Whether you’re a first-time homebuyer or someone who already owns multiple properties, buying a home is a major life decision and a substantial investment. However, navigating the market, submitting offers, and negotiating contracts can make homebuying seem intimidating. Hiring a real estate agent to guide you through the process and represent your interests can help. We work with buyers to find their ideal home and get them the best deal possible. We understand that every buyer is unique, and we use all means at our disposal to make our buyers feel comfortable and informed throughout the home buying process.
The most important thing you should know is how much you can comfortably spend on your home. If you’re financing your purchase, you’ll want to get pre-approved by a lender. If you’re paying all cash, you’ll need to be able to show proof of your assets. And remember, even if you’re financing, you’ll likely need to have enough cash available to make a down payment. Depending on the type of financing you get, that amount can be 5%, 10%, or even 20% of your total loan. Additionally, it is strongly recommended that buyers work with a real estate attorney when the time comes. There can be many moving parts during contract negotiations and the closing process. We work with the most experienced attorneys and lenders in the business to ensure that our clients feel protected in their investment. You should also be aware that there are closing costs associated with every transaction for both buyers and sellers. We as agents and real estate attorneys can help you understand the expense associated with mansion tax, title fees, mortgage recording tax, etc.
Aside from knowing the specifics of the home you want (i.e., how many bedrooms and bathrooms, garage size, backyard space, etc.) you should create a list of the top two or three neighborhoods/towns that you want to live in. Think about your potential commute to work, where your friends live, and nearby amenities like restaurants, schools, and grocery stores. We will help you throughout your search and can organize showings for homes that best fit your criteria. Once you find a home you love, you are ready to make an offer! Offers must be made in writing. Your offer should have your preapproval letter (if you are financing), proof of your assets and liabilities, any contingencies you have before a potential sale goes through, and your attorney information. Once we, as agents, submit the offer on your behalf, know that not everything will be negotiable. The seller may send you a counteroffer, which then begins a back-and-forth process until both parties come to an agreement, we will fight hard to get you the best deal possible. With older homes, consider inquiring about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer/ dryers, etc. Homes are typically delivered empty — “swept clean” — unless negotiated otherwise.
Once your offer is accepted, it is time to hire a real estate lawyer. In New York, buyers and sellers of real estate almost always retain an attorney; the attorney’s job is to guide the parties and handle the legal paperwork.
Almost every contract provides that the seller is selling the house in “as is” condition. That means that you, as the buyer, will assume the responsibility for any repairs that need to be made. As such, it is important to know the condition of the property before signing the contract.
If you are buying a house, it is highly recommended that you hire a licensed home inspector to inspect the house for any defects. The inspector should also search for termites and other wood-destroying insects.
If you are buying a coop or a condo, an inspection is optional. If you do decide to get an inspection, the inspector should also search for bed bugs, which can be a big problem in coop and condo apartments.
If the inspection reveals any defects, there are four (4) options:
Ask the seller to reduce the Purchase Price,
Ask the seller to make repairs prior to Closing,
You agree to accept the house “as is” and make the repairs yourself, or
Withdraw your offer.
If the seller agrees to make the repairs, we will insert language into the contract obligating the seller to do so prior to closing.
It is customary for the seller’s attorney to prepare the Contract of Sale. Once attorneys receive the contract, they will call you to schedule an appointment to go over it in detail. After the discussion, they make any necessary changes and you sign four (4) copies of the contract. At this time, you also write a check for the down payment.
Attorneys mail all four (4) copies of the contract, along with your down payment check to the seller’s attorney. Assuming the seller agrees to the changes, he/she signs all four (4) copies of the contract and mails back two (2) fully executed copies.
Upon receipt of the fully executed contract, attorneys forward a copy to you so that you may begin your mortgage application process.
Please note that the down payment can range from 2% of the Purchase Price to 10% of the purchase price. Attorneys job is to ensure that your down payment is protected if you cannot get a mortgage.
If you are obtaining a mortgage, submitting your loan application in a timely manner is the first critical step to having your mortgage approved. The loan application cannot be officially submitted until a fully executed contract is provided to the bank.
Selecting the right lender can have a crucial effect on your closing costs and closing date.
If you are purchasing a coop or a condo that requires board approval, you must fill out and submit a board application (usually with a processing fee) in order for the board to approve or deny the purchase.
Many boards will not review an application until the Purchaser has received a commitment letter from the bank. This often delays the process if your lender works slowly, which unfortunately, is often the case.
In order to schedule a closing, the following conditions must be satisfied:
Your lender gives us a “clear to close,”
You are approved by the coop or condo board (if applicable),
The seller has cleared all title issues, and
All parties are available.
Once the above conditions are met, we will schedule a closing at a time convenient for all parties involved.
Prior to attending the closing, you should schedule a “walk-through” to inspect the property. During the walk-through, you must ensure that the property is in the same condition that it was in when the contract was signed.
The Closing is a “meeting” where the deed (or stock certificate for a coop) and other legal documents are given to the buyer and money is given to the seller.
The following individuals usually attend the closing: (1) the Buyer, (2) the Seller, (3) the Buyer’s attorney, (4) the Seller’s attorney, (5) the Buyer’s Bank’s attorney, (6) the Seller’s Bank’s attorney (in Coop transactions only), (7) the Title Closer (in non Coop transactions only), (8) the real estate brokers and (9) the Managing Agent (in Coop transactions only).
The Closing customarily takes place either at the Seller’s attorney’s office or at the Buyer’s Bank’s Attorney’s office. In Coop transactions, the Closing always takes place at the office of the Managing Agent.
After the Closing, you become the official owner of the property.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Driven by expertise and a client-first approach, Natalia Rawska & Kevin Oliveira deliver seamless real estate solutions for sellers, developers, and investors. From luxury properties to development opportunities, trust them to navigate every transaction with precision and care.
