6 elements that should be in your real estate purchase agreement
A purchase agreement contains terms, requirements and prices for the home you wish to purchase. There are many sections filled with information in such an agreement, but here are six basic elements you should expect to find in the contract. 1. Parties and price The first part of any purchase agreement describes the property, gives […]
What are the risks of delaying a home closing?
A closing date is an important milestone in the real estate process since it brings the sale of a property to its conclusion. This is why you want to avoid any issues that could push back the closing date. You might wait longer than necessary to take possession of your desired property, or your deal […]
What is a property condition disclosure statement?
The New York State Senate’s website notes that residential real estate sellers must give buyers a property condition disclosure statement. Before you sign a purchase agreement, you have a right to discuss the disclosure statement as part of the sale. When completing the transaction, both you and the seller must sign the statement and include […]
Should you hire a real estate attorney?
As you prepare to purchase a property in New York, you may wonder how necessary it is to hire a real estate attorney. Collaborating with a legal professional can help you avoid costly mistakes that many homebuyers unintentionally make. Knowing some of the benefits of this decision may help you to confidently determine your next steps. […]
What could delay your house closing?
You eagerly await to move into your dream home but know delays exist in the homebuying process. What could extend your timeline when you near the finish line? Forbes explains situations that may delay a house closing. Learn about and expect setbacks so you know how to respond to them. Issues with the appraisal When appraisals do […]
Residential swimming pool installation issues to consider
Real estate buyers may favor properties with an in-ground swimming pool during the summertime. An increased demand for a particular feature and its limited supply generally drives up prices. Rushing to install a pool, however, may not provide the hoped-for results or lead to a faster sale. As reported by Money magazine, a spring 2021 […]
How can I create curb appeal for my home?
Many homes sell mainly because they have good curb appeal. People are visual creatures, and they respond well to things that look nice. According to the National Association of Realtors, you can draw in more potential buyers, increase your chances of getting a buyer more quickly and even ask a higher price for your home […]
What happens if there’s a lien against your home?
There are numerous ways that businesses collect on debts owed to them. Some companies will try to garnish paychecks or a bank account, while others might require collateral before they provide services or financing. An alternate approach is for a company or a person to place a lien against the property owned by someone with […]
What should you watch for in a commercial lease?
When you find the perfect location for your business, you’ll have to try to secure it. Some business owners don’t want to try to purchase a location. If you’re one of these individuals, you’ll have to lease a space. Before you sign a commercial lease, you need to review the terms. There are some very specific […]
The power of an inspection contingency
Offering to buy a home is more than just an offer of something that both sides think may happen in the future. It’s a legally binding contract. It cannot be broken without consequence — such as the loss of money put down at the time. The seller needs to know that offers are serious because […]
Why do you need two title insurance policies as a home buyer?
If you are about to close on a home, you have likely gone over the settlement statement with a fine-tooth comb. Many first-time home buyers are shocked when they realize that they have not one but two separate charges for title insurance.. Although some people assume this is a mistake and attempt to have the second charge […]
What are the types of property liens?
If you want to get ready to sell your home or if you are looking to buy one, you will want to know what a lien is and who is going to pay for it. Essentially, you should think of a lien as an unpaid bill that must be satisfied before the home can be […]
Does a New York seller have to make repairs on a property?
Real estate transactions are often backward in that a buyer makes a down payment on a home before he or she can order an inspection. To protect buyers in the event that an inspection reveals potentially costly or dangerous issues that the seller failed to disclose, most New York real estate contracts include inspection contingency […]
What kinds of liens can a title search discover?
The title search phase of a real estate sale in New York is crucial. If the current property owner has outstanding financial obligations, there may be a lien placed on the property until the owner pays up. Until these liens are resolved, the property cannot be sold to a new owner. According to Homelight, there […]
Is there a lien against my property?
If you’re planning on buying a home in New York, finding out whether there are any liens against the property is crucial. A lien occurs when there is an unpaid debt associated with a property title. As a result, another party could have a stake in the home, or any future sales or refinancing may […]