The real estate closing process in New York State can seem complex and daunting, especially for first-time homebuyers. However, understanding each step can demystify the experience and help you navigate the process more confidently. This guide will walk you through the essential stages of a typical real estate closing in New York, from contract signing to the final handover of keys. 1. Contract Signing Once you've found the perfect property and agreed on a price, the first formal step in the closing process is signing the purchase agreement. In New York, both parties—buyer and seller—usually work with their own attorneys to ensure the contract details are accurate and in their best interests. Key elements of the contract include: Purchase Price: The agreed-upon price for the property. Contingencies: Conditions that must be met for the sale to proceed, such as passing a home inspection or securing financing. Closing Date: The date on which the property will officially change hands. 2. Title Search and Insurance After the contract is signed, a title search is conducted to verify that the seller has clear ownership of the property and the right to transfer it. This step ensures there are no legal claims, liens, or disputes over the property. Additionally, buyers are required to purchase title insurance to protect against any future claims against the property. 3. Home Inspection and Appraisal Before closing, the buyer will typically arrange for a home inspection to identify any potential issues with the property, such as structural problems or necessary repairs. An appraisal is also conducted by the lender to determine the property's fair market value, ensuring that the loan amount matches the property's worth. 4. Mortgage Commitment Once the inspection and appraisal are completed, the buyer's lender will issue a mortgage commitment. This document outlines the terms and conditions of the mortgage loan and confirms the lender's intent to finance the purchase. Buyers should review the commitment carefully, as it includes important details about the interest rate, loan amount, and repayment schedule. 5. Final Walkthrough A day or two before the closing date, the buyer will perform a final walkthrough of the property. This step ensures that the property is in the agreed-upon condition and that any negotiated repairs have been completed. It’s the buyer’s last chance to verify that everything is in order before signing the final documents. 6. The Closing Meeting The closing meeting, typically held at the office of one of the attorneys (we have hosted many over the years at the offices of Brooklyn real estate attorney Robert Howe ) or at the title company, is where all the final documents are signed, and ownership of the property is officially transferred. Key participants in this meeting usually include the buyer, seller, their respective attorneys, the lender’s representative, and a title company representative. During the closing, the buyer will: Sign the Mortgage Documents: Including the promissory note and mortgage agreement. Pay Closing Costs: This includes fees for the title search, title insurance, attorney fees, and any other costs associated with the transaction. Receive the Deed: The legal document that transfers ownership from the seller to the buyer. 7. Recording the Deed After the closing meeting, the deed and mortgage documents are filed with the local county clerk's office, making the transfer of ownership official. In New York, this step is crucial because it legally records the new owner’s interest in the property. 8. Receiving the Keys Once the deed is recorded, the buyer officially becomes the new owner of the property and receives the keys. Congratulations—you've successfully navigated the New York real estate closing process! Conclusion While the real estate closing process in New York State involves several steps, having a clear understanding of each stage can make the journey smoother and less stressful. With the right preparation and professional guidance, you can confidently move through the process and enjoy the exciting moment when you finally get the keys to your new home.

As of mid-2024, the U.S. housing market continues to defy expectations with record-high home prices. Recent data shows a 4.4% year-over-year increase in median sale prices, now at an all-time high of $393,627​ (Norada Real Estate Investments)​​ (Norada Real Estate Investments)​. This surge, while impressive, comes with a mix of challenges and opportunities for both buyers and sellers. The State of the Market Despite the rising prices, the housing market is showing signs of stabilization. Mortgage rates have slightly decreased to an average of 6.99%, down from their peak earlier this year, making monthly payments a bit more manageable for buyers​ (Norada Real Estate Investments)​. This decline in rates is attributed to recent inflation data and the Federal Reserve's cautious approach to interest rate cuts. Interestingly, while prices continue to rise, the rate of increase is beginning to slow. Many sellers are adjusting their expectations, with 6.5% of listings seeing price reductions, the highest rate since late 2022​ (Norada Real Estate Investments)​. This adjustment reflects a more balanced market where buyers might find more negotiating power than in previous months. Regional Variations The impact of these trends varies significantly by region. For example, the Boston housing market has experienced robust growth over the past year, with a 9.2% increase in home values​ (Norada Real Estate Investments)​. However, the forecast for the coming year predicts a slight decline of 0.9%, suggesting that the market may be cooling off. In contrast, cities like Austin, Fort Worth, San Antonio, and Portland are already seeing falling home prices, highlighting the diverse nature of the housing market across different metro areas​ (Norada Real Estate