The real estate closing process in Staten Island is similar to what happens in other party of New York. For both the buyer and the seller it is important to understand the steps involved in the real estate closing process. Here are 6 steps to be familiar with.
1. Mortgage pre approval
The pre approval is the first step you must take to find out how large of a mortgage you can afford and the bank is willing to lend to you. Aside from knowing your price points so you can shop for the right property, having the pre approval out of the way will show yuo are serous and sellers and agents will be more willing to work with you.
2. Find a property and make an offer
No matter which neighborhood you are looking to move to in Staten Island it is important to take the time to find the perfect property for you. Once you found that property you should then contact a local real estate lawyer as you start the process of making an offer. Depending on the real estate market this stage might be quick, but sometimes the seller will come back with a counter offer.
Whether it is part of the sale or simply for your own benefit, an inspection is essential. In the spection you can learn about potential issues with the roof, plumbing, termites or water drainage. Depending on the results of the the inspection you can choose to continue, ask for a reduced price, or withdraw your offer.
4. Contracting and Down Payment
Once both parties agree to the offer it is time to execute the contract. Your real estate should be involved in this part of the process to ensure you are protected. The down payment is made and the legal documents are drawn up so ownership can be transferred. There should also be a check for liens, judgments, or violations
5. Schedule the closing
During the closing, insurance is finalized, all documents are prepared, the remaining payments are agreed with the lender. And a final walkthrough is conducted. The final walkthrough is essential to make sure everything outlined in the contract was completed.
At the closing the buyer, seller, lawyers, title closer and representative of the lender should be present. Everything is given a final lookover, and signature payment and transfer of ownership is conducted.
Congratulations, once you have completed the closing process you are officially the owner of your new property in Staten Island NY.
Speak with Fisher Stone today, we are a highly rated real estate law firm in Staten Island!
Fisher Stone Small Business & Real Estate Lawyer Of Staten Island P.C. 360 New Dorp Ln, Staten Island, NY 10306 (718) 313-0191 https://fisherstonelaw.com/