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.

According to New York Domestic Relations Law, there are certain Automatic Orders, which shall remain in effect while the divorce is pending in Supreme Court.  One of these Automatic Orders addressed in this statute prevents any spouse from selling, transferring, encumbering, assigning, or removing any property without the consent of the other spouse.  This preserves the ability of the court to make a proper ruling on any and all property that they have jurisdiction over at the time the action is brought.  This section of the DRL also covers such topics as 401k retirement plans, health insurance for spouse and children, running up marital debts, and more.

If you or your spouse have filed for divorce or are planning on filing for divorce and you are not sure if this situation is one you will have to encounter, call The Long Island Family Law Firm of Vaughn & Weber, PLLC, at (516) 858-2620 to speak with a family law attorney!

Please visit our Family Law and Divorce categories to learn more about Family Law and Divorce issues.

Modification of Child Support

On May 5, 2010, in Family Law, by John A. Weber IV, ESQ.

Modifying a child support order or agreement.

There are an increasing number of modification questions coming into our firm.  Modification of a child support order is slightly different than modification of a child support agreement.  It is more rare that a court will order a modification of a child support agreement because it interferes with parties right to contract.  Child support agreements are however incorporated into judgments of divorce and are enforced the same as a child support order.  It is just a more difficult burden to meet in order to have the court modify the agreement.

If you have a child support agreement or child support order and are having problems making payments or having problems collecting monies owed to you, feel free to call The Long Island Family Law Firm of Vaughn & Weber, PLLC, at (516) 858-2620 to speak with a family law attorney!

Please visit our Family Law and Divorce categories to learn more about Family Law and Divorce issues.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan