Real estate closings in the Bronx take place every single day, but that doesn’t mean you should treat them like unimportant, interchangeable transactions like paying for a meal at a fast food restaurant. Unlike even the most expensive dinner out, a real estate purchase will take years to pay off and will potentially lead to both legal and financial liability.
You need to protect yourself from risks inherent in such a transaction by getting the right support and addressing the important details that determine how beneficial or problematic a real estate transaction will be for you. Having the right support can make the difference between a messy situation and a straightforward closing.
Not all real estate paperwork is created equal
Whether you intend to buy a new home or want to sell your property, creating bespoke documents for the transaction will optimize your personal protection. While there are certainly boilerplate forms available online, such forms may leave you more vulnerable than custom-created documents.
As a seller, for example, you need to make very clear disclosures about what you know of the property’s condition and also make it clear when the buyer can take possession and what amenities within the home will transfer to them in the transaction. Some buyers come to the table expecting to keep everything from window treatments to appliances. Conflicts about those expectations can lead to litigation in extreme cases if not addressed in the contract.
For buyers, the risk may be that they overextend themselves or that they don’t provide themselves with the chance to cancel the transaction if the property turns out to be not what they expected. Appropriate contingencies and clear language regarding when the seller will transfer possession are crucial for buyer protection.
You must be ready to negotiate
You never know when an issue may arise. The inspector could find a major issue with the property’s wiring or foundation, forcing you to negotiate the price with the seller. The appraisal could come in low, requiring that you have an intense conversation with your lender. As a seller, the buyer could try to cancel the closing or change the possession date at the last minute.
It can become prohibitively difficult for the average person to handle all of those moving pieces unless they learn about state law and connect with professional help. Addressing all of the important details as you prepare to buy or sell residential real estate in the Bronx will set you on the path for a smooth and profitable real estate transaction.