Whether it is an apartment or condo, buying a home in New York City is a major investment. Once you have made an offer on your new home, the seller will send you a contract. Although it may be tempting to just sign it, it is important to carefully review it first to ensure that it contains certain provisions that will protect your interests during the purchase process.
Unless you are paying cash for your home, it is important to ensure that the contract is contingent on your ability to obtain a mortgage or other financing at a specific interest rate. In addition to this, the contract should contain a provision that spells out who pays closing costs and other fees associated with the purchase. If you are expecting that certain appliances or fixtures will come along with the home, the contract should say so as well.
The contract should also have a provision that makes your offer contingent on a satisfactory home inspection. This provision will allow you to walk away from the deal if an inspection reveals a major defect in the home, such as a leaky roof. Additionally, there should be a specific closing date specified in the contract. Finally, if you need to sell your current home, it may be wise to have a provision in the contract making the sale contingent on your ability to do so.
Of course, these are only a few examples of important terms to look out for in the contract. To ensure that your best interests are protected throughout the process, it is important to have the assistance of the experienced real estate closing lawyers at Greenberg & Wilner. With more than 50 years of experience, our attorneys can help you avoid potential pitfalls and save you time and money.