The asset price of real estate is for realtors and clients to negotiate. By the “assets” of real estate, I am meaning both the personal and real assets that are being sold and bought. By the time the deal gets to the attorney, ideally for all parties, all financial issues are agreed to and resolved. The attorneys should not begin to negotiate on chandeliers, furniture or other personal items. While, theoretically, attorneys don’t mind doing this, the lawyer is not the right person, and the time of contract is not the right time to delve into price and assets. On occasion, a buyer will begin to think about the home while the contract is being drafted and then ask for an additional item or two to be included. In such case, the issue can come up “post price-agreement”. But it would be better handled between the buyer and seller, directly, or between their respective realtors, than by the lawyer. There are several reasons for this: First, if a seller gets contract comments asking for an additional asset, rather than a direct verbal request, it is an unpleasant surprise and can kill a deal; second, if such a request is sprung on a seller from lawyer to lawyer after a price has been agreed upon, it creates a wall, and breaks down the element of trust that may already have been established by the parties in their dealings before a lawyer was even retained; third, the lawyers in the deal often do not know the history of the parties and the property, and can not tell who has the bargaining power; and fourth, lawyers are not exactly known for their easy-going personalities and may even begin their own personal posturing against each other- an unfair result to all involved.
If you are a buyer, seller, or realtor, it is best that you negotiate every single asset in the deal and not leave it for the attorneys to do. Theoretically, the lawyer has two jobs: First, to memorialize the terms agreed upon as exact as possible; and second, to handle “legal” issues such as tax issues, title matters, and timeliness of transfers. It is not the lawyers job to negotiate prices for assets in any manner.
By: Neil Siskind, New York Lawyer http://www.siskindlawfirm.com
Neil Siskind is the Founder & Chairman of The Fatherhood Assignment
Learn more at: http://www.neil-siskind-the-fatherhood-assignment.org/
Review Neil Siskind’s personal and professional references at: http://siskindlawfirm.com/neil-siskind-bio/
Volunteer, Pro Bono, and Government Background:
Learn about how we try to give back http://www.neilsiskindsupports.com
Neil Siskind’s Volunteer Work: Volunteer, Memorial Sloan Kettering Cancer Center
Donate to one of my needy public classrooms: http://www.donorschoose.org/NeilSiskindGiving
Help Neil Siskind make sick children’s wishes come true: Neil-Siskind/Help-Make-A-Child-Smile.htm
Neil Siskind’s Pro Bono Work: Protecting New York’s senior citizens from fraud and financial abuse www.savingseniorcitizens.com
Champion Children – The Siskind Law Firm We seek to inspire people with stories of children who have overcome challenges: http://siskindlawfirm.com/champion-children/
FreeStart Business – The Siskind Law Firm We seek to help put war veterans and senior citizens in the right direction so that they can face the challenges of the modern economy: http://siskindlawfirm.com/free-start-business/
Neil Siskind’s Philanthropic Work:
-Hudson Riverfront Land Preservation
-Founder, The Fatherhood Assignment: A think tank to educate the public about, and advocate for the children of absentee fathers. http://www.neil-siskind-the-fatherhood-assignment.org/
Neil Siskind’s Government Work:
Suffolk County District Attorney’s Office, Boston, MA, 1994, Intern
Office of Senator Christopher J. Dodd, Newington, CT, 1992, Intern
Hartford County Department of Probation, Hartford, CT, 1991, Intern
Neil Siskind’s Community Assistance:
Established and operated a temporary legal clinic offering inexpensive legal services to struggling Long Islanders during the recession to help clients resolve debt, plan estate matters, organize finances, start small businesses and obtain governmental assistance such as Medicaid.
Neil Siskind’s linkedin URL: http://www.linkedin.com/profile/