What Every Homebuyer Needs to Know Before Signing a Contract When buying a home, one of the most important protections for a buyer is the bank appraisal contingency . This clause safeguards you if the home’s appraised value comes in lower than the agreed-upon contract price. Why does this matter? Because lenders base the loan amount on the lower of the contract price or the appraised value not the higher number. What Is a Bank Appraisal Contingency? A

A recent case is making waves in the real estate world: a homebuyer was ordered to pay $24,000  after violating their Exclusive Buyer Representation Agreement . Under the new NAR rules , this agreement isn’t just paperwork it’s a binding contract  that creates a legal relationship between you and the brokerage representing you. And in New York, it’s required before  a buyer tours any  property with an agent or broker. If you’re planning to buy a home, especially in Queens or

When buying a home in Queens, it’s important to understand the different taxes  involved in the transaction. Knowing who pays Transfer Tax  and Mortgage Recording Tax (MRT)  can help you budget accurately and avoid surprises at closing. 💰 1. Transfer Taxes (Seller Responsibility) If you’re purchasing a home at $750,000 with 10% down , here’s what the transfer taxes look like: NYC Real Property Transfer Tax (RPTT):  1.425% NYS Transfer Tax:  0.4% Who pays?  Typically, these t

When purchasing a home with a mortgage, there’s one important cost you’ll encounter at closing that often catches buyers off guard the Mortgage Recording Fee . This fee covers the cost of officially recording your mortgage with the county , ensuring your lender’s lien on the property is properly documented in public records. It’s based on your loan amount , not  the total purchase price. 🏛️ What’s Included in Mortgage Recording Fees These are gove

Before you sign those closing papers and officially become a homeowner, there’s one crucial step  you should never  skip the Final Walk-Through . 👣✨ This is your last opportunity  to ensure everything is exactly as agreed before the keys are in your hand. Here’s why it matters so much: ✅ 1. Confirm the Condition Make sure the home is in the same (or better!) condition  as when you made your offer. Check for any new damage, leaks, or unexpected issues that might have appeared

One of the most common questions in real estate today is: “Who actually pays the real estate agent’s commission?”  The answer has changed and it’s important for buyers and sellers alike to understand the new rules  that took effect in August 2024 . 1️⃣ Traditional Model Shifted For decades, it was standard practice for sellers to pay both the listing agent and the buyer’s agent commissions  out of the sale proceeds. But that long-standing norm has n

Buying your first home is exciting but it’s also a huge financial and emotional step. One pitfall many new buyers don’t know about is the...

Many first-time homebuyers breathe a sigh of relief once they lock in a 30-year fixed mortgage thinking their payment will never change....

Franklin Square remains one of Nassau County’s most desirable communities, offering strong schools, high homeownership rates, and steady...

This week’s real estate snapshot is in, and here’s what’s happening in Hicksville, NY: 💲 Median List Price:  $864,000 🏠 Median Price...

Buying a home is a major milestone but before the excitement of submitting an offer takes over, it’s crucial to understand what you’re...

Buying a home is exciting, but don’t let hidden issues cost you later! Here are 6 major red flags  to watch for: ❌ Foundation Cracks  –...