the norm to identify any issues
- Expediting the nonjudicial aspects of the foreclosure process
- Identifying incorrect legal descriptions used in mortgages
- Ensuring compliance with the recent Real Estate Settlement Procedures Act (RESPA) requirements
- Checking accuracy of title commitments
- Offering tailored lender representation solutions based on the specific type of mortgage
Lender representation is critical in every stage of the real estate transaction process. Banking attorneys bring on board immense knowledge of real estate law. They’re often able to streamline the process. The NYC law office of Albert Maimone & Associates offers a client-centered approach to protect your interest as a lender.
What People Say
I have used Mr. Albert Maimone for various legal matters. He is great to work with, very efficient, always makes time for his clients. I would highly recommend him to anyone looking for a Real Estate Attorney.
What People Say
I used the Law offices of Albert Maimone & Associates, P.C. located in Whitestone, NY for numerous legal matters this past winter. Mr. Maimone was professional and courteous. He helped me plan my mothers Estate and helped me Sell my home in Whitestone, NY. I would recommend Albert Maimone & Associates, P.C. to anyone in need of an Attorney. He has a client for life.
What People Say
Awesome service! Simple and to the point! They don't beat around the bush. I will definitely go back to them for any legal advice and services that I might need in the future. Highly recommended!
How Does a Settlement Agent Help a Property Buyer?
A settlement agent is an integral party in successful property transactions. The agent helps complete the transaction between a seller and buyer. Settlement agents, in most cases, are lawyers who have a vast knowledge of and experience in real estate law. A settlement agent participates in ways that include:
- Assisting the transfer of ownership of a property from a seller to you as the buyer
- Informing you of your rights as a borrower
- Coordinating the settlement details, including setting the date and time with your lender and the seller’s agent
- Ensuring compliance with legal requirements for the transfer of the title to the property
- Checking for encumbrances, special conditions, caveats or any other restrictions that may hinder the property transfer
- Performing a land title search to verify the legal owner
- Guiding you on the settlement process and providing up-to-date reports on the progress
- Confirming that all property inspections agreed to in the contract have been completed before closing
- Preparing and verifying all the legal documents and forms in a real estate transaction
- Checking any pending payments related to a property from the local authorities
- Liaising with you to provide all the loan documentation and ensure the availability of funds before the settlement
- Handling the transfer of funds and property ownership through an escrow or trust account in the mortgage closing process
- Advising you whenever an issue arises in the settlement process, such as delays
- Representing you at the settlement meeting and ensuring all legal documents change hands properly
- Preparing legal paperwork for the transfer of property title after settlement
- Announcing the change of ownership after the settlement, depending on the state law requirements
- Creating a settlement statement for the process
Your settlement agent in New York has experience in different areas of real estate law, including deed transfers, property taxes and 1031 exchanges. For the best representation and settlement agents, look to Albert Maimone & Associates.
How Can Settlement Agents Help When Selling a Property?
Selling a property in New York is a long-winded process. You require legal guidance throughout. Your settlement agent has the legal expertise to guide you through the settlement stage and protect your rights. Some roles of a settlement agent in the sale process include:
- Land title search to verify right to ownership under the law
- Confirming the property complies with all regulatory requirements, including local building codes
- Avoiding delays in the transaction
- Checking that you meet all special conditions in the contract before you sign the settlement contract
- Preparing and verifying all legal documents and forms
- Working with your bank to clear any existing mortgage balances
- Organizing the date and time of the settlement with your lender and attending the meeting on your behalf
- Updating you on the progress of the settlement progress, guiding you on your rights, identifying potential issues that may cause delays
- Protecting your interests during the settlement meeting and ensuring correct exchange of legal documents and money
- Verifying and delivering the settlement statement
Property transactions are complex, as they involve banks or other lenders. At the boutique law firm of Albert Maimone & Associates, you have a settlement agent with necessary qualifications, licenses and in-depth knowledge of real estate law. Lenders need the best legal representation in the process to protect your organization and safeguard the relationship with your client. The best lender lawyer in New York City works under your instructions, but also advises on the intricate matters of real estate law. Contact the best lender lawyer in Queens today.
Albert Maimone & Associates P.C.127-16 14th Avenue
College Point, Queens, NY 11356 (718) 357-1216