The Benefits Of Residential Real Estate Representation In Nassau County, NY

by | May 13, 2016 | Legal Exclusive

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In New York, first-time home buyers aren’t aware of major issues associated with real estate transactions. They approach these transactions with the excitement of owning a home. They don’t consider the repercussions of the wrong choices. With Residential Real Estate Representation Nassau County NY, these first-time buyers gain the protection they need.

Assessing the Terms of the Sales Contract

The sales contract makes several distinctions about the transaction. It determines the exact selling price, what party pays the closing fees, and when the buyer takes possession. However, it could also include terms in which the buyer doesn’t understand. A real estate attorney reviews the contract and secures the buyer’s interests.

Reviewing the Mortgage Loan Contract

Recent changes in lending laws prevent the extension of mortgages that aren’t affordable. For this reason, the lender evaluates the buyer’s income-to-debt ratio. This assessment allows them to arrive at the highest value available to the buyer based on affordability. With residential real estate representation in Nassau County NY, the rights of the buyer are protected. This prevents them from facing foreclosure due to unaffordability.

Why You Need Title Insurance

Title insurance is protection for the buyer to secure their investment. A real estate attorney conducts a title search to determine if the seller is the rightful owner. The title insurance provides the buyer with a refund of all money they have invested into the transaction if the seller isn’t the rightful owner.

Issues Associated with the Property Inspection

The property inspection could lead to modifications of the sales contract. The inspection is used to determine existing issues associated with the property. The sales contract defines what party pays for all vital repairs. The buyer’s attorney can demand changes if these issues reduce the total value of the home.

In New York, first-time homeowners need help during a real estate transaction. The circumstances connected to these transactions could present issues for these buyers. Common issues are associated to the seller’s right to sell the property and terms of the sales contract. Buyers who need Residential Real Estate Representation Nassau County NY should contact business name for more information now.