Prior to entering into a contract you should choose an attorney to represent you.

NY is an attorney state. For any exchange of real property there must be an attorney involved. Most often there are three attorneys involved in a real estate transaction. The seller's attorney, the buyer's attorney and the banks attorney. If your purchase is being financed through a lender, once the lender issues a clear to close, the closing date will then be coordinated by all three attorneys the buyer and the seller. 

To choose your own attorney. You may use my references listed below. These are attorneys I have worked with and are familiar with.

Legal Assistance Link - My List

From the contract: The transfer of title to the Property shall take place ON OR ABOUT!!  (60 days from the last signature date.)

If everything moves along as it should this is generally a 60 day time frame but can be longer depending upon circumstances. In my experience you may know up to a week in advance of the scheduled closing date (your attorney or myself will notify you) depending upon how it is coordinated and scheduled. I strongly recommend that you not plan anything such as moving until this date is known. I will do my best to communicate with your attorney, the lender and yourself to determine and coordinate the closing date. 

IMPORTANT: This is probably the single biggest item which can cause a lot of frustration and requires more flexibility than anything else. 

What is an earnest money deposit?

Congratulations we are under contract! One of the fist things you will need to do is provide the seller with your Earnest Money Deposit. This amount was agreed upon in the original offer made. The (Earnest Money) will be deposited into our NextHome Kingdom escrow account at Tioga State bank and held there until the closing to be used against the purchase payment.

There are two ways you can provide the EMD or Earnest Money Deposit.

1. Personal Check or Certified Bank Check

2. You can use the Earnest Money App. The app charges a flat fee of $24.00 for the service. 

If you are going to choose option #1 please make the check out to NextHome Kingdom

• In the check memo slot please write the address of the house you are under contract for.

• Please take a picture of the check once filled out and send it to me via email or text for proof of payment.

• Lastly place the check in an envelope. You can either drop it off at our office or mail it. 

The office address is NextHome Kingdom 3134 Watson Blvd. Endwell NY 13760. If the office is locked or closed, simply place the envelope in our dropbox and notify me.

If you choose option #2 Simply request the link from me and the app will prompt you through the process. Follow the Earnest app instructions to digitally send your deposit. Buyer Payment Guide

Please call or text me with any questions or concerns | 607-237-2321

Next Steps: 

• Call your lender or broker & get your mortgage started 

• Schedule Inspections

Consumer Guide: Escrow and Earnest Money

Between signing and closing, homebuyers typically deposit money into an escrow account. A REALTOR® can advise you on how to keep your deposits safe.

Attorney Disapproval 

From the contract: This offer is subject to disapproval by Buyer's attorney and Seller's attorney. Failure of Seller or Buyer to provide a copy of this Contract to his or her attorney within three (3) business days after the Contract Date shall be deemed a waiver of this “attorney disapproval” contingency. Provided that an attorney has received this Contract within the above timeframe, an attorney shall respond, in writing, by the third (3rd) business day after the attorney’s receipt of a copy of this Contract or it shall be deemed to be a waiver by the party of this “attorney disapproval” contingency. An attorney’s written response will be deemed effective if given by: 1) the Seller’s attorney, to the Buyer or Buyer’s attorney, or Buyer’s Agent, or 2) the Buyer’s attorney, to the Seller’s attorney, listing agent or subagent. A written response will be deemed effective if posted, faxed or sent by electronic mail within the above three (3) day time period.

WARNING: During this period the seller may receive an offer from a buyer and may choose to have their attorney disapprove of your signed contract with the seller. It is a rare occurrence but you need to be aware of it. 

This circumstance is more likely to occur in very tight, competitive markets. 

Must apply for the loan within 7 days of the signing of the contract.

From the contract:  Buyer shall apply for the mortgage loan (which shall include a request of and payment for the appraisal) within seven 7 calendar days of the contract date and shall have 30 days from the date of loan application to obtain a written mortgage commitment. 

In the event financing as set forth in the contract is denied as evidenced by a mortgage declination letter, either party may cancel this Contract and the deposit shall be returned to the Buyer after the signing of the release form (Addendum I) by Buyer, Seller and Real Estate Brokers/Agents involved in the transaction.

Be sure to discuss rate locks and the timing of them with your lender. Rate locks generally expire in 45 days. The whole closing process is typically 60 days. The rate lock expiration needs to be timed accordingly. If your rate lock expires before you close there may be penalties.

Financing Options Link - My List

About The Appraisal

If you’re refinancing your home or using a mortgage to finance the purchase of a new home, your lender will likely require you to get an appraisal before you can close on the loan. However, if you’re buying a house with cash, a home appraisal isn’t an absolute necessity. Keep in mind, though, that it’s still a good idea to get the home appraised so you know you’re paying a fair price for the property.

Unless the home appraisal cost is negotiated with the seller, the buyer typically pays for the appraisal. Factors that can affect the appraisal fee include the home’s location, size, age, condition and any research the appraiser does on the property.

If you’re buying a home and the appraisal comes in low, your mortgage lender won’t lend you more than the appraised amount. You can opt to pay cash to cover the difference between the appraised value and the loan amount, or you can negotiate for a lower sale price or decide not to move forward with the purchase. If you’re refinancing your home, you may want to challenge the appraisal if you believe the appraiser missed valuable additions or made mistakes on the report.

