New York City real estate lawyer Natalia Sishodia releases a new article (https://sishodia.com/first-time-buyers-in-new-york/) explaining what first-time real estate buyers should expect in New York. The lawyer mentions that the National Association of Realtors reported that first-time buyers make up a large percentage of the residential market in New York.
“One of the most common challenges for first-time buyers is the unexpected fees at closing. Surprisingly for some first-time buyers, the net available at closing is not the same as a loan amount. The lender usually deducts all their fees, including but not limited to lender’s counsel fees, appraisal fees, and escrow fees. Moreover, the closing costs amounts vary with each property,” says the New York City real estate lawyer.
The lawyer adds that most real estate contracts in New York will have a Closing Date “On or about”. However, this does not guarantee that closing will take place on that particular date as many first-time buyers assume. The said date is only tentative and can be 30 days from the “on or about” closing date.
Attorney Natalia Sishodia adds that delays can also happen because there are multiple parties involved in a real estate transaction. When scheduling a closing, several parties need to be gathered at the same time. This situation can be challenging because of the conflict in the schedules of the parties.
In the article, attorney Sishodia adds, “With regard to a home inspection, timing is a crucial aspect. It is important to mention that buyers should perform a home inspection before entering into a binding purchase agreement to avoid adverse consequences. Once a buyer signs the agreement, the chance to change the agreed price based upon the bad conditions of the real property will be highly diminished.”
Lastly, the lawyer also stresses the importance of having an experienced lawyer when negotiating the purchase or sale of real estate or in any other real estate transaction. An experienced lawyer can help clients understand their rights and ensure they get the best deal possible.
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