Buyer & Seller Tips
- Selection:
Home purchasing is a very subjective decision. You have numerous
decisions, not the least of which will be:
a) Location, b) Size, c) Condition, d) Quality
e) Affordability (1. Down Payment, 2. Monthly Payment)
 Negotiation:
Once you have found a home to meet your specifications, the real
work begins. At this point, we present to the seller the exact
terms by which you will be willing to purchase.
a) WHO- Who will purchase
b) WHAT- What you will purchase
c) HOW MUCH- How much will you pay
d) WHEN- When this will all transpire
- Inspection:
Inspections are an offshoot of the what portion above, because
whether you hire an engineer, termite inspector, or do this
yourself, you must understand what is being bought and sold.
- Formal Contract:
In the New York area, nearly all transactions of real estate
warrant representation by an attorney. At a formal contract,
if all the previous steps are followed, the entire deal is
reduced to a few pages called the contract of sale.
- Mortgage Application:
a) Contact the bank representative
b) Fill out the proper applications which normally contain
a financial report, a credit report, and a copy of the contract.
c) The bank will then have the property appraised.
d) If everything is in order, they will then issue a letter
which tells all parties that they will lend the mortgage
amount
(Commitment letter)
- Title Insurance:
Your attorney will now contact a title insurance company
to have the title (rights of the property) researched.
Baring any
discrepancies, the insurance will now issue an insurance
policy to insure the fact that you will be the true and
sole owner of the property.
- Closing
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