Basic steps and matters needing attention in buying a house in new york.

In recent years, more and more people buy houses in new york, whether they are domestic investors or want to buy real estate for their own occupation. However, due to the complicated details of buying a house, there are many places to pay attention to. We strongly recommend that buyers hire lawyers when buying apartments in new york, because real estate transactions are very complicated, so there are many legal risks and hidden dangers. In America, buyers usually hire lawyers. In addition to contracts, liens and ownership issues that people usually care about, many cooperative apartments in new york still have financial statements and meeting minutes that need to be carefully studied and reviewed. Buying Condominium (condo), even buying a single-family house, may encounter a lot of troubles. Not to mention that sellers at the negotiating table usually have their own lawyers. Of course, there is a very simple reason. The real estate in new york is very expensive, and a bad deal may cause a lot of losses to the buyers. So please pay attention to the steps and precautions when buying a house in new york. 1. First, list the purpose of buying a house, the selected area, and the price budget and definition requirements of the house: first, make clear whether you want to live or invest. Then list the basic situation of the house you want to buy, such as price, location, number of bedrooms and bathrooms, area size and so on. Then consider that if you don't buy a house in cash, you must first apply to the bank for loan pre-approval and obtain a letter of pre-approval for housing loan (bank? You should study your financial situation first, consider your economic level comprehensively, and know whether you need a loan. If necessary, what is the monthly repayment amount?

2. Looking at the house: Look at the house by yourself or with the help of a broker, and make an offer. You can list all the conditions you want about the ideal house, such as geographical location, price range and special needs. In addition, looking at a house in the United States is different from looking at a house in China. Generally speaking, in the United States, after finding a suitable broker, he will act as an exclusive agent, instead of trying to find a number of brokers and compare them with each other. American brokers believe that this behavior means distrust. Once it is found that multiple brokers are employed at the same time, no one wants to do everything wholeheartedly. Usually, the buyers will sign an agency agreement with the broker, stipulating that the broker will act as the agent to purchase the house and stipulate the commission. Among them, the terms of commission payment need attention to avoid future disputes. In New York State, a real estate contract without a lawyer is invalid, so you need to find a lawyer with a local license to participate in the purchase at the latest before signing the intention contract.

3. written quotation: act as soon as possible after finding the real estate you want to buy, and don't give it too low. Otherwise, the owner will think that you don't understand the market price and have no sincerity. Tell your real estate agent in writing that he wants to buy this house, and indicate the purchase price and other conditions for buying the house, if any.

4. Sign the contract: After your quotation is accepted by the seller, the buyer and the seller will discuss the terms of the contract under the representatives of their respective lawyers. In new york, both parties must hire lawyers. As your buyer, the lawyer will review the contract sent by the seller's lawyer and make amendments, deletions or additions according to your situation. For example, whether to join the contract depends on the terms of the loan. At the same time, the buyer's lawyer will also conduct due diligence, review the documents related to the property, and inform you of the possible risks and unfavorable factors in purchasing the property. The terms of the contract and the details of the business transaction are very important. Be sure to consult with a lawyer and fully understand the risks and obligations involved. Both parties are satisfied with the contract, and after the buyer's due diligence is satisfied, the buyer signs the contract and generally pays 10% of the total house price as the down payment. If the buyer terminates the transaction at this time, the deposit is generally not refundable. After receiving the contract, the seller signs it and sends it back to the buyer.

5. The loan bank decides to issue a loan: If the buyer needs a loan, the buyer will contact the bank about the loan. After the bank agrees to the loan, it will issue a letter of commitment to you.

6. Property right report: the buyer's lawyer will purchase the property right report in the name of the buyer, and review whether there is any problem with the property right of the house and whether it can be transferred; Investigate historical transactions, loans, taxes, information about the owner of the house deed, whether there are unresolved legal disputes, etc. The investigation fee is paid by the buyer, usually several hundred yuan. Buyers generally buy property insurance to protect their rights and interests.

7. Apply to the management office: If you buy an apartment or cooperative apartment, you will apply to the apartment/cooperative apartment management office (board of directors) for the purchase of the property with the help of a real estate agent. The apartment management office has the preemptive right under the same conditions, that is, the management office can refuse your application for buying an apartment. But on the whole, I will agree to your application. In contrast, the Coop management office is more difficult to pass and it is easier to reject your application.

8. Closing the case: the lawyers of both parties collect the closing documents, coordinate the parties, confirm the closing time and attend. Usually 2-3 months after signing the contract. The buyer and the seller meet on the agreed transfer date and go through the formalities of handing over the house. The buyer shall carry valid identification documents (such as driver's license, passport or green card, etc.). ) and cash check to pay the remaining house payment and transfer the ownership. The housing transfer fee paid to loan buyers and cash buyers is very small. The buyer will receive the house deed within 1-3 weeks.

9. Fees after transfer: If you own an apartment, you must pay the monthly public fees for the property tax apartment; If you own a cooperative apartment, you must pay property tax and monthly management fee. Property tax is calculated according to the type, area and apartment area of the building; Public expenditure and management fees are related to building types and apartment area, ranging from several hundred yuan to several thousand yuan per month. Generally speaking, the monthly cost of a building providing multiple services is higher. Taxes or property taxes can be deducted from income. If you are an investor, public expenditure and property tax are both business expenditures, which can be tax deductible. If you have liquid assets and personal bank accounts in the United States, the purchase process usually takes two months. Therefore, it is necessary to prepare in advance, and the funds must be prepared during the viewing stage. If you need a house loan, add at least one more month.