We all know how stressful moving is and there is no way around it. My team and I differentiate ourselves by being authentic and truthful. We want to educate you so you, the final decision maker, can make a wise and informed decision. We have crafted a checklist for prior to moving and moving day so your list can be organized so that your day can be manageable.
Find an Agent
Once you are serious about buying a home, it is wise and recommended to consider hiring an agent. Whenever you are ready to visit open houses and make offers, you will definitely need an agent at your side. An agent must be knowledgeable about the neighborhoods you are considering to help you guide your search.
Study the location and amenities of your ideal home. Understand what you want and communicate it clearly to your agent, this will save your time by not visiting homes that don't fit your criteria. In some markets, it is not recommended to visit an open house without an agent accompaniment.
Packaging & Submitting Offers
Once you've found a house you want, you'll make an offer, which is a contract to buy the house for a specific sum. This deal includes a Proof of Funds (POF) and Pre-Approval Letter, as well as a deadline and contingencies. Note that if your offer is lower than the advertised price or contains terms that the seller does not accept, the seller will most likely respond with a counteroffer price or acceptable terms, which you can accept, reject, or counteroffer with. Throughout the negotiation, your agent will provide guidance.
Acceptable Offer & Retain Your Attorney
You'll have an acceptable offer after the buyer and seller agree on price and terms. Now is the moment to proceed quickly through the process to ensure that you own the property. Make touch with your attorney, or ask your realtor for a referral to a local real estate attorney. At this point until the closing of the process, a real estate attorney is a must. Any issues that will arise during a home inspection or getting a mortgage loan will be negotiated by your attorney.
Home Inspections & Building File Review Stage
This process should have your agent's guidance. Within the agreed timeframe, schedule all necessary home inspections and identify the property's overall condition. While doing this process, your agent will have to create the memorandum of sale that's to be provided by your real estate attorney.
1. The seller's attorney will send the contract to your attorney whenever the building file review and home inspections are completed and are satisfactory.
2. Modifying and approval of the seller's contract will be in the contract review process.
3. If you find the contract to be reasonable and acceptable, sign it with your 10% deposit/earnest money. Seller countersigns and the contract will be fully executed.
Mortgage Approval and Pre-Closing Process
2. Loan underwriting
3. A title search is done prior to closing to see if there are any liens, assessments, or encumbrances on the property. The Purchaser's attorney in New York State orders a title search of the property, which includes an original and updated abstract of title as well as a search of the Building Department records for open permits, certificates of occupancy, real estate taxes, and any housing or fire violations, if any. If an updated property survey is available, the Seller's attorney must deliver it to the Buyer's attorney; if not, the Purchaser's attorney will get a new survey for the Purchaser. When the Buyer's attorney obtains all of the title documents, they will analyze them and begin the process of obtaining a title insurance commitment.
1. If title is "clean" or "clear," and the lender determines that Buyer has met all of the terms of its Loan Commitment Letter, the lender will issue a "clear to close," and the respective attorneys will set a closing date.
2. A statement of Sale will be prepared by both the lender and the Purchaser's attorney, detailing how much money will be needed to close. It will detail the transaction's "debits and credits" for both the buyer and the seller. The lender for the buyer will next prepare a final cash figure in the form of a Closing Disclosure, which describes what Buyer must deliver to the closing table in the form of a cashier's check.
3. At the closing, the seller's attorney prepares and the buyer's attorney reviews a copy of the proposed deed into Buyer (along with state reporting forms entitled "RP-5217" and "TP-584"), a smoke/alarm carbon monoxide affidavit, the statement of taxes, and copies of the tax and, if applicable, water/sewer bills.
4. Buyer signs the mortgage documentation, money are transferred from Buyer to Seller, and the deed is transferred from Seller to Buyer.
Final Walk-Through With Your Agent
Just before closing, you and your agent have a final walk-through of the property. The walkthrough ensures that there has been no damage to the home since the inspection and that all key systems and appliances are operational.
The closing is scheduled once all of the contract's terms have been met. The buyer receives the keys to their new property after signing the closing documents and exchanging cash! CONGRATULATIONS with your new HOME!
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