Purchasing your first home can be both very exciting and terrifying. As a first-time home buyer, you may not be aware of the types of questions you should be asking. There are several things that first-time home buyers should be aware of beyond location and home size. First-time home buyers should do several things to protect themselves legally and financially. In fact, the New York State Attorney General's Office finds this topic so important that they have put together a checklist of items that first-time home buyers tips.
First-Time Home Buyers in New York
Here at the Law Offices of Melvin Monachan, PLLC, we think it is of the utmost importance to review some legal obstacles first-time home buyers might face. Whenever you are about to embark on any new activity, the first thing you should do is to educate yourself on the topic. You should be able to find home buyer seminars or counseling services that the federal Department of Housing and Urban Development provide.
Do not let yourself become pressured into signing anything without first running it by your attorney. Legitimate businesses will understand that you need time to look over a legal document (or have your attorney look it over), and they know that you will need time to review a contract before signing it. Never sign any document that contains blank spaces. If the company you are working with demands immediate signature, or the legal documents do not appear to be complete, this is a huge red flag and you should contact the Law Offices of Melvin Monachan, PLLC immediately. You should always have your own attorney to review all contracts, loan documents, and any other legal document before you sign anything.
During negotiations, you may agree to let the seller make any renovations or repairs at a future date. This is fine, just make sure that any and all promises are put in writing. When it comes time to close on the purchase, if anything discussed and agreed upon in writing is not complete, then you can demand that repair money is deposited into an escrow account until the repairs are finished. Finally, before you sign your closing documents, make sure that you and your attorney fully understand and agree with any last-minute changes that may have been made to the documents.
We Are Here to Put Your Mind at Ease
At the Law Offices of Melvin Monachan, PLLC we are highly knowledgeable real estate attorneys who have the experience to assist you with a variety of legal services pertaining to purchasing your first residence. Whether you are looking at a single family home, a condominium, or cooperative housing, we have the transactional experience to set your mind at ease. Buying your first home should be an exciting time, but if you think you may have fallen victim to predatory real estate practices, contact the Law Offices of Melvin Monachan, PLLC today!