Howard Kurtzberg
_____________________________________________________________________________________
Attorney at Law
380 North Broadway
Suite 300
Jericho, NY 11753
(516) 932-6350
Fax (516) 932-8353
Email: kurtzlaw@aol.com
OUTLINE OF TOPICS - HOME BUYING SEMINAR
WHILE YOU ARE LOOKING
Do your homework (read/attend seminars/use internet as a source of information)
Review your existing Lease obligations/Month to Month Tenancy – longer?
Co-op/condo/house – differences and similarities
take notes and picutres of each house you view- dimensions, number and types of rooms/layout/costs (heating, electric, taxes, etc.)
location, location, location
compiling a team of professionals
bank (compare APR, fees, interest rate lock-in options)
get yourself pre-qualified/pre-approved
compile financial information (bank/brokerage statememts/tax returns/employment/loans)
hire an attorney (credentials/referrals/bar association/advertisement/fees)
talk to your accountant (exemptions/deductions) to increase take home pay
insurance agent (liability, hazard)
real estate brokers - who do they work for? (disclosure)
home inspector/engineer
extermination company
ONCE YOU HAVE FOUND A HOME
binder - must be subject to attorney review
real estate taxes - grievances pending
heating system (oil, gas or electric)/electrical bills (Truth in Heating) maintenance/common charges
smoke detector/carbon monoxide detector
appliances
warranties
c/o's - pre-existing letter
binders (subject to more formal contract, attorney's review)
home inspection (engineer)
termite/pest examination (treatment/damage)
other tests (radon, etc.)
ENTERING INTO THE CONTRACT OF SALE
seller's attorney prepares the first draft and buyers attorney reviews it
joint tenants/tenants by the entireties/tenants in common
must be in writing - what "survives delivery of the deed" what doesn't
personal property (what's included, what's excluded)
closing date (what does “on or about” mean) - possession date (escrow for seller)
down payment (money due at contract signing), balance at closing
mortgage contingency (date, buyers representations and mortgage factors discussed below)
termite contingency, other contingencies
printed form of contract/riders
property condition disclosure form/$500 credit
lead paint disclosure
realtors disclosure
new construction contracts - dates, extras, c/o, fees
short sales - contingency
MORTGAGE PROCESSING
application (what fees, if any)
credit report (what fees, if any)
appraisal (what fees, if any)
processing (what fees, if any)
broker (what fees, if any)
any other fees?
lock - in
denial
approval (commitment)
Truth in Lending, Good Faith Estimates
closing conditions - asbestos/tank removal
TITLE INSURANCE/TITLE COMPANIES/FEES
fee title insurance premium
mortgage title insurance premium
record deed
record mortgage
mortgage recording tax (New York City 1.3% - $30; Nassau or Suffolk = 0.8% - $30)
escrow for real estate taxes and homeowners’ insurance
survey/survey inspection - old survey vs. new survey
municipal searches
building (certificates of occupancy/completion)
street report
real estate taxes
other searches
bankruptcy
Patriot’s Act
easements
covenants/restrictions (affirmative insurance)
judgments
endorsements
gratuity
market value rider
CLOSING
Pre-closing inspection (walk through) - premises are to be "broom clean"
appliances
"as is" (except plumbing, heating, electrical in "good working order"
and roof free of leaks)
funds needed - certified checks, etc.
Seller's fees – FYI (know the break even point)
transfer taxes (City: 1 -1.425%/State: .4%)
broker's commissions
existing mortgage
record satisfaction of mortgage
pick-up fee to title closer
Bank's fees
Application fee
Appraisal fee
Underwriting fee
Points (if any)
private mortgage insurance (80% rule)
reserves for
taxes (maintenance/common charges) i.e., town, school, village
homeowners’ insurance
private mortgage insurance
flood/hazard
tax service fee
bank's attorney
per diem interest on mortgage
Attorney's fees and disbursements
Other fees
adjustments (fuel and real estate taxes, and rents/security deposit if applicable)
Possession
escrow (terms, dates)
per diem interest
Transfer of utilities/moving
homeowners insurance
title insurance - market value rider
copy of deed - bargain and sale (determine ownership, such as joint tenants, etc.)
HUD - 1
POST-CLOSING
Possession at closing?
Move-in date
what if there is damage or not broom clean?
what's deductible?
points
interest on home mortgage
real estate taxes
improvements
bills
deed
title policy/survey
closing report
grieve taxes?
QUESTIONS - contact Howard Kurtzberg (516) 932-6350, kurtzlaw@aol.com