New York Real Estate Transactions: The Buying Process
At first, glance, buying a home can be a very exciting process, and it is. But when it comes to New York, things can start to get a little stressful if you’re not familiar with how New York real estate works.
In this article, I am going to give you a quick overview of the New York real estate buying process.
Buying Property in New York is an Investment
To start with, buying a property anywhere is always an important investment. That’s definitely the case when buying a home or property in New York.
Before downloading an app and starting to shop for your new home, consult an experienced real estate attorney in New York to help you.
Real estate in New York is different than most states and one of the most common mistakes that you can make is to not read all of the fine print, especially if the property has not been inspected or is sold as-is.
At Piccinnini Law, we help represent both buyers and sellers to make sure that all the fine print is not only fully understood but written in for your best interest and protection. And should any hick-ups or issues come up throughout the real estate transaction, our experienced attorneys can help represent you to make the entire process smooth.
What to Expect
The New York real estate buying process is not always as it seems. If this is your first property purchase, then you may not know what to expect, but we will go over it for you and can be of assistance to you during the process as well.
Whether you are looking to buy a commercial or residential property, you will need to take some time to find the right property for you. This in itself can be time-consuming and challenging. But once you have found the right process, you will start on the transaction process which will look something like this:
Start the Process and Do a Title Search
When searching for a property the main factors you will consider are the location, the appearance, and the price. However, when you’ve chosen your property one of the first actions you will need to take with your attorney after entering into the contract is to conduct a title search to ensure the property’s title is clean and free of any issues such as a lien or foreclosure in process.
Have the Property Inspected
Before you purchase a home property in New York, you should have the property thoroughly inspected.
Buildings, apartments, and homes in New York can be old and you do not want to find out later that the property is infested with termites or that there is black mold in the ceiling panels. While you will have a chance to inspect the property yourself unless you are a trained property inspector you should hire a professional.
Should any issues arise on the property, we can help to make sure these are appropriately represented in the contract after your real estate agent has negotiated the repair rider to the contract.
Contract & Financing
Once the property has been inspected, it will be time to write out and sign a contract of sale. Here your real estate attorney will help make sure that you fully understand what is written and that the contract protects your investment and interests. Once the contract is signed you will usually have 45 days to get financing unless you are paying in cash. If you are paying in cash, the timelines will be shorter unless negotiated otherwise.
Prepare Closing Documents and Final Inspection
Part of the contract will be setting a closing date. The final closing date will be determined once you obtain a clear to close on your financing and title and is based upon the on or about date stated in the contract.
Closing requires a lot of documents and you should have an experienced real estate attorney look over them to ensure you are protected and closing per the terms of the real estate contract that the parties signed.
In addition, you should do one final inspection to verify that agreed-upon repairs were made and that no additional damage has been sustained during the contract period, also read the article provided that explains what you can expect during a final walk-through.
Summary
Buying a property in New York is a very exciting process, and we will help make sure it is by properly representing you throughout the entire real estate transactional process.
Annie Justice
Senior Editor
Piccinnini Law
(516) 500-2110
