Tagged: purchasing a home

November 8th, 2013 Real Estate Law No Comments »

Before Buying a Home Consider The Area at Various Times of Day | New York Homebuyers Advice

When purchasing a Staten Island home or a home anywhere in New York City it is important to make sure you are making the right decision for the home you are buying.

One thing you will want to do once you have a home you are interested in buying in Staten Island is visit the home multiple times and at different times of day before signing a contract. Sometimes homebuyers notice when they visit at different times of the day the property is surrounded by a different atmosphere. Here are some things to check for when visiting in the morning, afternoon and at night:

  • Noise level
  • Traffic
  • Criminal activity 
Sometimes depending on the time of day any of these factors may increase or decrease by visiting the home at different times of the day you will get a better idea of what your life will be like if you decide to go through with purchasing the home.

For more information on buying a home in Staten Island or regarding New York real estate law request a complimentary copy of “5 Myths That Can Ruin the Purchase of Your Home” or call 718-979-4300.

November 8th, 2013 Real Estate Law No Comments »

Staten Island Real Estate: Latest Data from Case-Shiller Shows Now is the Time to Buy a Home

Some of you, especially if you are considering buying a home, may constantly be checking to see if the housing market is improving to base your decision of whether or not you should buy a house, may have recently seen the Case-Shiller report which recently was released.  According to a recent article in the Wall Street Journal the Case-Shiller report should be used as evidence that now is the time to purchase a home.

According to the Case-Shiller report two things are true and those same truths are reasons why now may be the perfect time to buy a home:

  • The Case-Shiller 10-city index shows that real estate prices have fallen 30% since 2005
  • Mortgage rates have fell.  Mortgage rates are currently 1.4% lower for a 30 year fixed loan than in 2006.

These two major points that were released in the Case-Shiller report show that individually it improves a buyers reason to purchase a home.  When these two things are put together it is an ideal time for someone to purchase a home as long as they have the funds to do so.

If you are interested in purchasing a home in New York and are looking for legal representation for your home purchase contact Steven T. Decker Staten Island and Brooklyn real estate attorney at 718.979.4300 or 800.976.4904.  We look forward to speaking with you and answering any legal questions you have regarding your Staten Island or Brooklyn real estate purchase.

 

November 8th, 2013 Real Estate Law No Comments »

The Most Common Mistakes Homebuyers Make when Having their Home Inspected

Purchasing a home is usually the most expensive purchase you will ever make in your life and you will not want to skimp on necessary things during your purchase process such as a home inspect or a real estate attorney. Making sure you included important precautionany steps during the home purchasing process will be key to you ultimately being happy with your new home.

One important aspect of purchasing a home is making sure that there are no hidden defects in the home’s structure or large appliances such as the hot water heater.  A home inspection report (also known as an engineers report) will reveal any problems with the house and will allow you to make an educated decision with your home purchase.  Having a home inspection done costs a few hundred dollars but if not done can potentially cost you tens of thousands in the long run.

Eventhough you have a home inspection done doesn’t mean that you are completely in the clear there are some guidelines that you will want to follow when choosing a home inspector and when the home inspection is taking place that will help ensure you get the most out of your home inspection and that you won’t get any unexpected unpleasant suprises a few months or years down the road after you move into your new home.

Some guidelines you will want to follow when having your home inspection done are as follows:

  • Make sure you get a home inspection done even if the property is newly constructed
  • Choose a home inspector based on the experience and knowledge of the person not by the cheapest price
  • Be present for the home inspection
  • Follow your home inspector’s recommendations (after all they are the expert in this field)

Following these steps will help ensure that you get the most out of your home inspection.

If you would like more information on purchasing a home you can contact us to receive a free copy of “5 Myths that Can Ruin the Purchase of Your Home“.  We are currently offering this real estate book written by Staten Island real estate lawyer Steven Decker at no cost to those purchasing a home in New York or New Jersey.

 

November 8th, 2013 Real Estate Law No Comments »

The Importance of a New York Real Estate Attorney: Why You Need a Real Estate Lawyer When Purchasing a Home in New York?

Purchasing a home for many people may seem like a simple task from the outside looking in but once you have experienced the process of purchasing a house you quickly find out that there is more involved to it than just picking a nice house, signing one document and then arranging for your furniture to be moved into your new house.  In fact there are many smaller processes involved within the process of buying a home.

Buying a home requires the experience and skill of someone who will be able to guide you based on their legal expertise and will be able to look out for your best interest.  Many people who are purchasing a home in New York wonder why do I need a real estate lawyer when I purchase my home?

