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.

3. Inspection

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.

6. Closing

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.

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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/

A limited liability company, also known as an LLC, is a type of business structure. It is a hybrid of the corporation and partnership structures. An LLC can be formed in all 50 states including here in New York and is typically associated with small businesses but can also be used for other operations such as property ownership. Lets take a look at the benefits of owning rental property in NY with an LLC

1. Easily Separate Business and Personal Expenses

Since your LLC is a legally distinct entity, it requires its own bank account. This allows you to easily separate your personal and business expenses. And easily track rental income and repairs and other expenses.

2. Limit Your Personal Liability

As the name LLC implies it does limit personal liability for your rental property in case there is a lawsuit against you. There can’t be a claim against your personal assets in case a lawsuit does arise. 

3. Keep Your Rental Properties Separate From Each Other

The option to create sep[erate LLCs for each rental property is another benefit. While not required it does provide an additional layer or separation between liability and protection so all of your rental investment property are not at risk should you be sued.

4. Pass-through taxation

LLCs are treated as sole proprietorships, when there is only one member, and are only taxed once, compared to corporations where the owners are taxed twice. An LLC with two or more members can choose to be taxed as a partnership, an S corporation, or a C corporation and subject to the New York business franchise tax.

5. Single or multiple members allowed

An LLC can have one member ( a single-member LLC), or more than 2 members (a multi-member LLC). 

6. More professional and business-like

When a rental property is owned by an LLC it shows you are more professional and business-like. It can help you be taken more seriously by your tenets, other property owners and lenders.

7. Forming an LLC is inexpensive

Here in New York, you can start the easy and quick process of opening an LLC with only a $200 registration fee. Local Real estate lawyers allow you to do this in a streamlined process and help you to gather the necessary paperwork so you can start benefiting in less time.

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Speak with us if you want to open an LLC for your rental properties in Staten Island or New York Today!

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/