Many buyers use a real estate agent when purchasing a home. They can help in finding the potential homes meeting your requirements and advise you on the prices for comparable homes sold, and help you to determine the price you can offer to the seller.
Most sellers have their agents (listing agent), so your agent and the seller’s agent negotiate for the basic terms such as the price, contingency of you obtaining a mortgage, personal properties, and fixtures.
As the agreement is made with the seller, your home will be inspected by an inspector, together with your agent who will advise you of any identified problems.
In New York, seller’s attorney customarily prepare the first draft of the contract of sale. Because the contract prepared by the seller’s attorney could be written in favor of the seller, you should have your own attorney to protect your interest. A house is not only the most expensive piece of property you will own, but also must be free of legal defects as much as it needs to be free of physical defects. All the “what if”s should be accounted for, so that you are not stuck with a house with past, present, and future problems, or lose all your time and effort, including the downpayment.
Once the seller’s and buyer’s attorneys have finalized the contract, you and the seller will sign it, and you will send the downpayment, which is typically 10% of the purchase price, and which the seller’s attorney will hold in a neutral account called an escrow account.
After the contract is signed, your attorney will order a title report to check for any issues such as liens or violations that the seller must resolve before the closing, which is the day that you become the new homeowner. In addition to checking for the issues of your potential new home, your attorney will also help you with providing the information and documents to the lenders for your mortgage. You will have to pay the seller, pay off any current mortgage on the house, and title company for the insurance?and your attorney will manage all the calculations as well as representing you at the closing to review and advise on the legal documents as well as payments.