Tips on Closing a Real Estate Transaction in Buffalo: What Buyers and Sellers Should Know

HostWhether you’re buying or selling a home, you want to make sure you don’t miss any important details in your closing deal. For this week’s Buffalo by Design, I’m joined by Eric Vallone, an attorney at Vallone Law, and Enas Latif with guidance on what you should be on the lookout for. Hi, you two. Thanks for joining me.

Enas LatifThank you for having us.

HostSo, Eric, tell us more about what’s involved with a real estate attorney and what you really do during that buying and selling process.

Eric ValloneAn attorney in the closing process really does two things. First, they review the contract to make sure that the buyer or seller really understands what they agreed to and what’s involved. And two, they’re involved in checking the title to the property — making sure all liens are paid, mortgages, the boundaries are what the parties think they are, things like that.

HostEnas, you’ve been in real estate for 25 years now, so you know what you’re talking about. Give our viewers some tips about the biggest mistakes you see buyers and sellers make before getting to that closing table.

Enas LatifMany times buyers and sellers focus on pricing, or negotiating a price that they each want, but they’re not really paying attention to all the legal matters that take place when you’re buying or selling a home. My advice to any buyer or seller is to educate yourself about the process and what’s involved in it ahead of time, and get the right team behind you. It’s not just the realtor — it’s the realtor, the attorney, the right lender for you — and understand the logistics of a sale.

HostEric, what are some of those common legal issues or surprises that can delay or even derail a closing?

Eric ValloneI think a big one involves the condition of the property. It’s been a seller’s market in Western New York for a long time, and buyers are buying houses without doing home inspections. Then things come up. When you’re doing a showing, you’re not flushing toilets and running water. Ultimately, in New York, you’re buying the property in the condition it’s in. You have to do that work before you buy a house. Those kinds of things can certainly derail deals.

HostAre there any other things that buyers should be paying close attention to before signing a contract?

Eric ValloneI think it’s important to read the contract over. A lot of my clients will go to the internet or AI and ask questions, when they have a contract they actually agreed to. I’ll tell clients: before you do that, look at the document you actually signed, because it’ll answer a lot of your questions.

Enas LatifAnd if I may — I’ve had clients go to AI, upload the contract, and ask it to explain it to them, and it explained a few things completely wrong. So be careful doing that. Definitely refer back to your realtor or your attorney for those questions and to better understand it.

HostThat leads into what I was going to ask: how important is the communication between the real estate agent, the attorney, and the lender in making sure those transactions all go smoothly?

Enas LatifI always say the realtor is like the maestro of an orchestra. It’s important that you have a realtor who’s making sure everyone is doing what they’re supposed to do, when they’re supposed to do it, to get to the closing table on time. Having your realtor, your attorney, and your lender able to communicate well together is going to be important — and also choosing someone, as a buyer or seller, that you feel comfortable reaching out to, communicating with, and asking questions.

HostSo Eric, if you could give one piece of legal advice to anyone watching right now who’s preparing to buy or sell a home, what would it be?

Eric ValloneIf you know you’re selling a house, find your documents — your title search, your survey, your deed. If you’re looking to buy a house, figure out what’s important to you in terms of the condition of the property. Not just number of bedrooms and square footage, but: am I prepared if a house needs a little bit of work, and what happens if something unexpected comes up? Because ultimately it’s home ownership, and things always happen.

HostIt’s true. Buying a home, there’s always something going wrong. Enas, I know that’s what you specialize in — working with the clients who come to you to make sure they understand what they’re getting into, and figuring out what they need to make the best decision for them.

Enas LatifYes, absolutely. A lot of times we’re discussing what a home might need immediately, but also what you should budget for as a buyer in the near future — in five years, in ten years — and does that make sense for you and your finances? Purchasing the home at that price, does it make sense knowing all the information that’s going to be coming up for you?

HostThank you both so much for coming in. Great information. Viewers, you can contact the Enas Latif Team to take the stress out of selling today, and you can contact Eric for his firm’s help navigating your real estate transactions.

Transcript lightly edited for clarity.