Real Estate Tips for Selling Your Home
Watch the following educational legal video by New York Real Estate Lawyer Robert Aiello as he provides real estate tips for selling your home in New York.
If you’re selling your house, make sure the broker with whom you list your house is one with whom you’re comfortable. Obviously, you want to maximize the property’s value so that you get the best price possible. It’s always helpful to do some research and talk to people who can give you an idea of what your house is worth in the area where you live. We now have access to a number of online tools, including Zillow and several other websites where we can key in an address and give you an idea of nearby properties that have been listed and sold.
Always make sure to choose a reputable real estate broker who will market your home in a way that generates the maximum exposure to potential buyers. Once you’re fortunate enough to accept a price with which you’re comfortable, your broker will recommend that you hire a lawyer because, in the State of New York, both buyers and sellers hire attorneys to represent them in all real estate transactions. The seller’s attorney is responsible for preparing the contract of sale containing all of the relevant standard clauses and will then forward it to the buyer’s attorney.
Obviously, attorneys who represent the seller will minimize contingencies because the goal is to close as quickly as possible. It is important to make sure the buyer is in a position to afford the property and that they have the financial security necessary to obtain a mortgage and be able to close within the desired timeframe. The seller has certain responsibilities that include making sure the roof is in good repair, the house is structurally sound, and the plumbing, electrical, and other elements are in good repair in order to make good faith representations that everything is in good working order.
Hopefully, if the transaction goes smoothly, the buyer will get their mortgage, the seller will be notified of their approval, and a closing date can be set. Typically, a closing date can be anywhere from 90 to 120 days from the date the contract was signed. To a great extent, that date will now depend on the bank because, nowadays, banks are much more diligent in making sure the information on the mortgage application is accurate. Because they scrutinize that information more deeply than they used to, closing can take a bit longer.
Once the closing date is set, the parties will meet at either the buyer’s attorney’s office or another designated location where an exchange of checks and things of that sort will take place. Typically, although it is important for both parties to make sure they are properly represented, a real estate closing is a pretty straightforward transaction.
Since expanding our firm in the late 1990s, the attorneys at Aiello & Cannick have advised hundreds of clients in their real estate sales, purchases, and disputes. Contact us today to schedule a free consultation and discuss your real estate goals and concerns. Our office is conveniently located in the Maspeth neighborhood of Queens.