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Commonly Asked Questions about NY Real Estate Legal Documents

New York state law does not require legal representation to complete a real estate transaction. However, the custom in New York City is for both the buyer and seller in a real estate transaction to have legal counsel present for each critical stage of their deal.
A real estate sale involving financing typically contains at least three main documents; the loan agreement, a promissory note, and a mortgage instrument or deed of trust.
The common law has for decades imposed duties on sellers of real estate, particularly residential real estate such as homes, condominiums, etc., to disclose to the buyer any material facts known to the seller affecting the value or desirability of the real estate being sold.
The deed includes the name of the buyer and seller and a detailed description of the property. Most importantly, the deed must contain proper legal language that conveys the transfer of property.
The most important originals are the purchase agreement, deed, and deed of trust or mortgage. In the event originals are destroyed, you might be able to get certified copies of these documents from the lender or closing company, but you dont want to rely on others recordkeeping systems unless you have to.
Youll need a variety of documents in order to sell your home. Some of the most important include your mortgage loan documentation, mandatory disclosures and the deed.