Staten Island NY Buying A House

Are you purchasing property in Staten Island? Michael M. Walsh closes transactions in a smooth and timely manner. Call 718-442-3900 today!

The Money

A good faith deposit must be paid by the buyer to the seller's attorney, in order to have a binding contract of sale. The seller's attorney will hold the deposit in escrow until closing or the earlier termination of the contract. The deposit amount varies depending on the deal and may be determined by the type and amount of loan the buyer is securing. It is recommended to get two copies of your deposit check so you have one for your lender and one for your records. The deposit check paid at contract to seller's attorney is cashed so be sure to move the necessary funds into the account in sufficient time for them to clear.

The Offer and Acceptance

Negotiations relating to price are usually handled by the real estate brokers or sales persons. The other terms of the transaction in the contract of sale will be addressed by attorneys. If there is any change to the buyer's offer by the seller, that constitutes a counter offer by the seller to which the buyer can accept, reject or make a counter offer on.

Once the terms are agreed to, the contract is signed and the rights and obligations of the parties are defined. If the seller makes modifications, they must be approved by the buyer in writing or on their behalf by their attorney in writing for a binding contract.

Buyer's Responsibilities

With a cash transaction, it is the buyer's responsibility to come to the closing with the necessary funds to purchase the property and pay the closing costs. If the buyer is securing financing from a lender, the buyer must provide the seller's attorney with a copy of the commitment when received. Typically, a buyer is given 45 days to secure a written commitment. Title insurance and homeowners insurance is required in order to close as well.

Buyer's Closing Costs

The price of the property, the loan amount and the lender will determine the closing costs.

  • Bank Fees (application fee, appraisal, credit report, flood certification, origination fee or points, bank attorney, underwriting, document preparation fee, post closing review)
  • Title Insurance (borrower pays for their policy and the lenders policy)
  • Mortgage Tax (1.8% less $30 for a 1 or 2 family dwelling up to $499,999.99 and 1.925% less $30 for a 1 or 2 family dwelling for mortgages $500,000.00 and over for 1 or 2 family dwelling)
  • Recording Fees (based on the number of pages, vary according to county)
  • Survey Fee (usually around $850)
  • Real Estate Taxes
  • Attorney Legal Fee

The Closing

The closing is the time at which the balance of the purchase price is paid by the buyer and a deed for the property is delivered to the buyer. The buyer receives a copy of the deed because the original is taken by the title insurance company to be recorded in the county recording office. If the transaction is being financed, the buyer will execute a note and a mortgage. Other disclosure documents will be executed by the buyer.

Contact Michael M. Walsh Attorney at Law in Staten Island NY today.