The steps followed when selling a house are similar everywhere, with only a few differences. However, real estate practices and laws in New York are unique. When preparing to sell your New York home, it is vital that you become acquainted with these processes.
Luckily, Danny Nassi and his team are highly sought after and esteemed real estate brokers who can help you navigate the waters of selling your New York home. Some of the factors that you should consider when selling the home are listed here.
Work with a real estate agent in New York
It is essential that you list your home with a licensed real estate agent or broker when you decide to sell. A good agent can help you prepare and price your property, as well as market it to prospective buyers while also negotiating with them. You can get references to a reputable real estate agent from customer reviews and other home sellers.
Sign a listing agreement
You will have to sign a listing agreement with the real estate agent you have chosen to work with. This agreement gives the agent the right to handle and market the sale of your home. Some of the terms covered by New York listing agreements include the commission you will pay, the type of listing, the duration of the listing, the list price, the property included in the sale, and the obligations and duties of the real estate agent and seller. Real estate agents are required by New York law to advise the seller about the nature of their obligations and rights.
Provide a disclosure statement
New York State law requires that as the seller of your home, you should be able to provide a disclosure statement to the buyer. The report should contain information that describes the condition of the property to the best of your knowledge. The alternative way will be to credit $500 to the buyer at closing. Some of the details that you will include in this statement include the presence of any toxic or hazardous substances; material defects in plumbing, electrical and structural systems; shared driveways and common ownership portions; damage by insects and rodents; and the source of the home’s water supply.
Make a purchase agreement
The buyer will make you a written offer. You can choose to verbally agree to the offer or negotiate the price. When you and the buyer reach an agreement, the buyer will conduct an inspection of the structure. Your attorney will then draft the final contact, which you and the seller will negotiate and sign. The buyer will then be expected to submit a down payment, after which the lawyer has 72 hours to review the contract. The transaction then goes to escrow.
What is escrow
Escrow represents the period between the time the purchase agreement is signed to the closing on the home. During this time, your lawyer will prepare title reports and supervise the process to resolve any issues. Some buyers conduct inspections during this stage.
Closing of the home
In New York, you and the buyer should fulfill all terms described in the purchase agreement by the time of closing. The closing is an in-person meeting involving the parties, a representative from the title insurance company, and the lawyers of the parties. That’s when you hand over the keys of your house to the new owner.
If you’re selling your New York home, let me, Danny Nassi, help you find a suitable buyer. Get in touch with me and my team by calling 917.239.1124. You can also send an email to dnassi(at)bhsusa(dotted)com.