NEW YORK REAL ESTATE LAWYER

A HOME PURCHASE IS ONES SINGLE MOST IMPORTANT PURCHASE
ANTHONY M. PARLATORE, ESQ,
(631) 941-4411


Nearly everyone at some time in life buys or sells a home. The purchase of a home is probably the largest single investment a person will ever make, and therefore careful consideration should be given to the technical aspects involved. But one should not lose sight of the fact that it is also a very happy event, and something which should be enjoyed. By understanding the many different stages of the real estate transaction, the "mystery" often surrounding these transactions is dispelled, and this clearer understanding leads to a more relaxed and pleasant experience. As your attorneys, we will strive to answer any question you have about your transaction, and hope to work closely with you so that you will have an orderly, trouble-free transition into your new home, or from your old address to your new one. Don't ever hesitate to call us if you have any questions or if anything is not clear to you.

Title Insurance
One of the elements in every "arm's length" real estate transaction is the issuance of a title insurance policy. There are many "title companies" licensed by the state and each operates in much the same manner. Their function is to research the title to discover if there are any liens, claims of others, judgements, or any impediments. Once they can "guarantee" that title is clear, they can issue an insurance policy protecting the legal interest of the buyer.

The Contract…Once a buyer and a seller of real estate agree on the price and other terms, it's then that a written agreement specifying both parties' rights and obligations is prepared and signed. The attorney for the seller traditionally draws the contract but before doing so contacts the attorney for the buyer to discuss the various contract terms. If there is a real estate broker who brought about the sale, the broker is the person who actually negotiates all the non-legal aspects of the transaction. All the parties involved - the buyer, seller, real estate agent, and the attorneys, must communicate and cooperate to insure that the process progresses smoothly. Once the contracts are signed, the buyer then continues to arrange for the financing, and the seller does whatever is necessary to insure that the title will be conveyed according to the contract's terms. Termite inspections, title searches, appraisals, applications for certificates of occupancy, updates on surveys, mortgage payoff letters, and similar such items are obtained by the respective attorneys and parties. When the bank issues the mortgage commitment and all of the ancillary items are completed, it's then time to set the closing date.

The Closing…The "closing" is the transaction in which the seller receives the purchase price, and pays off all of his/her outstanding obligations on the property, and the buyer receives the deed conveying legal ownership of the property to him/her. The closing normally occurs at the office of the bank's attorney and is attended by all parties to the transaction, plus a representative of the Title Company. It is generally a happy, though hectic day and really is the highlight of the entire transaction.
In the vast majority of the cases the buyer and seller attempt to accommodate each others' needs concerning setting the closing date and arranging for the seller to vacate and for the buyer to move in. Unfortunately, the actual closing date cannot be set with certainty at the time of contract due to the mortgage financing uncertainties. It is therefor commonplace for the contract to provide an "on or about" closing date, which normally is within 30 days of the actual closing.
It is our desire to insure that your real estate transaction is a pleasant experience. By working together during the pendency of the matter and seeing that all your questions are answered, we can help to insure that you will not be "mystified" and that you will have a positive experience.
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Anthony M. Parlatore, Esq, Attorney at Law
290 Main Street
Setauket, New York 11733
Telephone: (631) 941-4411
Facsimile: (631) 941-4408