In the fast-paced world of real estate, closing delays can happen for various reasons, causing stress for both buyers and sellers. If you’re selling a property, you might wonder whether you can back out of the deal if the closing doesn’t happen on time. Understanding...
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Real Estate Transactions
Avoid these common pitfalls when selling your home
Selling your home can be a complex and daunting process, especially if you are not well-versed in the intricacies of the real estate market. Many home sellers stumble into common pitfalls that can lead to financial losses and unnecessary stress. Learning about the...
What obligations do buyers and sellers have in real estate sales?
Buying real estate requires both sellers and buyers to sign a contract agreeing to the transaction. Not only do these documents secure the property between both parties, but the documents also establish the responsibilities of each for the sale to proceed. Before...
What happens at a real estate closing?
Purchasing a new home is exciting. But there are many formalities and processes that take place before you get the keys, and the final part of this process is your real estate closing appointment. In 2020, according to the National Association of REALTORS®, people...
What could possibly delay your real estate closing date?
Buyers and sellers are often under the impression that the purchase date in a real estate purchase contract is the actual closing date. This is possible, but it is wise to prepare for the unexpected. There are many issues that could cause a delay in the closing...
New reverse mortgage law requires both sides to bring an attorney
A bill passed in the New York legislature focused on protecting against deceptive practices by reverse mortgage lenders is headed for the Governor’s desk. By reinforcing what many lenders in the business are already doing, lawmakers aim to formalize rules that will...
Fees in real estate transactions: Who pays for what?
Buying or selling real estate is often the biggest transaction someone is a party to in their everyday life. The purchase price may already lead to sticker shock, only for someone to realize there are additional fees to be paid. What fees can buyers and sellers expect...
Understanding mortgage loan-to-value ratios
Many thinking of taking out their first mortgage have heard the phrase “loan-to-value” or “LTV.” With significant assets on the line, it is important for home buyers to understand this risk assessment tool. The Loan-to-Value ratio is often used to set the down payment...
Navigating New York residential real estate transactions
New York’s real estate market is notorious for being fast-paced and high-stakes. With thousands - sometimes hundreds of thousands - of dollars on the line, a mistake can have dire consequences. Whether you are buying or selling a house, apartment, brownstone, or...
Three ways even a pre-approved mortgage can fall through
Purchasing a home is often a complicated, stressful process. To help things along, many first-time home buyers try to get “pre-approved” for a mortgage before finding a property. The problem is, there are still problems that can arise even if someone has been...