Selling Your Home

On August 27, 2010, in Real Estate, by Robbie L. Vaughn, Esq.

SELLING YOUR HOME (an Overview)

1.   The homeowner usually hires a Real Estate Broker to list his/her property for sale.

Broker-  Any duly licensed person, firm, or corporation who for a fee or commission lists for sale, sells, or exchanges real property.

2.   The Broker usually conducts a Comparative Market Analysis to help determine the homes value.

Comparative market analysis- An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

3. The Broker and Seller enter in to a Listing Agreement.

Listing Agreement- A contract between the broker and seller.

The agreement usually includes:

·        (1) The parties.

·        (2) A description of the property.

·        (3) The services to be performed by the Broker.

·        (4) The price and terms offered.

·        (5) Amount of the commission.

·        (6) Duration of the agreement.

·        (7) Type of listing- Exclusive, open, etc.

4. There are several different types of listing agreements:
5. Broker finds a buyer. Buyer usually makes an offer by submitting a real estate binder.

Real Estate Binder-   An agreement intended to evidence a modest payment toward the purchase of real estate as evidence of good faith on the part of the purchaser and acceptance by the seller. (A real estate document generally used in residential transactions).

6.   Seller accepts or rejects the offer.

7.   Assuming the offer is accepted, the buyer typically hires an engineer/home inspector.**

8. Once both parties have agreed to move forward, the seller’s attorney drafts and sends a proposed contract to Buyer’s attorney.

9. Contract terms are negotiated by the attorneys.

10. An executed contract and down payment are returned to the Seller’s attorney. Seller signs and returns same to buyer’s attorney.

11.  Buyer’s attorney orders a title examination & survey.

12.   Once all issues are resolved a real estate closing is set.

Real estate closing- The transfer of the real estate title from seller to buyer according to the sales contract. All parties, as well as a title closer and bank attorney, arrive to consummate the transaction.  The buyer receives the title and keys to the real estate and the seller receives the balance of the purchase price.

*The above is merely an overview of a real estate transaction. Additional and/or different steps may be required during a particular transaction. This is not legal advice.
**The inspection can be done after step 10 if the parties agree. This is usually accomplished by placing an “inspection contingency” into the contract.

Main Location:
217 Willis Avenue
Mineola, NY 11501

516-858-2620 (Phone)

By appointment only:

East Islip, NY 11730

Visit our Real Estate category to learn more about buying and selling real estate .


Buying A Home

On May 28, 2010, in Real Estate, by Robbie L. Vaughn, Esq.

The Home Buying Process

Buying a home can be exciting and joyous. However, the home buying process can get a bit confusing at times. We often act as the buyer’s attorney during real estate transactions. In an effort to answer some of their questions, we provide our real estate clients with the following overview of a real estate purchase . We hope that you find it useful as well:

BUYING A HOME (an overview):*

1.   The Buyer usually contacts a Real Estate Broker to help locate a property he/she would like to purchase.

Real Estate Broker-  Any duly licensed or authorized person, firm, or corporation who for a fee or commission lists for sale, sells, or exchanges real property.

2.  The Broker helps the buyer find a home.**

3. The Broker usually conducts a Comparative Market Analysis to help determine the value of the home.

Comparative market analysis- An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

4.  The Buyer usually makes an offer by submitting a real estate binder.

Real Estate Binder-   An agreement intended to evidence a modest payment toward the purchase of real estate as evidence of good faith on the part of the purchaser and acceptance by the seller. (A real estate document generally used in residential transactions).

5.   Seller accepts or rejects the offer.

6.   Assuming the offer is accepted, the buyer then hires an engineer/home inspector.***

7. Once both parties have agreed to move forward, the seller’s real estate attorney drafts and sends a proposed contract to buyer’s real estate attorney.

8. Contract terms are negotiated by the real estate attorneys.

9. Buyer meets with his lawyer for the “contract signing.”

10. Buyer’s  real estate attorney collects the down payment check, which is made out to the seller’s real estate lawyer “as attorney,” to be held in escrow, by the seller’s attorney, until the closing.

11. The signed contract and Down payment are forwarded to the Seller’s attorney.

12.   Buyer receives a copy of the fully executed contract, signed by all parties. This is then used to obtain a loan  (Commitment Letter) if necessary.

Commitment Letter- A promise by a lender to make a loan with specific terms for a specified period.

13. Buyer’s attorney orders a title examination & survey.

14.   Once all issues are resolved and the lender gives a clearance to close, a real estate closing is set.

Real estate closing- The transfer of the real estate title from seller to buyer according to the sales contract. All parties, as well as a title closer and bank attorney, arrive to conclude the transaction.  The buyer receives the title and keys to the real estate and the seller receives the balance of the purchase price.

**The Broker will likely request/require you to obtain a mortgage pre-approval before they begin showing you homes.

***The inspection can be done after step 12 if the parties agree. This is usually accomplished by placing an “inspection contingency” clause in the contract.

As always, The Long Island Real Estate Law Firm of VAUGHN & WEBER, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY 11501.  Contact us at (516) 858-2620 to arrange a consultation with a Real Estate Lawyer.

By appointment only: East Islip, NY 11730

*The above is merely an overview of a real estate transaction. Additional and/or different steps may be required during a particular transaction. This is not legal advice. ++All rights reserved.

Please visit our Real Estate category to Learn more about real estate.

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