First time home buyers are usually excited. Once they settle on the house and make an offer, they wait for the seller's response. If affirmative, they have thirty to ninety days for inspections and title searches. In New York, the next step is the real estate closing Manhattan NY attorneys will handle for them. By the time people get to closings, many think all the work has been done and nothing unexpected can happen. They should think again. More transactions fall through at closings than at almost any other time during the transaction.
Inexperienced buyers, unfamiliar with the transfer of ownership, should ask questions. Their Realtor is the natural source to turn to. This is a person who has attended many closings, and will probably have the answers buyers need. Buyers should not feel hesitant about using their Realtor as a resource. Realtors have a vested interested in this transaction. They will not get paid until all the paperwork has been recorded.
If the attorney requests certain documentation from you, be sure you bring absolutely everything asked for. You might need to make copies of cancelled checks or tax records, proof of homeowner's insurance or flood insurance. If you get to the table and something is missing, the meeting will be delayed.
Going over the closing documents prior to the owner transfer is very important. Mistakes are made all the time, and it is much better to catch them before the final meeting than during it. These are legal documents, and you may not be familiar with the forms or some of the legal language in them. Contacting your Realtor for clarification is perfectly acceptable.
You and the seller may have come to some sort of agreement about necessary repairs. Be sure to do an inspection before the final meeting to make sure everything is taken care of. If the seller is giving you an allowance to make the repairs yourself, make sure that language is covered in the documents you are expected to sign. These documents will be recorded and cannot be changed.
Find out how much money you will need, and get certified funds to cover it. Most attorneys will not accept a personal check. Wire transfers are certainly acceptable, especially if you are not going to be attending the meeting. Trying to do a wire transfer at the last minute will probably delay the transaction.
Closings can last anywhere from forty-five minutes to all day. You never know when some glitch in the proceedings will hold up the whole transaction. Even something as minor as a typographical error in the legal description can call a halt to the whole deal.
Buying your first house should be a good experience. You can ensure the process goes smoothly by doing your part. Once all the paperwork is filed, you will be a homeowner.
Inexperienced buyers, unfamiliar with the transfer of ownership, should ask questions. Their Realtor is the natural source to turn to. This is a person who has attended many closings, and will probably have the answers buyers need. Buyers should not feel hesitant about using their Realtor as a resource. Realtors have a vested interested in this transaction. They will not get paid until all the paperwork has been recorded.
If the attorney requests certain documentation from you, be sure you bring absolutely everything asked for. You might need to make copies of cancelled checks or tax records, proof of homeowner's insurance or flood insurance. If you get to the table and something is missing, the meeting will be delayed.
Going over the closing documents prior to the owner transfer is very important. Mistakes are made all the time, and it is much better to catch them before the final meeting than during it. These are legal documents, and you may not be familiar with the forms or some of the legal language in them. Contacting your Realtor for clarification is perfectly acceptable.
You and the seller may have come to some sort of agreement about necessary repairs. Be sure to do an inspection before the final meeting to make sure everything is taken care of. If the seller is giving you an allowance to make the repairs yourself, make sure that language is covered in the documents you are expected to sign. These documents will be recorded and cannot be changed.
Find out how much money you will need, and get certified funds to cover it. Most attorneys will not accept a personal check. Wire transfers are certainly acceptable, especially if you are not going to be attending the meeting. Trying to do a wire transfer at the last minute will probably delay the transaction.
Closings can last anywhere from forty-five minutes to all day. You never know when some glitch in the proceedings will hold up the whole transaction. Even something as minor as a typographical error in the legal description can call a halt to the whole deal.
Buying your first house should be a good experience. You can ensure the process goes smoothly by doing your part. Once all the paperwork is filed, you will be a homeowner.
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