Tagged: real estate lawyer

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.

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.

Housing Tax Credit Extension Approved | It is Time to Take Advantage of the Housing Credit

It is finally official after months of protesting to the lawmakers real estate agents, builders and banks finally voiced their concern for the housing market loud enough that their concerns were taken into consideration and were granted the tax credit extension they were looking for.  The First Time Homebuyers tax credit will now be extended until mid 2010 (military members who are deployed will have a longer period of time to take advantage of the tax credit) and will not also include additional housing tax credits for current homeowners looking to sell their house and purchase a new house.

The decision to extend the tax credit to existing homeowners purchasing homes was decided becuase 60% of buyers currently own a home or have owned a home within the past 3 years whereas only 40% are first time home buyers.  Congress figures that by extending this credit to current homeowners it will boost home sales even more, by an estimated 10%, over the next few months.

If you are interested in taking advantage of the housing credit you will want to start your search for a home sometime within the next few months because you want to allow yourself enough time to find a house that you like and can see yourself living in for the next few years.  You will also want to allow enough time to get approved for a mortgage, if you plan on obtaining one, and to make sure the title is clear of all violations.

Finding the best Staten Island or Brooklyn real estate lawyer is key to making sure that your real estate transaction goes smooth and is done properly.  To contact Staten Island real estate attorney Steven T. Decker regarding your Staten Island, Queens, Brooklyn, Bronx, Manhattan or northern or central New Jersey property purchase you can either call 800.976.4904 or 718.979.4300 or you can fill out our form on the web and someone will get back to you about your purchase.

Alternative Options to Consider if you are not Eligible for the First Time Homebuyers Tax Credit

So if you are not eligible for the first time home buyers tax credit should you still consider buying a home?  For most people the answer will probably be yes as long as you have the necessary income to make a down payment and to pay your mortgage every month while still having enough money for additional expenses.

The home buyers tax credit requirements are not able to be filled by everyone looking to purchase a home especially if you have owned a home within the last three years so where does that leave the buyer who is not eligible for the tax credit but still is looking for a break.  Here are some some reasons to buy a home now if you are not eligible for the first time homebuyer tax credit:

  • Low interest rates – For some who are considering purchasing a house they may find that their monthly mortgage payments for their house will actually end up being less expensive than renting an apartment. Mortgage rates have been at record lows over the past year and right now are still low (in the 5% apr range).
  • Special provisions for military members – There is a special provision in the first time home buyers tax credit for military and some federal members that was recently added by Congress that allows military member to not have to abide by all of the requirements for the first time homebuyers tax credit.  A military member does not have to live in their new home as their primary residence for the first three years if they receive PCS orders to depart from their unit and get restationed within that period of time.  The will be able to sell the house or rent it out to someone else and will still be eligible for the $8,000 credit.
  • Lower house prices – While home sales are up house prices are still down lower than what they were worth a few years ago.  Sellers are still not able to raise the prices of their homes if they want to sell their house quickly or, in some circumstances, at all.

If you are interested in purchasing a house in New York you will want to cover all of your grounds before signing a contract.  One of the first steps you will want to take once you have found a home you are interested in is to contact a New York real estate lawyer, such as Steven T. Decker a Staten Island real estate lawyer, and discuss your home purchase with him/her.  Your real estate attorney will go over your contract of sale with you so that you understand its terms and conditions.  To speak with a real estate attorney call 718.979.4300.

How to Find the Right Home in New York and New Jersey

Deciding to purchase a home is a big step that most people take at one point and time in their life.  It is a time in most peoples lives where they decide what area they want to live in, how big of a house they need and how much money they are willing to spend on the house.  Making sure that you get everything you want from your house is important, especially if you plan on living there for a while.  Most people wonder “How will I know which house is right for me?” you will want to make sure you figure out what you need in a house before looking for one this will help you and your realtor because you will both be on the same page and you will not find yourself purchasing a home that you are just “settiling” for.

So how do you know if you are buying the right house? There are many different things you will have to decide on as far as your house goes that you will want to decide and make your real estate agent aware of when you are looking for a house in New York or New Jersey. Here are some things you will want to decide on to help you find the right home in Staten Island, Brooklyn, Manhattan, Queens or the Bronx, New York or New Jersey these tips will help you find what you are looking for:

  • Decide on what type of neighborhood you want to live in.  Do you prefer to live in a quiet suburban area or in a urban area.  Suburban areas are often more quiet because you are further away from your neighbors most of the time and they are often slightly less expensive in price when compared with city houses.  Urban areas or “city” areas are often more populated and have less of a commute to work and school but also usually have slightly more expensive homes, are noisier and sometimes have higher crime rates.
  • Decide on what type of location you want to live in.  Once you have decided on whether you want to live in a city or in the suburbs you will want to decide if you prefer living on a busy street or on a more secluded street.  This is really just a personal preference if you are a person who likes it completely quiet all of the time you will want to avoid homes that are on busy streets or that are next to the highway because of the noise from the traffic, but if you are not bothered by the noise purchasing a home on a busier street is usually a few thousand dollars cheaper – just remember that since it can be purchased for thousands cheaper also means that when you sell it there is a chance it will probably sell cheaper.  You will also want to decide if you want to live on a corner lot or not.
  • Find an area with a good education system.  If you have children or plan on having them sometime in the future while you reside in the house you are considering purchasing you will want to make sure the area has a good education system.
  • Decide what type of home you want.  Are you interested in a single family home, multi-family home, condominium, townhome or cooperative (co-op)?  Single family and multi-family homes are usually quieter and have more appreciation but require a lot of maintainance.  Condominiums, townhomes and cooperative units usually require less maintainance but noisier and not as private because you share common walls and/or ceilings with your neighbors.  This category of homes is also usually less expensive than a single or multi-family home.
  • Determine what style of home you want.  Do you want a single story home, split level or a multi-level home? Deciding what type of style home you want is most commonly based on how much space you need, what type of layout you find more appealing, whether or not you have medical conditions that prohibit you to one floor, whether you feel safer in a one floor home or a multi-story home and if a multi-floor home is more or less convienient for your daily activities.
  • Decide what interior specificiations are important to you.  You will want to determine what specific needs you and your family have and what they need from the house for everyday living.  How many bedrooms do you need?  Will you need extra bedrooms in the future for a baby, in-law or parent?  Do you need a guest room?  Is one bathroom okay for your family or do you require 2 or only 1 1/2 bathrooms?  Determining the specific needs your family has will help you decide what qualities you need inside of your house.
  • Figure out if you want a home that is newer and will require less fixing or if you are looking for a “fix-up” home.  Regardless of whether or not you are buying a home that is apparent that it needs to be fixed up or if you are looking for a home that requires little to no repairs you will always want to make sure you have an engineers inspection (home inspection) done to make sure there are no “hidden problems” but deciding if you want to pay less for a home that needs to be fixed up or if you want to spend a little extra and purchase a home that is newer and does not require and fixing up will not only help you in the long run but will also help you map out the amount you may need to invest in the house to fix it up.
  • Try to figure out if there are any “little things” that are important.  Determining if there are any small things that will be a make or break the deal is important to figure out before hand also and sometimes are not thought about until the purchase process is already occuring. A few things to consider are does the house offer gas or electric heat, does it have central air or will you have to put a window unit in, do you want a swimming pool, if you are buying a condo or co-op are you allowed to have pets, are you willing to buy a house if it is a short sale or a foreclosure? – there are many questions that you may want to figure out the answers to before making a final decision and signing a binder for a house.