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Closing on Your New Home: Three Things You Need to Know Before Signing on the Dotted Line

You’ve finally found the perfect home in the perfect New York City location, and it’s in your price range too. Now it’s time to sign on the dotted line on a contract to purchase. It seems routine, but there can be complications after you sign off. That’s why you want the contract reviewed by a knowledgeable and experienced real estate attorney in New York City.

Lot Size
For the size of the lot that your new home is situated on, the contract might say “per survey.” Rather than that, you’ll want approximate lot dimensions. You might think that the lot is 100 feet by 100 feet, but the survey might come up with dimensions of 50 by 50. Insist that approximate lot dimensions be reflected in the contract to purchase.

The Deed
There are different types of deeds, and you’ll want a warranty deed. A warranty deed gives you three different promises. First, it warrants that the seller has sole and merchantable title to convey the property. Second, it guarantees that there are no liens, clouds or encumbrances on the property. Lastly, the seller promises that if there is a breach of either of the first two warranties, he or she will remedy any such problems at their sole expense.

Your Mortgage
The contract will state the terms of the mortgage that you’ll be getting. It will include the mortgage amount, the interest rate and whether it’s a 15-, 20- or 30-year mortgage. If you’re unable to obtain a mortgage within the terms that you agreed to, you can walk away from the transaction, and your earnest money should be refunded. Also remember that if your mortgage hasn’t been approved by the date set forth in the contract, you’ll need an extension on that date.

When you buy a home, you’re probably making the largest purchase that you’ll ever make. There can be pitfalls. Contact Attorney Vivian Williams for an experienced and trusted real estate attorney in New York City. The Williams Firm has years of experience with such cases and is prepared to handle yours today.