Home Buying in New York>Question Details

Takima, Home Buyer in Yonkers, NY

May buy a new construct condo in the Bx. Im a 1st time home buyer and just want to make sure I am making the right decision. Any red flags 2 look 4?

Asked by Takima, Yonkers, NY Wed Sep 12, 2012

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13
I am a real estate attorney and would be happy to answer any of your questions with regard to your potential purchase. Please feel free to email me at Olga@DavisandFriedmanLaw.com Good luck!
0 votes Thank Flag Link Mon Sep 17, 2012
It means they are allowing you to do a 4% sellers concession, that is, you can finance most of your closing costs. That will NOT include your attorney fee. Most attorneys do not take a retainer, they are paid in full the day of closing.
0 votes Thank Flag Link Fri Sep 14, 2012
Again, thanks for all of the answers. If my closing costs are being financed by a bank can I still pay for the attorney using the closing cost money? The sponsor of the property told me I have 4% of the purchase price for closing costs. What exactly does that mean? Will that money pay for my lawyer's retainer?
0 votes Thank Flag Link Fri Sep 14, 2012
Hi Tamika. I saw your response below and wanted to tie this up. Yes, you need an Attorney to purchase real estate in New York. They will go over the Purchase Agreement and it's contents with you prior to your signing and will also forward your escrow deposit to the sellers Attorney. They will also be part of your overall closing costs as they will charge you for their services.

A Buyers broker will try to negotiate a best price and hopefully some if not all of the transfer taxes the developer will dump on you which would be detailed in the Purchase Agreement. Perhaps even more. Usually, a developer will also try to dump his Attorney costs on a buyer. You will probably be required to contribute some amount of the common charges as a new development needs to start their reserve fund. The broker who will represent your interests will get paid by the seller's side as this is a co-broke sale.

You'll know they represent you because the NY State Dept of State requires an "Agency Agreement" form to be explained and signed by you which will detail what party is represented by which broker. As for where to find such a buyers broker, that shouldn't be difficult. I might suspect you have family, friends or co-workers who could recommend someone they have used before. I wish you all the best.
0 votes Thank Flag Link Fri Sep 14, 2012
There are many things to look for when purchasing in new construction. There are issues of quality of construction, the track record of the developer, the terms that you can negotiate (and I don't just mean price, there are other costs passed on to you in new construction), how the banks view this property, and a host of others. Do not go it alone. You would be best served by using a skilled, experienced agent to guide you through the process.
0 votes Thank Flag Link Thu Sep 13, 2012
If you need assistance, please call me. My name is David and I can be reached at 212-714-1027 ext 14. Thank you and good luck.
0 votes Thank Flag Link Thu Sep 13, 2012
If you need assistance, please call me. My name is David and I can be reached at 212-714-1027 ext 14. Thank you and good luck.
0 votes Thank Flag Link Thu Sep 13, 2012
Takima,
To answer your question regarding the incentive for a buyer's agent. Well they are not working for free. The agent will be paid either from the commission already offered to the buyer's agent or deduct their commission from your offer but from my experience usually the former is in place. Buyer agents will typically work with you in a more relational capacity as oppose to transactional allowing a more rewarding experience for you while working in your best interest. In return they are looking for your referrals and will treat them the same. The agent will most likely be able to recommend an attorney,and loan specialist and even the home inspector. When your "team" is on the same page, it facilitates a more harmonious experience because purchasing real estate today can be a daunting experience.

Back to your original question. a buyer's agent will help you through the process and any possible red flags, we are not privy to the building you are considering.
0 votes Thank Flag Link Thu Sep 13, 2012
Hi Takima!
You need both. The agent has all the listings on the market and is going to help you find a home at no cost to you. When you sign the contract and at the closing you need to have a lawyer. The agent can not give you legal advice it is not qualified for that.
Good luck!
Veronika Baba Kian Realty NYC
0 votes Thank Flag Link Thu Sep 13, 2012
Also do I need an agent and a lawyer or would one of them suffice? Thank you
0 votes Thank Flag Link Thu Sep 13, 2012
Thanks for the response. So an agent would work on my behalf for free? If so, then what is the incentive for the agent? Where can I find an agent?
0 votes Thank Flag Link Wed Sep 12, 2012
Hello Tamika. I have to agree with Veronika below. It is in your best interest to use a buyers broker. This would in no way harm you and it certainly would put someone in your corner. The brokers marketing the property represent only the seller's interests. You need someone to represent your interests. As Veronika said, it won't cost you a dime (paraphrasing). If you need further advise, please feel free to contact me at your convenience. Good luck.
0 votes Thank Flag Link Wed Sep 12, 2012
You should have an agent to represent you. Doesn't cost you nothing and it is a big help for you.
Good luck.
Veronika Baba Kian Realty NYC
0 votes Thank Flag Link Wed Sep 12, 2012
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