Basics of Selling a Home in NY

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List Your Home with a Real Estate Agent in Yonkers

In an attempt to avoid having to pay a sales commission to a real estate agent, some home sellers’ market their property with a For Sale By Owner sign.

This approach does not necessarily save money, as a broader marketing approach by a real estate agent often results in higher offers.

A real estate agent begins the process by providing you with a free comparative market analysis (often called CMA or comps) to help you decide on the price to list your home.

The real estate agent then presents you with a listing agreement to sign.

The listing agreement provides details about the:

      • Type of listing
      • Duration of listing
      • List price
      • Commission percent
      • Items included and excluded from the sale
      • Your obligations and the obligations of the 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.

You are Obligated to Provide a Property Condition Disclosure Statement

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

You must disclose material defects that you know about, such as

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

If you do not disclose material defects that you know about, you could be sued by the buyer after closing for misrepresentation or fraud if the buyer reasonably relied on your disclosure to the buyer’s detriment.

Hire a Yonkers Real Estate Attorney

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

You may also require representation if issues arise after the sale of your home.

That is why you need an experienced Yonkers real estate attorney to protect your interests. Your attorney will:

      • Create or review your real estate contract (you can view a sample contract here)
      • Negotiate on your behalf for your repairs of inspection issues
      • Work with the buyer’s mortgage lender and title insurance agency in preparation for closing
      • Clear any liens found in the buyer’s title search
      • Attend the title closing and negotiate the resolution of final walkthrough issues, if any.

Contact an Experienced Yonkers Real Estate Attorney

At Sayegh & Sayegh, our skilled real estate attorneys in Yonkers have had years of experience assisting homeowners selling their homes in Westchester, Rockland, Bronx, Dutchess, Putnam, Orange and Ulster counties.

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