Here are some reason to consider why hiring a real estate attorney is helpful in the home purchasing process:

  • Negotiations – Although a real estate lawyer is not necessary during the negotiation stages of a real estate purchase it can be helpful to speak to an attorney if you have any questions regarding the purchase price and tax related issues is you are concerned at all.  Presenting your concerns and questions to your real estate attorney will give them the opportunity to address a situation prior to you already being bound to a house and will be able to ease your mind if you do not have that one question hanging over your head.
  • Contract of Sale – A contract of sale is not a simple document or at least it shouldn’t be.  This is one stage that a real estate attorney is especially necessary.  A New York contract of sale contains many different specifics associated with the purchase of the house and although the sellers attorney is normally the one who prepares the contract of sale the purchasers attorney is the one who will sit down with you, the purchaser, to explain everything you will need to know about what you are signing and what it means for you.  A real estate contract of sale usually includes many important factors such as: what is included in the sale, the purchase price, the amount of the downpayment which is to be paid, if the downpayment will be held in escrow by the seller’s attorney and what the provisions of the escrow are, how many days you have to obtain a mortgage commitment and what happens in the event that you are unable to obtain a mortgage committment, what will happen if substancial damages to the house are present or termites exist in the house, the requirement of a certificate of occupancy, the requirement of a clear title in order for closing to occur and what will happen if there is an issue that can not be cleared on the title, when the closing date is scheduled to be (the “on or about” date) and how long after that you have to close, what happens if the seller is not ready to close and you are and many other important issues As you can see having an attorney to explain the details, requirements and repercussions of these different topics is very helpful.
  • Obtaining a Mortgage – Most buyers finance the majority of their home purchases though a mortgage.  Not only is it important that the correct provisions be in the contract of sale regarding you obtaining a mortgage but it is also important to have an experienced attorney’s opinion on what mortgage is best for you individually and the terms and conditions that the mortgage comes with.
  • Title – In order to close on a property it is usually necessary that there be a clear title.  A title is something that is ordered from a title insurance company and will list any violations against the seller, you (the purchaser) and the property address.  Violations against the seller and buyer may include traffic tickets, warrants and many other areas and the violations that may show up on a house are fines that have been issued due to complaints and many other things.  An attorney will review the information and will make sure everything is clear on all ends before moving forward with the purchase of the home.
  • Zoning and Survey – Knowing where your property lines are is something that is very important when purchasing a home.  You want to make sure your fence and everything that is about to be yours is in your property lines.  Your attorney will be able to order a survey for you and have it certified to you.  This will help ensure where the property lines are and will show proof of when the survey was last done.  Your attorney will be able to explain the findings of the survey and will be able to answer any questions you may have.
  • Closing – The final step that your real estate attorney will handle is the closing of title.  This is when the deed is signed over to you.  Having an attorney present at closing will ensure that your deed and the supporting documents which include information for tax purposes are executed properly and have the proper language in them.  Your real estate attorney will also handle the distribution of closing costs to the proper parties and will be able to make sure that your funds are going to the right place.

If you would like to speak with an experienced real estate attorney in Staten Island, New York and would like to speak with one regarding representing you throughout your purchasing process please contact Steven T. Decker at 718.979.4300.

November 8th, 2013 Real Estate Law No Comments »

Low Mortgage Rates are Enticing Potential Homebuyers

For many people who have been recently considering purchasing a home they are just one step closer to making a decision to purchase a home because of another recent drop in mortgage rates.  Low mortgage rates are driving potential homebuyers to purchase the homes that they have been considering and with the housing tax credit this may just be the thing to push a lot of people who were undecided off of the fence.

Making a decision to purchase a home is something that many people are considering with the home prices as low as they are, foreclosures and short sales as high as they are and mortgage rates as low as they are.  Currently 30 year fixed mortgages have dropped for the 5th straight week in a row to 4.71% (Freddie Mac).

The cause for the recent drop of mortgage rates is two fold.

  • The Federal Reserve has indicated their intents to extend the period of time that they will be offering short-term interest rates.
  • Strong demand for government issued funds

If you would like more information about purchasing a home or have legal questions concerning purchasing a home your best move is to contact a real estate attorney.  A real estate attorney will be able to explain the process you need to go through to purchase a home from beginning to end.  Understanding the importance of a contact of sale, getting your mortgage committment, having a clear title and closing title are all things that can be explained by an experienced real estate attorney.

If you would like to speak with a real estate attorney regarding the purchase of a home in New York or New Jersey contact Steven T. Decker Staten Island real estate lawyer.  Steven T. Decker will be able to assist you with understanding the legal side of purchasing a home and will also be able to represent you throughout the entire real estate purchasing process.  To speak with Steven Decker you can either call 718.979.4300 or 800.976.4904 or fill out our web form.

Also, if you are considering using our Staten Island real estate law firm for your real estate transaction and closing of title we recommend that you read Steven T. Decker’s book “5 Myths that Can Ruin the Purchase of Your Home“.  If you would like a copy we are currently offering this real estate book at no cost and no obligation to those considering purchasing property in New York or New Jersey.

