Whether you’re downsizing an empty nest or you’ve outgrown a starter house, selling your house can be complex. Although the steps involved in selling a home are similar regardless of where you live, New York’s real estate laws and practices are unique in some respects?particularly if you own a co-op or condo. Here are some tips to help get you through the process.
1. Find A Real Estate Broker That Knows Your Market
You need a broker that knows your market to help price your house accurately. Looking at online home sale records does not always give you a complete picture of what is going on in a market.? A knowledgeable broker will have the inside scoop on recent sales. The typical buyer may have changed since you purchased your home, so a good broker will be able to effectively market your house to the type of buyers that are interested in your neighborhood.
2. Find A Lawyer
Speak to your attorneys prior to placing your house up for sale, so that they will be available to help you every step of the way. Getting your attorney involved early can mitigate issues and avoid problems later.
3. Be Aware Of The Disclosure
New York State law requires sellers to provide buyers with a disclosure form, which includes details on the property, including: material defects in the electrical, plumbing, and other house systems; conditions such as rodent damage or asbestos; homeowners? association rules; shared driveways; water source, and other details on the property.
4. Know What You?re Selling
Once you have agreed on a purchase price with the buyer, contact your attorneys and let them know what items are included in the sale. For example,?whether?you will be including furniture or lighting fixtures.
5. Work With Your Lawyer
Be diligent about getting your lawyer all information regarding the sale and any documents he or she might need. Among other tasks, your attorney will review the title report and work to resolve any issues, such as liens on the property; prepare all the closing documents, such as the deed; and calculate how much money is owed to whom at the closing of the deal, and assure that all payments are accurately made.
Your lawyer may also need to draft a lease agreement if you plan to rent the home back for an extended period of time after the closing, or if problems show up on the title report such as a lien on your property.
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 buying or selling a home.