Consumer Guide: The Appraisal Process

If you are financing your home purchase, you will likely be required to get a home appraisal as one of the steps between signing and close.

I would always recommend that you get inspections. They are an important part of the process and provide time for you to investigate your soon to be purchase. However they can be used when negotiating the offer in different ways.

Must be scheduled and completed within 14 days of the signing of the contract. We have until 21 days to complete any needed negotiations. Please review below.

From The Contract:  This Contract is contingent upon the Buyer(s) obtaining, at Buyer’s expense, a satisfactory inspection by a New York State licensed home inspector or a Professional Engineer within 14 calendar days after the signing of the contract. 

From The Contract:  If said inspection (and any additional inspector recommended inspections), at the Buyer’s sole discretion, are considered unsatisfactory, Buyer and Seller shall have until the end of the 21st calendar day after the Contract Date (or the contract date on Buyer’s Other Real Property, if applicable) to reach an agreement, unless sooner terminated by Buyer. Failure to reach an agreement within said timeframe terminates this Contract. 

From The Contract:  Buyer and Seller have the right to be present for all inspections and tests. In the event any of the following tests and/or inspections which are to be obtained by the Buyer are not performed within the time period stated, the tests and/or inspections are deemed waived. Seller agrees to fully cooperate and permit timely access to the Property for the purpose of required inspections and/or tests with all utilities operational at Seller's expense. Buyer acknowledges that agents' and attorneys' statements are not substitutes for property inspections by qualified professionals. Buyer has the opportunity to retain at Buyer's expense such qualified professionals as Buyer believes are appropriate.

Please secure your own professional inspector. You may use my references listed below. these are inspectors I have worked with and are familiar with.

Professional Inspectors Link - My List

Consumer Guide: Home Inspections

Between signing and close, a buyer may have a home inspected to ensure it is in good condition and safe for a new owner. Here's what you should know.

A mortgage commitment letter is a formal document from your lender stating that you’re approved for the loan. Lenders issue a mortgage commitment letter after an applicant successfully completes the pre-approval process. The letter tells the applicant how large of a mortgage the lender will likely approve, and the applicant can use the letter to show real estate agents and home sellers that they’re creditworthy and a serious home buyer.

If you have not received a commitment letter from your lender within 30 days from the date of the loan application please contact your lender and myself. This document is important because signals the seller's attorney to complete the legal and title updates and then send them to your attorney of choice for review.  Please forward a copy of this letter to myself and I will then forward it to your attorney and copy you to the email.

Abstract of Title

Also called a title abstract, an abstract of title is a collection of legal documents that details a property’s complete legal history from its first record of ownership to present day. An abstract of title details every title transfer and previous owner as well as any liens or other legal actions taken against the property.

Title Search

When buying a home, you’ll likely assume the seller is entitled to sell the property. However, that assumption can go awry if someone else with a claim or lien on the property knocks on your front door. A property title search examines public records to confirm a property’s rightful, legal owner. A title search should also reveal any claims or liens against a property that may affect purchasing it.

Finding out who owns the property you want to buy is just the first step. The current owner may not even be aware of an old claim on the property’s title. A previous owner’s debts can become your responsibility because mortgage liens and similar debts – as well as easements and restrictive covenants – follow the property, not the owner.

Encumbrances such as unpaid property taxes, homeowners association (HOA) fees and unpaid bills for previous home improvements may become your responsibility if you skip the title search – or the title search fails to uncover it. That’s why mortgage lenders require a title search and title insurance as part of the mortgage underwriting process.

Your attorney will review all legal and title work on your behalf and should advise you with regards to your own title insurance.

Consumer Guide: Deeds and Titles

To complete a home sale, a home's ownership rights are formally transferred from the seller to the buyer. Here's what to know about deeds and titles.

Secure and pay for one full year of home owners insurance. Once you have done so you what is referred to as an insurance binder along with the paid receipt will need to be sent by your insurance holder to your attorney so that they may forward it to your lender. The lender needs to receive this binder 6 to 7 days prior to closing in order to calculate your final closing costs.

Insurance Provider Link

Consumer Guide: Homeowners Insurance

Understanding homeowners insurance is essential for anyone looking to purchase a home—ask a REALTOR® to connect you with a licensed insurance agent.

Hearing "clear to close" can bring a huge relief in your home buying journey. As the term implies, you're nearing the end of the mortgage process. With underwriting, document verification, and the offer out of the way, being clear to close – sometimes referred to as "CTC" – in real estate signals that your lender will give you the green light for the home loan you need.

All that said, being clear to close doesn't mean you've reached the finish line. While there's a light at the end of the tunnel, you'll need to complete a few final steps before you get the keys to the property. Once the seller's and buyer's attorney have been notified the lender has issued a clear to close it serves as a signal for them to finalize all legal work.

Electric and Gas can be transferred into your name by contacting NYSEG once the closing date has been scheduled. Simply call their service # 800 572 1111 giving the date of closing. This can take a little bit of time and you may have to call several times to get results.  When it comes to oil and or propane steps should be taken to contact the current provider or provider of your choice in order to not interrupt delivery. Remember any fuel oil or propane that is left by the seller will be paid for by you at the time of closing, crediting the seller at market value.

Firm scheduling for the actual closing date and the location of it will be cooperatively worked out between all three attorneys (buyer's, seller's and lender's). Both the seller and the buyer may have input in the scheduling process as well, in order to accommodate such things as work schedules and etc.