Unusual real estate offer and contracting procedures in the state of New York. Learn about contract clauses unique to co-ops --especially common in New York -- and what you as a purchaser should watch out for. Buying a New York Home? The customary role of attorneys in New York home purchases can create confusion about where the real estate agent's role ends and the attorneys' role begins. Buy your first home at the right price with tips and advice from the experts.
Learn everything about homebuying from mortgages to agents, inspections, and more. View More Articles. Limits on the confidentiality of listing brokers in New York State means home sellers can't expect brokers to hide material defects in the home or property from buyers. You may be able to claim damages from a New York seller who failed to disclose, or concealed, a home defect. New doesn't always mean perfect. Your agent can help you to fill out a one-page offer form provided by the sellers' agent, which varies from firm to firm.
Unlike in other states, the offer form is not a legal document and does not obligate you to go through with the purchase. Once a seller has accepted your offer, your agent will accompany your home inspector when he or she inspects your home and advise you of any problems identified.
Going forward, your agent will also work with your lawyer to communicate with the sellers, negotiate any issues that arise in the drafting of the contract, and facilitate the scheduling of a closing. Note that the seller is not obligated to move forward with the sale until that contract is signed. It is customary in New York for the sellers' attorney to prepare the first draft of the contract of sale. Most sellers' attorneys start with a standardized form and then add a rider with additional terms to be negotiated with the buyers.
Your attorney likely will also add an additional rider to the contract with terms to be negotiated with the sellers. Once the attorneys have finalized the contract, you and the sellers will sign it, and you will send the sellers' attorney a downpayment , which similar to what's called "earnest money" in other states you may lose if you walk away from the deal without a reason contemplated by the contract.
After the contract is signed, your attorney will need to do several things to prepare for a closing. First, the attorney will order a title report to see if there are any issues that sellers must resolve before a closing. These may include liens or violations against the property. Second, your attorney will work with you to provide information and documents requested by lenders in connection with your mortgage applications.
Third, your attorney will calculate the amounts that you will owe at closing to the sellers, the sellers' lender, and the title company, among others. Finally, your attorney will represent you at the closing, reviewing and advising you on the documents that you are signing, such as the deed, transfer tax returns, and mortgage documents, and making sure that all payments are accurately made.
The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site.
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