If you are thinking of purchasing a home in New York, you may be in for quite the journey (especially if you are first-time buyer). It does not take much investigation to discover that the state’s market is difficult, to say the least, making the thought of owning a property appear not only difficult, but essentially unattainable in the eyes of many. But, before you give up on your goal of becoming a homeowner in New York, there are several things you can do to make the process easier.
The Buyer is Responsible for a Title Search
A title search is an essential element of buying a new house. The buyer is responsible in New York for getting a title company search, which includes public records and sources of liens, easements, or other encumbrances or limitations concerning the property or home. A buyer has the right to request that any faults be addressed by the seller as a condition of closing.
An Acceptance of an Offer Does Not Form a Contract
It is important to know that in New York, when you make an offer, you are not required by law to sign a formal contract. This is a surprise to many, especially those who come to New York from out of state. So, unlike many other states, the seller is not obligated to follow through with the sale (remember, you did not sign a contract!). If you do not want the seller walking away after you’ve made your offer, talk to an attorney (both parties will have to sign a contract outlining your obligations).
The Down Payment Can Be Used as Liquidated Damages if You Breach
There may be many reasons to back out of the deal. Whether it is because you got a better job in another state or you simply want to remain in your current home, if you decide that you no longer wish to buy the house and your reason is not allowed through the terms outlined in your contract, you are in breach of the contract. Now, you may be successful in persuading the seller to terminate the deal and restore your down payment. But if they do not agree and you walk away from the transaction, the sellers may be allowed to keep your down payment as liquidated damages. This is a common stipulation included in New York real estate contracts, which a real estate attorney can help you negotiate.
Real Estate Lawyer in NYC
For a lot of us, purchasing a home is one of the biggest purchases of our life. It is important to do things the correct and thorough way. This is where a real estate lawyer comes in. We will help with mortgage documentation, checks on the title report, ensuring that any difficulties are remedied before to closing, preparing closing documentation, and determining who owes what at the closing. If an issue arises, your attorney will work on your behalf to resolve it and make sure contract obligations are met.
Contact us by calling (718) 513-3588 or by emailing email@example.com to schedule a consultation to discuss your priorities and objectives. Not only do we serve clients in New York, but you can also count on us if you are in Florida or New Jersey. We would love to speak with you.