As we discussed, finding the best Realtor to support you is key when buying a home. There are still several steps that you can take to ensure that the process remains smooth and seamless.

After you have done your research, selected your dream home, made your offer that is accepted by the seller, a contract is negotiated including any inspection items. Once all the parties are in agreement, the contract is ready to be signed.  After you sign, the seller signs and you have a fully executed Contract of Sale.

Now it’s time to go back to your lender to formally apply for the mortgage. To assist in making this step (which can be daunting) a bit easier, our team assists in guiding you to provide the right information to your lender.  This would include your last years’ tax returns, recent pay stubs, copies of divorce decrees or separation agreements, brokerage statements, social security and pension payments, along with any other legal documents pertaining to income.  Please note, however, that as these are generally the required documents, it varies by lender.

Once all the documents and paperwork are complete, it is time for the best part – closing the deal! Heave a sigh of relief and finish these next few steps strong with your trusted agent. Complete the title search, obtain homeowner’s insurance, do a final walk through and then it should be time for the closing.  Also, as New York State residents, there are some extra things to keep in mind. The New York State Mansion Tax is a 1% tax on homes selling for $1 million dollars or more. This tax is paid by the buyer at the closing.  If the cost of the home is less than $1 million, there is no tax to be paid.

Finally, some of the obvious things include making sure you get the keys at the closing!  Once you do the final walk through and close, the home is yours. Lastly, we encourage you to embrace this new chapter and enjoy life in your new home! The Houlihan & O’Malley team truly enjoys these moments and is honored to assist you through this process. If you are contemplating on making a home (CO-OP or CONDO) purchase, contact us today to learn more.

Next Month- ‘The Loan Process’