What you need to know about relocating to Long Island
When you purchase real estate in New York on Long Island, you’ll first make a written offer on a sales agreement. You will need a mortgage pre-approval and/or proof of funds, usually in the form of a bank statement or financial advisors/accountant letter.
When your offer is accepted, you will then have a home inspection performed by a licensed and insured home inspector.
After the home inspection is complete and any items that came up during this process have been addressed, the sellers attorney will send your attorney a contract of sale.
The two attorneys will then negotiate the finer points of the contract.
Once your attorney is satisfied with the contract terms, you will sign a contract. You will also provide your attorney with the down payment check in accordance with the contract of sale details.
If you are financing the home with a mortgage, your loan process begins.
During this time, your attorney will order title work to be completed. During this time, all necessary contingencies from title and your loan will be satisfied.
When the title company is prepared to close, a closing will be scheduled.
The Closing Process
You will have to have a paid-in-full homeowner’s policy for your closing from your insurance company.
Next, you’ll have to contact utility companies like the electric company and water authority to put them in your name.
A final walk-through of the home will be scheduled prior to your closing. You’ll check out the house!
At closing, all funds related specifically to the purchase of the property, must be in certified bank check and your attorney will go over all the details of your transaction prior to your closing.
During the closing, you’ll sign paperwork and if you are taking possession of the property that day, you’ll get the keys! If you are closing with a “post-possession”, I’ll go over the basics of this with you. Your attorney will also in more detail well before your closing. (Don’t worry, we have your back!)
After you own the property, in New York State, as of the writing of this post, Long Island homeowners are eligible for a discount on their property taxes, referred to as STAR. Click the link to learn more.
One very important piece of information is that when you work with me, there are no extra fees and you do not pay my commission. I am a licensed Broker Associate in New York and I am paid from the proceeds of sale, from the seller.
I am a Certified Buyer Representative and I specialize in representing buyers interests when I work on behalf of any home buyers. I do not work with any buyer broker contracts.
Those are the basics of what you should know about relocating to Long Island and buying property here.
If you would like to contact me to help you relocate, please contact me at (631)831-9048.
If you are a real estate agent in another state who’s looking for an agent to help your client relocate to or from Long Island, I’d be happy to discuss the referral!
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