Investments)​. Tips for Buyers For prospective homebuyers, the current market offers a few silver linings: Mortgage Rates: With mortgage rates expected to continue their downward trend, it's a good time to secure financing. Pre-approval can give buyers a clear picture of their budget and strengthen their position in negotiations​ (Kiplinger.com)​. Monitoring Listings: Given that homes are still selling relatively quickly, staying on top of new listings and acting fast is crucial. Real-time notifications from platforms like Realtor.com, Redfin, and Zillow can help buyers keep up with new opportunities​ (Kiplinger.com)​. Down Payment Assistance: Programs offering grants or low-interest loans for down payments can make homeownership more accessible, especially for first-time buyers​ (Kiplinger.com)​. Tips for Sellers Sellers, on the other hand, should consider the following strategies: Pricing Realistically: With a higher rate of price reductions, it's important to set a realistic asking price that reflects current market conditions. Overpricing can lead to prolonged listings and eventual price cuts​ (Norada Real Estate Investments)​. Market Timing: Listing homes during periods of high buyer activity can result in quicker sales and better offers. Understanding local market trends and seasonality can be advantageous​ (Kiplinger.com)​. Property Condition: Turnkey homes, which require little to no immediate repairs or renovations, continue to attract higher offers and sell faster. Investing in minor upgrades can yield significant returns. In summary, while the housing market remains competitive with high prices, the landscape is evolving. Both buyers and sellers can benefit from understanding current trends, leveraging financial tools, and staying informed about regional market conditions to make the most of their real estate transactions. And as always, make sure you consult with industry professionals such as a real estate attorney .

Buying a home is one of the most significant financial decisions you will make in your lifetime. As you navigate the complex process of securing a mortgage, understanding mortgage rates is crucial. Mortgage rates directly impact your monthly payments and the overall cost of your loan. Here's a comprehensive guide to help you understand mortgage rates when buying a home. What Are Mortgage Rates? Mortgage rates are the interest rates charged on a mortgage loan. These rates determine how much interest you will pay over the life of the loan. They are expressed as a percentage and can be either fixed or variable. Fixed-Rate Mortgages: These have a constant interest rate and monthly payments that never change. They are stable and predictable, making them a popular choice for long-term homeowners. Variable-Rate Mortgages (ARMs): These have interest rates that can change periodically, often after an initial fixed-rate period. They may start with lower rates, but there's a risk of higher payments if rates increase. Factors Influencing Mortgage Rates Several factors influence mortgage rates, some within your control and others dictated by the broader economic environment: Credit Score: Lenders use your credit score to assess your risk as a borrower. Higher credit scores typically result in lower mortgage rates. It's essential to maintain a good credit score by managing debts and making timely payments. Loan Amount and Down Payment: The size of your loan and your down payment can impact your rate. A larger down payment reduces the loan amount and can lead to a lower interest rate because the lender’s risk decreases. Loan Type: Different types of loans (e.g., conventional, FHA, VA) have varying rates. Government-backed loans might offer lower rates for eligible borrowers. Loan Term: The length of your loan affects the rate. Shorter-term loans usually have lower rates but higher monthly payments, while longer-term loans have higher rates and lower monthly payments. Market Conditions: Economic factors such as inflation, employment rates, and the Federal Reserve's policies influence mortgage rates. In times of economic growth, rates may rise, while they might fall during economic downturns. How to Secure the Best Mortgage Rate Improve Your Credit Score: Pay off debts, avoid new credit inquiries, and ensure your credit report is accurate. A higher score can qualify you for better rates. Save for a Larger Down Payment: The more you can put down, the lower your loan amount and the better your rate. Aim for at least 20% to avoid private mortgage insurance (PMI). Shop Around: Different lenders offer different rates. Get quotes from multiple lenders, including banks, credit unions, and online lenders. Compare their rates, fees, and terms to find the best deal. Consider Points: Discount points are fees paid directly to the lender at closing in exchange for a lower interest rate. If you plan to stay in your home for a long time, paying points can save you money in the long run. Lock in Your Rate: Once you find a favorable rate, lock it in with your lender to protect against rate increases during the closing process. Understanding APR While mortgage rates are crucial, also consider the annual percentage rate (APR), which includes the interest rate and other loan-related costs. The APR gives a more comprehensive view of the loan's total cost and helps in comparing different loan offers. Conclusion Understanding mortgage rates is vital for making informed decisions when buying a home. By familiarizing yourself with how rates work and the factors that influence them, you can take steps to secure the best possible rate. Remember, a lower mortgage rate can save you thousands of dollars over the life of your loan, making homeownership more affordable and enjoyable. Make sure to consult a financial expert as well as an attorney when entering into possibly the biggest purchase you will make in your life. Happy house hunting!

