What are the qualifications of a real estate lawyer you need to look for when buying or selling a property?
You also want to choose an attorney like Frank Savona who is comfortable with the ins and outs of the buying and selling process so that no details are overlooked.
Top Tips For Buying and Selling Property
Furthermore, do your research when entering into a home buying or selling situation. You want to know the strengths and weaknesses of the property, whether you’re listing the house for sale or whether you are contemplating buying it. This means never skipping the home inspection, as it can give you important insight about the property that might not otherwise be visible with the naked eye.
If you’re selling, you want to take advantage of some simple repairs or staging tactics that can really bring out the best in the property. This can help you find the right buyer more quickly. Along that same line, know the neighborhood and work with a realtor who can help identify the right kind of buyer to expedite your process.
Finally, whether you are buying or selling, it’s important that you hire an experienced real estate attorney who can address all your questions. Frank Savona can help you address some of the finer details. This will ease your concerns and provide protection, too.
Is a Condo or Co Op Right for you?
While both of these kinds of properties require board approval and hold regular board meetings, there are a lot of differences between condos and co ops that you should be aware of before you enter into the process. Coops, for example, tend to have a more intricate approval process, which means that the board might ask you very intimate details about your life. A face to face interview is common, and it can even include pets. In a coop, your application can be denied for any reason, but in a condo, right of first refusal runs the game, so this means that some other member could be eligible to buy it before you do.
When it comes to your living situation, there are a few key differences that might help point you in the right direction. Condos tend to be newer buildings and as a result, they frequently come with access to amenities like gyms, rooftops, or even entertainment rooms that are used by everyone. Coops are actually self-governed and can be made up of even just a few apartments, and they tend to be less expensive than purchasing a condo, which is helpful if you’re moving into an area where the cost of living is high. A down payment for a coop, however, could be 20 percent, whereas a condo might not require such a high percentage when you are first moving in. There are many factors to consider in your choice. Call Frank Savona today and he will guide you in the right direction.
Do I need a lawyer to buy or sell property?
What’s the buying/selling process like?
What is “due diligence”?
How are co-ops and condos different?
What Will My Closing Costs Be?
As a home buyer, what should I be looking for when conducting a home inspection?
- Theinspector you hire should be licensed – check with your real estate agent or attorney for possible recommendations.
- Be on the lookout for any structural defects (roof, foundation, etc.).
- Be aware of any structural additions and require the seller provide the necessary building permits.
- Have your attorney get a final survey to ensure no boundary line disputes.
- Check out the monthly utilities expenses as well as the property taxes so you can properly budget.
What are my typical closing costs as a seller?
You should of course hire an attorney. The attorney will typically charge a flat legal fee to be paid at the time of closing.
There may also be some other incidental closing costs charged by the title company including recordings costs.
What are my typical closing costs as a purchaser?
Purchasers also must purchase title insurance. Again, the title company fees are paid at closing and not prior to. The title insurance premium ranges depending on the purchase price of your new home. There are other title company related fees including title searches, cost of new survey and recording costs. New York State also requires payment of the mortgage recording tax at closing, which is calculated based on your loan amount. If your loan amount is under $500,000 the tax rate is 1.8 %, but if it goes over $500,000 the tax rate goes up to 1.925%. Your attorney will hire a title company at the best possible cost to you, so please consult your attorney to review all title company related fees
Finally, in addition to the lender costs and title company costs, purchasers will need to pay their attorney a flat fee at the time of closing.
When selling a home, do I have to include all the appliances? What items can be excluded from the sale?
Do I Need a Will or a Trust?
In addition to your assets and the care of your children, your will can also include instructions for your care, should you no longer be capable of making decisions for yourself (when this involves saving your life, it is known as a Living Will and determines the amount of life-saving measures doctors should take if your health is failing).
Trusts (also known as Revocable Living Trusts) can be an effective tool for estate planning, but they are not for everyone. In general, if you have only modest assets, a trust is not necessary, but there are exceptions.
What Do I Need to Know about Creating a Will?
Your will specifies what should happen with you estate once you die. At a minimum, your will needs to include:
- Who is responsible for your children
- How your property and assets should be divided
- Who should be in charge of administrating your estate
- Any specific gifts you want to leave for loved ones
- Any charitable donations you wish to be made out of your estate
In order to properly execute a will you must be of sound mind, with a clear understanding of the documents you are signing. You must be acting on your own free will without undue influence and your will must be signed, witnessed, and notarized in accordance with state laws.
What is the Best Way to Find Assistance with Estate Planning?
Remember, it is important your advisor be familiar with laws in your state, since these vary from location to location. If you have specific concerns or unique circumstances, you should look for someone who has previous experience dealing with similar situations. It is also important to work with someone who makes you comfortable.
When you believe you have found someone qualified to handle your case, schedule a consultation to discuss your estate planning needs. This gives you an opportunity to get to know an estate planning attorney without making a long-term commitment.
Should I Discus Estate Planning with My Elderly Parent? I Feel Uncomfortable/Disrespectful/As If I am Prying into their Business!
The first thing you should do, if possible, is to encourage them to discuss their current financial status in general. This includes their bank accounts, mortgages, loans, credit card accounts, life insurance policies, and ownership documents regarding houses, property, vehicle, and other assets. The worst thing that can happen is for you to be caught off guard when one or both of your parents are no longer here to explain their situation.
Many adult children take for granted their parents are financially savvy – but unfortunately, this is not always the case. Often, parents with good intentions make costly mistakes. Discussions now can prevent costly and unintentional mistakes.
It is also important to discuss your parents’ estate, not to learn what you will get once they are gone, but to determine how to care for them long-term. Once you have broached the issue privately, you should schedule a time to meet together with an attorney and financial planner.