Guiding New York clients through buying a home
Buying a home is one of the most exciting times in a person’s life. It is also one of the largest investments a person can make. Once you have found the house of your dreams, you have to go through a few steps before you get the keys. It is important to have an attorney to guide you through the process who will protect your rights and interests through one of the most momentous times of your life. Marc Scollar, Attorney at Law, is ready to help you navigate through all real estate matters and meet your legal needs while you focus on the future. If you need quality legal services, contact Marc Scollar, Attorney at Law for a consultation.
The contract is the binding agreement between the buyer and the seller. It allows for the parties to agree to terms that meet everyone’s needs. When you have a successful contract signed by both parties, it means that the seller has accepted the buyer’s offer. In order to fully execute a contract, you should first allow your attorney to review the terms and ensure that your rights and needs are protected. Once you sign the contract, the process will commence and you will be well on your way to buying your new home.
Typically, within the first two weeks of signing the contract, the buyer hires a certified professional to conduct a home inspection of the house. Based on the home inspection, the buyer may request some repairs, issues to be addressed, and anything else the professional home inspector finds troublesome. The seller may or may not agree to the request. Having an attorney to handle the correspondence can ensure that your legal rights are met and you are buying a home that is safe and sound.
Within a short time after signing the contract, a buyer that needs a mortgage must obtain the financing to purchase the home. Not all buyers need a mortgage. When they do, it can make or break their life goals of buying the home of their dreams. Unfortunately, the transaction may be terminated if the buyer does not get approved. In most cases, a buyer will be pre-approved by this point. Even then, if something impacts the debt to income ratio through the process, a mortgage can fall through, voiding the contract.
The Real Estate Closing
The closing is the finale of the contract. All outstanding issues should be satisfied and both the buyer and the seller should be ready to end the matter. The buyer can conduct a final walk-through of the home and meet with the attorney to sign the various mortgage documents. Everyone engaged in the process will meet for a transfer of title. The seller will sign the documents selling the home and both parties will sign the closing statement detailing an agreement to the money exchanged and authorizing a disbursement of the funds. This is when the parties will exchange the keys.
Contact a New York real estate attorney when buying a home
Marc Scollar, Attorney at Law has been a legal resource to the people of New York for over 25 years regarding all real estate matters. Buying a home is an exciting journey that culminates in the satisfaction and realization of life goals. If you need an experienced attorney to guide you through your real estate matter and ensure that your rights and needs are met, contact Marc Scollar, Attorney at Law for a consultation today.