Buying a home in Ulster County NY- Making an offer to Purchase
When you and your Realtor find the home that is what you have been looking for. You are ready to make an offer to purchase. In some parts of New York State your Realtor will write the contract. In Ulster County NY the Realtor will write a offer to purchase or a binder.
The offer to purchase will list the terms of the offer. It will state the name of the buyer or buyers and the names of the seller or sellers. There will be a legal description of the property stating the tax number, property address and the Multiple Listing Number if there is one.
The dollar amount that is being offered, the down payment, the amount of the mortgage or cash if it is a cash deal are all offered to the seller. Any contingencies are listed. It is wise in Ulster County to make the deal contingent on attorney approval. You will need to state whether you need to sell a home, obtain a mortgage and will do a home inspection. Typically you will have 7-10 business days to have the home inspection done.
Non real estate items that are included in the sale are listed. Items such as appliances, lighting fixtures, window treatments etc. are part of the document.
As the buyer read this document over closely and make sure it is written exactly as you want it. After you are sure you agree to the terms sign the offer. You may be asked to offer a good faith binder to be held in escrow.
There are several other documents that may be signed at this point. At this point I have my clients read and sign a HUD form called "For Your Protection Get a Home Inspection". This document explains the importance of a home inspection. After reading you will be asked to state whether you choose to have a home inspection or choose not to have one performed.
The last document I have clients sign is the "Disclosure To Buyers Regarding Property Condition Disclosure Statement". This document explains that the buyer of real estate in New York State is entitled to a Property Condition Disclosure from the seller. If the seller chooses not to fill out this disclosure you will receive $500 off the sale price at closing.
If you are buying a home that was built prior to 1978 you will be given a Lead Paint booklet. The seller will sign a Lead paint disclosure that will be part of the sales contract.
Now the paperwork is ready to be presented to the seller. Your Realtor will present the offer to the sellers agent who will bring it to the seller. Now is your time to sit back and wait...holding positive thoughts