Real Estate: Your First Home Purchase

Your First Home Purchase

Victorian House in Murphys

Our real estate closing lawyers will ensure that the mortgage commitment letter, good faith estimates of closing costs, escrows and lender fees are all properly calculated and consistent with our state’s requirements. For instance, a seller must disclose the condition of the property (or give a $500 credit) or can face a fine if he/she fails to provide such a disclosure (or credit).

The purchase agreement is a relatively standard document that includes closing costs, type of loan, interest rate, term limits, and starting date; however, depending on the property to be purchased our lawyers may advise some additional protective terms to make sure the closing can occur.

When buying a home, we want to certify you understand all the clauses involved in your purchase agreement, as well as any contingencies a seller may have included or that we want to include. For example, if for any reason you are not approved for a mortgage, we will include a “contingency” that states you are not obligated to still purchase the property.

After everything is approved, we want to join you at that closing table to ensure a smooth finish to your first home purchase and to offer you our congratulations.

Please contact our Westchester Real Estate Attorneys today at (914) 864-2465 or (845) 628-4301 to discuss which option is right for you. Our Westchester real estate lawyers will work with you to manage your closing and help you through the closing process.

photo by: roarofthefour