For many people, the purchase of a home is the most significant financial transaction they will make. The Law office of Craig S. Fine has closed numerous real estate transactions all over Sullivan and Orange County, New York, and we have the experience to make your closing a success. The Law office of Craig S. Fine represents individuals when they are buying and/or selling homes.
From the first-time homeowner to real estate investors, we counsel homeowners in the many facets of the increasingly complex real estate legal landscape. Our longstanding relationships with local realtors, lenders, title companies, surveyors, and other real estate professionals help us to get our clients from contract to closing as soon as possible.
1 The Contract – the contract is the agreement between buyer and seller that will lay the groundwork for everything that follows. We strive to make sure that our clients understand all of the important terms and conditions, and what their rights and responsibilities are. In New York, all contracts come with a three day attorney approval period, so if there are problems with the contract, we can address them up front before the transaction progresses.
2 The Home Inspection – Most Contracts, especially for residential real property, are contingent on a home inspection that is satisfactory to the buyer. We strongly recommend that all of our buyer clients hire a professional and licensed home inspector to thoroughly inspect the home they want to buy. Homes are usually sold in “as is” condition, and it’s important for a buyer to know what he or she is getting.
3 The Mortgage application – after the home inspection is finished, the buyer applies for her mortgage with her lender of choice. This process usually takes 30-45 days and involves providing documents to your lender, as well as an appraisal of the real estate to ensure that the bank considers the value to be inline with the loan amount.
4 The title exam – while the buyer is applying for their mortgage, the seller’s attorney is updating the search and survey for the property, to ensure that the buyer is getting good, clean title to the property.
5 The mortgage commitment – the mortgage commitment is the written approval of the loan form the bank. Usually, the commitment still has several conditions that the buyer must satisfy before the loan is cleared to close.
6 Cleared to close – once the bank is satisfied with the property, the title of the property, and the buyer’s financial state, they issue the clear to close. The buyer can then schedule their final walkthrough to ensure that the property is in the same condition as when they did their home inspection, and we can schedule a closing
7 Closing Day – on closing day, you will sign your mortgage documents and receive the deed to your new home!