Westchester County Home Buying Lawyer
When it comes to real estate, buying a home is one the most expensive and most stressful events a person goes through in a lifetime. At Meyer & Spencer, PC, we make buying a home almost stress free by streamlining the process. Our experienced Westchester County home buying lawyers and our knowledgeable staff educate you and take the mystery out of buying a home. You will know your rights and obligations and be informed of the hidden costs you will incur. Generally, the process for buying a home moves like this:
- Your purchase offer is accepted;
- Your real estate broker sends us a Memorandum of Sale which provides us with all the details;
- You hire a professional engineer/home inspector and you accompany him on the inspection;
- Seller’s attorney sends contracts to Meyer & Spencer;
- We review the contract and negotiates any necessary terms to protect your interests;
- You meet with Meyer & Spencer to review contracts and to provide us with 10% downpayment check;
- We return the contract with the 10% downpayment check payable to Seller’s Attorney as Escrow Agent;
- Sellers sign contract and return to Meyer & Spencer;
- You promptly apply for your mortgage (if you have not done so already);
- You calendar your mortgage commitment deadline (very, very important!);
- We order a title report and work on clearing any title problems;
- We notify the Sellers on the commitment date whether you have received your mortgage;
- We coordinate the scheduling of the closing;
- We provide you with the amounts and names of the certified check payees;
- We attend the closing with you.
The costs of buying a home do not have to be a mystery. As a home buyer, your estimated costs are listed as follows:
Initial Costs:
- Engineer/Inspector Report $500.00
- Termite Inspection $100.00
- Septic Tank Inspection$300.00
- Attorneys’ Fees may vary by transaction – call us for a quote 914-741-2288
- Down Payment 10% of purchase price
Lender’s Costs:
- Loan Application$350.00
- Credit Report $50.00
- Appraisal $375.00-$750.00
- Bank Attorney $850.00-$1,150.00
- Miscellaneous $300.00
- Tax Escrows approx. 1/2 of annual real estate taxes
Title Costs:
- Title Insurance approx. 0.75% of purchase price
- Departmental searches $500.00
- Survey $850.00-$1,500.00
- Mortgage Tax 1.05% of the loan amount
- Recording Fees approx. $500.00
- Miscellaneous $350.00
- Gratuity to closer $100.00
Buyers will also be required to pre-pay one year’s premium on homeowner’s insurance and will have to reimburse the Seller for any pre-paid real estate taxes.
Home Buyer’s Checklist
With thousands of closings under our belts, we know that our clients want a roadmap of their closing. We designed this simple home buyer’s checklist to help our clients be aware not just of what they need to do but of the order in which they need to do it. Many of our clients simply print this home buyer’s checklist and put it in their personal file.
- _____Hire a quality Real Estate Broker
- _____Engineer’s Inspection & Report
- _____Termite Inspection & Warranty
- _____Septic Tank Inspection
- _____In-ground Oil Tank Inspection
- _____Ascertain Parking Regulations (Condos and Co-ops)
- _____Meet with Meyer & Spencer to review contract
- _____Mark your calendar with the date you have to notify Seller that you have qualified for a mortgage (very important)
- _____Apply for financing with Mortgage Broker
- _____Send Mortgage Broker copy of Contract
- _____Provide Documents requested by Mortgage Broker
- _____Provide Meyer & Spencer with the contact information for your mortgage broker or loan officer
- _____Notify Meyer & Spencer of desired closing dates
- _____After confirming Closing date, schedule move
- _____Obtain and prepay for one year’s Homeowner’s Insurance
- _____Obtain from Meyer & Spencer the official bank check amounts for closing
- _____Attend walkthrough on day of closing with Broker
- _____Bring Photo ID, checkbook and Homeowner’s Insurance binder and paid receipt to Closing
