For beginners buying a home in New York for the first time, it is especially important to have a general understanding of the entire home buying process. This will not only allow you to plan ahead, less detours, but also try to avoid getting caught.

Let Meiwo explain to you today what steps are required to buy a condo in New York:

If buyers have their own Buyer Agent*, they can make their own claims. Experienced agents will screen out the most suitable properties according to the needs of buyers, and then make an appointment with the building for viewing.

*Buyer Agent: Buyer's agent, make an appointment for viewings, and coordinate viewings. Representing buyers Participate in leading various negotiations, negotiations, negotiations in the process of real estate consultation and transaction, and recommend professional Attorney, Property Evaluation, Property Inspection, etc.

If you decide to take out a loan to buy a house, you need to go to the bank in advance to open a Pre-approval Letter, so that you can know your credit rating and loan amount . At the same time, the bank will give you the corresponding mortgage rate based on your income, tax records and other asset background.

After selecting the desirable house, Buyer Agent will generally conduct market research for buyers, and then give Offering Price strong>, if the buyer agrees, the Agent will help fill in the Purchase Offer Form, commonly known as the offer.

Offers are made to the building's Seller Agent* or the landlord, and if the seller accepts the offer, they can contact a lawyer to draft a contract, and the buyer's lawyer will Modify the contract according to the buyer and explain the details to the buyer. If the buyer has any objection, they can inform their agent, and the agent will conduct negotiation with the seller until the final agreement is signed by both parties.

*Seller Agent: A seller's agent who prices a home on behalf of the seller's equity and drives a successful sale.

If you buy a house in cash, you need to provide a proof of deposit when you make an offer; if you buy a house with a loan, you need to show a loan pre-approval letter. After there is no dispute between the buyer and the seller, the sales contract can be signed.

At the same time, the buyer also needs to pay a deposit (deposit), usually 10% of the total price of the house. If the buyer unilaterally withdraws from the contract without valid reasons, this deposit will be non-refundable.

After the sales contract takes effect, the buyer needs to apply for a loan from a bank or a lending institution immediately. If you buy a newly developed real estate, you can wait until the developer issues the transfer. Apply for a loan after notification.

It is recommended that the buyer find several banks or lending institutions for comparison, and choose the one with better conditions and interest rates. After the appraiser has appraised the house, Lock in loan rates. It typically takes 30-90 days to confirm loan disbursement.

Purchase home insurance to protect your home from damage and depreciation due to fires, theft and other accidents. There are many products to choose from on the market, such as Personal Property Insurance, Personal Liability Insurance, etc. Buyers can decide the type of insurance according to their own needs.

A little tip: Don't forget the Title investigation here too, which means that the buyer's attorney hires the title company to conduct an investigation on the buyer's behalf, and check the historical transaction records of the house , whether there are violations, etc., try to avoid subsequent legal disputes, and issue a property report after the investigation is completed.

If the purchase is a new house, you need to contact the developer for inspection 2-3 weeks before the transfer of ownership to ensure that the facilities and equipment in the house are in good condition. If you buy a second-hand house, you can ask a home inspector to inspect the house, and issue a report. If you need to repair it, you need to contact the seller to negotiate.

Finally, the buyer and the seller coordinate the transfer time, and contact the loan bank, title company to negotiate the transfer details. Dealing on closing date will usually be in the seller's attorney's office, or in the case of a loan, it may be the location designated by the bank's attorney. The buyer pays off the remaining payment and transferhouse fee, and the buyer and the seller sign the transfer document, and proceed to Title transfer is registered, and buyer gets house keys to become head of household.