Manhattan home ownership — whether a condo, coop, or townhouse — can provide you with many benefits, including long-term investment and tax advantages. Of course, a home is also a major financial commitment. There are ways to avoid costly pitfalls that can strain your budget and your patience.
At the time of the closing, you will have to pay the price for the home and closing costs. Thereafter, you will need to budget for insurance premiums, maintenance, monthly loan payments, property taxes, utility bills, and repairs. Prior to entering into a contract of sale, it is recommended in some cases that a buyer conducts an inspection of the home, which includes checking the age and condition of appliances, plumbing, roof, structures and wiring, and other physical elements of the home.
A New York real estate lawyer guides you through the home buying process by preparing or reviewing the contract of sale, advising you about financing and title insurance, answering your legal and tax questions, and arranging for the documents necessary to complete the purchase.
You should not sign a contract of sale unless it protects your rights. Your New York condo lawyer reviews and amends the contract of sale accordingly. Any conditions that must be met before you complete a home purchase should be stated in your contract of sale. For example, many buyers make their home purchase contingent upon obtaining financing.
The “closing” of a contract of sale completes the purchase and takes place at a meeting in the offices of the New York coop attorney representing the seller or lender, if any, or at a location designated by the coop corporation. At the closing, the buyer, seller, and lender sign a deed and mortgage (for a condo or townhouse) or the stock and proprietary lease documents and the security agreement (for a coop), pay the purchase price and exchange documents. At the closing, the buyer may receive a title insurance policy, along with a statement of closing charges and the keys to the home. Your NY real estate lawyer attends the closing to assure that the documents and computation of closing costs are accurate.
CONTACT US USING THE FORM ON THE RIGHT. We can guide you through the home buying process by preparing or reviewing the contract of sale, advising you about financing and title insurance, answering your legal and tax questions, and arranging for the documents necessary to complete the purchase.