Agency Disclosure
This disclosure is required by the Department
of State in New York, as a protection for
prospective buyers. Your realtor should
explain the various agency relationships
and select the one most appropriate. However,
you should read the section you will be
required to sign and date. This disclosure
should be signed at the first meeting between
you and the realtor. |
|
Are
you ready?
Find your dream home now!
Searching
for that perfect property? Not sure
how much home you can afford? We
can help. Contact
us or search
for homes here.
|
|
Mortgage Prequalification / Preapproval
After contacting a realtor, buyers should
contact their lending institution to get
Prequalified / Preapproved for a mortgage.
A Prequal letter from the lending institution
must be provided to the realtor by either
the lending institution or the buyers, stating
the amount the buyers can lend from that
institution. This letter will need to accompany
any Offer to Purchase / Binder. |
Search computer database of active listings
Your realtor will ask you for specific requirements
in a home and will enter that information
into the computer's Multiple Listing Service
(MLS) databases. Active listings fitting
your criteria will be listed and checked
for current availability. Appointments will
be made to show available homes. |
|
Look at homes
Your realtor may schedule more than one
appointment for each visit with you. Schedules
may be tight. It is important to be on
time or call the realtor if delayed.
|
Decide to purchase a home
The realtor will prepare an Offer to
Purchase document stating the exact terms
of the sale, using the information contained
in the MLS listing and the price offered
by the buyer. The Listing Price (Asking
Price by the Seller) is contained on the
listing, but has no relationship to the
price offered by the potential buyer and
can be either lower, higher or the same
as the asking price. |
Offer
presented to the Seller
All offers must be presented to the seller(s).
The Seller(s) can have 3 possible responses
to an offer: 1) Accept it 2) Reject it or
3) Counter offer. Counter offers can continue
between the buyer and seller until they
both agree on a final price. The original
Offer to Purchase document will need to
be modified after the final price is determined.
Both parties must sign the Offer to Purchase.
A nominal deposit may be required by your
real estate agency. |
Select an Attorney
This is the time to select an attorney.
It is recommended that a local attorney
be used if possible. Your realtor can provide
you with a number of attorneys to choose
from if you are not familiar with the area. |
Home
Inspection
Although, most new buyers will have a home
inspection done, it is optional, but highly
recommended. Some lending institutions require
an inspection, depending on the buyers type
of mortgage. |
Contracts
After a successful inspection, contracts
are prepared by the seller's attorney and
mailed to the buyer's attorney. Buyers are
the first to sign the contract, followed
by the sellers. |
|
Bank
Appraisal
After the buyer has a mortgage commitment,
the bank or lending institution arranges
for an appraisal of the property to be
sure the value of the home is in line
with the selling price.
|
The
Closing
This is a final meeting which includes the
buyer(s), seller(s) and attorneys (and mortgage
company, if applicable) where title is transferred
from the seller to the buyers and net monies
paid to the sellers. |
| |
