If you?re considering buying property or a home in New York, it can help to arm yourself with information beforehand. Understanding some basic real estate purchasing essentials can smooth the process and improve your experience.
Check Your Credit
Your credit report may have inaccurate information or errors. Check your credit report prior to looking for a house in order to determine if any corrections need to be made. This will enable you to make corrections prior to applying?for your mortgage. You are entitled to and can receive one free credit report every 12 months from each of the nationwide consumer credit reporting companies: Equifax, TransUnion and Experian.
Speak To A Banker
If this is your first home purchase, speak with your banker about getting pre-approved for a mortgage. This will help you better understand your budgetary constraints.
Line Up Your Lawyer
Speak to your real estate attorneys prior to finding your house, so that they will be available to help you every step of the way.
Order A Home Inspection
When you find the house that you’re interested in purchasing, and the seller has accepted your offer, have an engineer come to inspect the house prior to entering into a contract. After you have had the house inspected by the engineer, give the name, address and phone number of your attorneys to the Sellers. The Seller’s attorney will prepare the Contract of Sale and then send it to your attorneys.
Keep Your Lawyer Informed
Make sure to contact your attorneys and let them know what items are included in the sale. For example if the seller is including furniture or lighting fixtures, this is important information to understand. Your attorneys will guide you through the rest of the process.
The attorneys at Powell & Roman, LLC have over 50 years of combined experience in real estate closings. Please call us today or contact us online if you or someone you know is thinking of purchasing a home.