November 8th, 2013 Real Estate Law No Comments »

Staten Island and Brooklyn Lawmaker Speak Out on the Housing Tax Credit Extension

As you may have heard the time you have to purchase a house and take advantage of the housing tax credit was extended officially and went into effect yesterday.  The extension will be a four month extension which will being the extension to April 30, 2009.

Michael McMahon, Congressional representative for the 13th district of New York which includes Staten Island and Brooklyn, said that he “encourages all who are able to take advantage of this extension”.  The extension was not only extended as far as a time extension is concerned but is also being extended to current homeowners who have have owned their home and been residents of it for five years or more.  Current homeowners taking advantage of the tax credit will receive a tax credit of 10% of the purchase price up to $6,500 and first time homeowners will be given a credit of 10% up to $8,000.

For many Staten Island and Brooklyn residents this is a great time to purchase a home and the new housing tax credit may be just the thing to cause them to make a move to purchase a new or first home.

If you are interested in buying a home in Staten Island or Brooklyn there are five things that you may want to consider to avoid ruining your home purchase.  If you are interested in finding out how to avoid these five things request a free copy of Steven Decker Staten Island real estate lawyer’s book “5 Myths that Can Ruin the Purchase of Your Home“.

Also if you would like to speak with a real estate lawyer regarding a possible Staten Island or Brooklyn home purchase or if you just have real estate legal questions that you would like answered before you decide to purchase a Staten Island or Brooklyn home contact us at 718.979.4300 or 800.976.4904 for assistance.

November 8th, 2013 Real Estate Law No Comments »

Purchasing an Investment Property in a Down Economy

With the housing market still in the process of recovering and housing prices still at a low it is very easy to understand why buying a house in today’s market could be beneficial to a potential home buyer.

Those considering purchasing a home as an investment property are in a great position at this point in the economy.   If you are purchasing an investment property to flip in a few years, even though you may not be able to take part in the housing credit (see why by clicking here) you are still at an advantage when compared to a few years ago when the housing market was doing well and home prices were much higher.

A recent survey by Move.com showed that the percentage of people who purchase houses because they are interested in investing in real estate have doubled since March 2009.  Among the main reasons people are being drawn to invest in a property by buying a house are affordable houses and foreclosures.

  • Affordable Prices – Low housing prices are one of the main attracting factors when people consider buying a house as an investment property at this point and time.  Right now the economy and the housing market have began to recover but have not recovered nearly enough for sellers to raise the sale price on their homes.  Those looking to purchase a home at a low price now have the opportunity to hold onto it for the next few months or years – basically until the housing market improves enough to sell the house at a higher amount – and then sell it.  Low housing prices may not only be attributed to just being low to be sold but may also be because of many family’s choosing to sell their property as a short sale.
  • Foreclosures – In recent months foreclosures have been at an all time high.  While this is bad for the people whose houses are being foreclosed on it is beneficially to people looking to invest in a house.  Buying a home at as low as a price that one may be able to find a home that is being foreclosed can be very beneficial to the purchaser.  At times foreclosures need to be fixed up and may have underlying problems that you may not be aware of but if you are will to invest money into a house and fix it up if necessary this may be a great move for an investment house.

Regardless of if you are purchasing a home for the first time or if you are looking to purchase a home to invest in the value of an experienced real estate attorney cannot be replaced.  Hiring a real estate lawyer is key when you are purchasing a property and should not be overlooked.  Make sure that the real estate lawyer you choose is knowledgeable and experienced in the type of sale or purchase that you are considering.  Always ask the attorney you are considering questions so you will know if they are the right attorney for your real estate transaction.

November 7th, 2013 Real Estate Law No Comments »

Staten Island & Brooklyn New York Real Estate Attorney | New Senior Housing Units for Staten Island Residents

A recent Staten Island meeting between private developers and public officials resulted in a project to bring 345 Senior housing units to Staten Island.

The project will be two fold – the first half of the project will provide assisted living for senior citizens and the second half of the project will provide for sale independant condominiums for moderate to middle income Staten Island senior citizens.

The project is scheduled to break ground in 2010.  The project will result in 213 independant living unit condominiums, 70 of which will be affordable with sales prices below market value for senior citizens with low to moderate income.

The project was started up with by the Staten Island Borough President, who provided $5 million, and the Economic Development Corporation, which provided $45 million.

If you are interested in purchasing a condominium in Staten Island contact an expert Staten Island Real Estate Attorney to assist you in your real estate transaction.  Purchasing a home or a condominium is a major life choice and requires the assistance of a real estate lawyer who is experienced, well rounded and looks out for the interests of his clients.  If you would like to speak with Steven T. Decker regarding possibly purchasing a home or a condominium call 718.979.4300.

 

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    Phone: 718.979.4300
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