Purchasing a Home::
Introduction:
Home ownership can provide you with many benefits: secure shelter, a long-term investment and tax advantages. However, a home is also a major financial commitment. There are ways to avoid costly mistakes that can strain your budget and your patience.
Affordability:
A home is the largest single investment of most Americans. So the first question is: can you afford the home you want to buy? At the time of your home purchase, when legal title is transferred, you will have to pay the price for the home and closing costs. Usually the bulk of the purchase price is paid with a mortgage loan. Afterward, you will need to budget for insurance premiums, maintenance, monthly loan payments, property taxes, utility bills, and repairs. To avoid surprises, examine the seller’s bills to get an idea of the monthly expenses for the home. Also check the age and condition of appliances, plumbing, roof, structures and wiring, since they might need repair after your purchase.
Using a Lawyer:
The law firm of George Russo & Associates, P.C. can help you through the home buying process by preparing or reviewing the purchase contract, advising you about financing and title insurance, answering your legal and tax questions and arranging for the documents necessary to complete the purchase. When you first visit our office, you can ask for an estimate of legal and closing costs. You should consult one of our attorneys before you sign a contract to buy a home. Although a printed form may be used for the purchase contract, we can make changes that protect you.
Using A Real Estate Agent:
You may want a real estate agent to help you find and evaluate a potential home. Many real estate agents participate in multiple listing services that enable them to quickly identify homes that might be suitable. Also, an agent can help you complete the steps involved in a home purchase. For example, a real estate agent may help you obtain necessary documents. Sometimes, the agent represents the seller and the interest of the agent is in concluding the sale.
Purchase Contract:
In some states, you may need to sign a binder and submit it to the Seller to state the home buying process. A binder can be an agreement to sign a purchase contract or the purchase contract itself. In New York, the first document you sign is a purchase contract that contains the purchase price, and the legal conditions of the transaction. You should not sign a binder or purchase contract unless it protects your rights. Our office can prepare or receive a printed form agreement that you receive from your real estate agent or the seller’s attorney.
Deposit:
Most purchase contracts provide for a cash deposit to show the seller that the buyer is serious. It should contain details about who will hold the down payment deposit and how it will be applied. If you don’t go through with buying the home, you may lose the deposit. We can advise you about the circumstances that affect our rights to the deposit.
Conditions:
Any conditions that must be met before you complete a hone purchase should be state in your purchase contract. For example, many buyers make their home purchase contingent upon obtaining a mortgage commitment from a lender. Before you sign a purchase contract, we can make sure it contains provisions allowing you to cancel the purchase and get your money back if your conditions are not met.
Closing the Purchase:
The “closing” usually completes the purchase and takes place at a meeting in the office of an attorney, escrow agent, lender, or title insurance company. At the closing, the buyer, seller, and lender sign a deed and mortgage, pay the purchase price and exchange documents. At this time, the buyer usually receives a title insurance policy, a statement of closing charges, and the keys to the house. Our lawyers will attend the closing to assure that the documents and computation of closing costs are correct.
Closing Costs:
Closing costs commonly average around 4 to 6 percent of the price of a home. The costs are payable at the closing and include appraisal fees, attorney fees, lender fees, prorations (insurance, taxes, and other items) recording fees (for deed and mortgage), survey fees, title examination fees, title insurance premiums and transfer taxes. We will tell you what to expect in closing costs and which are tax deductible. If you obtain FHA, VA or other federally related financing, your lender must provide you with an estimate of its charges before the closing.
Inspection:
Before a contract is signed many home buyers hire a professional inspector to examine the structure, plumbing, wiring, appliances, heating and other systems for defects or needed repairs. These repairs can be specified in the contract and in some instances the seller must perform the repairs.
Title Search and Survey:
You receive “title” to your home when the seller gives you a deed at the closing. The title may be limited by easements or building restrictions that affect your use of the home. Easements may give utilities or government authorities the right to use a part of your land for electrical lines, gas lines, sewers or drainage. Before closing, our office will conduct a title search and advice you of any limitations that may interfere with your use of the home or affect its resale value. This title search will also tell you if the seller truly owns the property and is capable of selling it to you. We may also need to obtain an up-to-date survey of the property before completing your home purchase. The survey may disclose encroachments that do not appear in a title search.
Title Insurance:
The insurance protects you against the financial loss you may suffer if there are encumbrances, easements or title defects that were not revealed in a survey or a title search. The cost of title insurance is usually paid at closing. Your lender will probably require that you buy title insurance to protect its mortgage interest in the home. Our office will obtain title insurance from a reputable title company on your behalf.
Team Work:
At George Russo & Associates, P.C. our real estate professionals are involved in all aspects of the purchase of your home. We will keep you informed throughout the entire process and work closely with you to insure that you understand each step of what often can be a complex transaction.
Conclusion:
Your home can be valuable investment and provide years of comfort and enjoyment. You can protect yourself against expensive mistakes if you proceed carefully and are properly represented before signing a contract and closing the sale. If you are considering buying a home, have George Russo & Associates, P.C. put their experience to work on your behalf. We encourage you to contact the professionals and staff at our firm before your next home purchase.
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