The process of buying a new home is much more than seeking a roof over your head. You are searching for a place for you and your family to live, make memories, and build your life. Buying a house is a huge step in life and can be complex. This is why it is important to be prepared for the process ahead. Continue reading if you are considering buying a house to learn more about the steps ahead. For assistance with any real estate matters you are facing, give our experienced New York City real estate attorney a call.
What is the process of buying a house?
The first step you will want to take is to establish a real estate contract when you are ready to purchase a home. This is a binding agreement that should hold terms that accommodate everyone who is involved. This is also one of the reasons you should hire an attorney who knows what to look for when handed this contract. Your attorney should recognize and warn you of any potential downsides of signing a real estate contract.
When a contract is signed, it indicates that the seller has accepted your offer. This means that you are on your way to buying our home. Next, the home inspection will take place. You will want to ensure that everything is in working condition before you purchase your home. Within a few weeks of signing the contract, you will hire a professional to perform an inspection. Once this step is complete, you will request any repairs or negotiate the terms of your contract in response to any issues that may have arisen. The seller may agree or reject your requests.
What is a title inspection?
Your attorney will establish the condition of the title. The title search should reveal the following information:
- Public and court records
- The chain of title
- Legal descriptions
- Liens or other claims
- Property tax records
This is done to allow you to make an informed decision when you purchase the home. Once the contract is signed, you should get the mortgage if you need one. If you cannot get approved, the transaction may be terminated.
If your mortgage is approved and all goes well with the home inspection, you may be ready to close on the house with the seller. This will include doing a final walk-through to ensure the home is in the same condition as seen in the inspection. Once the funds are transferred and keys are exchanged, the closing is then completed.
Contact Our Firm
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.