Basics of Buying a Home in NY

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Whether you are a first-time home buyer or you’ve bought a home or two before, making such a large purchase is a complex and often stressful experience.

That is why you should build a strong team to help you achieve your goals.

The members of your team should include the following:

      • A knowledgeable New York real estate attorney
      • A real estate agent
      • A licensed home inspector
      • A mortgage broker
      • A title insurance agency
      • A homeowner’s insurance agent

A Licensed Real Estate Agent Will Help You Find the Right Home to Buy

A real estate agent (a “Realtor” if a member of the New York State Association of REALTORS®) is a licensed professional with experience in helping buyers find homes.

Your agent will have access to listings of houses on the market. Some of the listings will be exclusive listings, only available through your agent.

Other listings will be available to all agents.

Either way, by describing your needs to your agent, he or she can save you valuable time by selecting homes that meet your needs to show you from among all the homes on the market.

Because your real estate agent gets paid by the seller at closing, it costs you nothing to use the services of a real estate agent.

For more information about using real estate agents in New York, see this guide from the New York State Division of Licensing Services.

A Home Purchase is Likely the Largest Purchase that an Individual Will Make

The transaction will require a contract, as well as legal guidance during every step of the home purchase process.

Therefore, you need an attorney on your team to represent your interests. But you don’t want just any attorney.

You want a Yonkers real estate attorney with experience in New York residential real estate law. Your attorney will:

      • Create or review your real estate contract
      • Negotiate on your behalf for seller repairs of inspection issues
      • Work with your mortgage lender in preparation for closing your loan
      • Engage a title insurance agency to do a title search to ensure that you get clear and marketable title at closing
      • Conduct or attend the title closing as which time you will take ownership of the home
      • Follow-up to ensure that your deed is correctly recorded in the county records and that you get your title insurance policy

Get a Home Inspection

New York law requires most sellers to provide a buyer with a Property Condition Disclosure Statement.

But you should know that homeowners are not experts in evaluating the condition of their homes.

So while getting the disclosure statement is important, you should not rely solely on it.

A licensed home inspector will thoroughly inspect the home you want to buy and provide you with a detailed report of his or her findings, such as:

      • Plumbing, electrical, and structural defects
      • Environmental issues such as wood destroying insects, excessive levels of radon, asbestos, lead paint, and mold

For more information about the services of licensed home inspectors, visit the website of the New York State Association Of Home Inspectors (NYSAHI).

Contact an Experienced New York Residential Real Estate Attorney

At Sayegh & Sayegh, our skilled real estate attorneys in New York have had years of experience assisting home buyers in Westchester, Rockland, Bronx, Dutchess, Putnam, Orange and Ulster counties.

Contact us at (914) 968-5800 to schedule a consultation today.