Buying a home is one of the most significant investments you’ll ever make. It’s a process filled with excitement, anticipation, and a fair bit of stress. One way to manage the complexities and ensure a smooth journey is to create a detailed to-do list. Here’s a comprehensive guide to help you navigate the home-buying process efficiently. 1. Assess Your Financial Health ☑ Check Your Credit Score: Your credit score plays a crucial role in securing a mortgage. Obtain your credit report and ensure it’s accurate. ☑ Calculate Your Budget: Determine how much you can afford. Consider your savings, monthly income, and current debts. ☑ Save for a Down Payment: Aim for at least 20% of the home’s price to avoid private mortgage insurance (PMI). 2. Get Pre-Approved for a Mortgage ☑ Research Lenders: Look for reputable lenders and compare their rates and terms. ☑ Gather Necessary Documents: Typically, you’ll need tax returns, pay stubs, bank statements, and identification. ☑ Get Pre-Approved: This not only shows sellers you’re serious but also helps you understand how much you can borrow. 3. Define Your Needs and Wants ☑ Make a List of Must-Haves: Number of bedrooms, bathrooms, location, school district, etc. ☑ Identify Nice-to-Haves: Features like a swimming pool, large backyard, or a home office. 4. Start House Hunting ☑ Choose a Real Estate Agent: A good agent will understand your needs and help you find homes that match your criteria. ☑ Use Online Resources: Websites and apps can help you browse listings and narrow down options. ☑ Visit Open Houses: Get a feel for different neighborhoods and house styles. 5. Make an Offer ☑ Determine a Fair Offer: Your agent can help you understand market conditions and suggest a competitive offer. ☑ Prepare for Negotiations: Be ready to negotiate on price, closing costs, and other terms. ☑ Submit Your Offer: Once you and the seller agree, you’ll sign a purchase agreement. 6. Secure Financing ☑ Finalize Your Mortgage Application: Submit any additional documents requested by your lender. ☑ Lock in Your Interest Rate: Decide whether to lock in your rate or let it float. ☑ Schedule an Appraisal: Your lender will require an appraisal to ensure the home’s value supports the loan amount. 7. Conduct Inspections ☑ Hire a Home Inspector: A thorough inspection can reveal potential issues with the property. ☑ Review Inspection Report: Discuss any concerns with your agent and decide if you need to negotiate repairs or credits. 8. Close the Deal ☑ Perform a Final Walkthrough: Ensure the home is in the agreed-upon condition before closing. ☑ Review Closing Documents: Carefully read and understand all paperwork before signing. ☑ Sign the Papers: Once everything is signed, you’ll receive the keys to your new home! 9. Move In and Settle Down ☑ Plan Your Move: Hire movers or rent a truck, and start packing. ☑ Set Up Utilities and Services: Arrange for electricity, water, internet, and other services to be turned on. ☑ Enjoy Your New Home: Unpack, decorate, and settle into your new space. Conclusion Buying a home is a journey that requires careful planning and organization. By following this to-do list, you can stay on track and ensure that you don’t miss any critical steps along the way. You should also consult an attorney who can help navigate these waters and represent you. Happy house hunting, and may you find the home of your dreams!

When it comes to planning for the future, many people focus on immediate goals like career advancement, home ownership, and raising a family. However, one critical aspect of future planning that often gets overlooked is estate planning. While it may not be the most exciting topic, having an estate plan is essential for ensuring that your assets are distributed according to your wishes, your loved ones are cared for, and potential conflicts are minimized. Here are some key reasons why having an estate plan is so important: 1. Protecting Your Loved Ones One of the most significant reasons to have an estate plan is to protect your loved ones. Without a clear plan in place, your assets may not be distributed as you intended, leading to potential conflicts among family members. By clearly outlining your wishes in a will or trust, you can ensure that your beneficiaries receive what you want them to have, and you can appoint guardians for any minor children, ensuring they are cared for by the people you trust most. 2. Avoiding Probate Probate is the legal process through which a deceased person's estate is administered and distributed. It can be a lengthy, expensive, and public process. An estate plan can help you avoid probate by allowing you to use tools like living trusts, which can transfer your assets directly to your beneficiaries without the need for court intervention. This can save your loved ones a great deal of time, money, and stress. 3. Reducing Estate Taxes Estate planning can also help you reduce the amount of taxes that will need to be paid on your estate. Through various strategies, such as gifting assets during your lifetime, setting up trusts, and making charitable donations, you can minimize the tax burden on your estate, allowing more of your assets to go to your beneficiaries. 4. Planning for Incapacity An estate plan isn’t just about what happens after you die; it’s also about what happens if you become incapacitated. By including documents like a durable power of attorney and a healthcare proxy in your estate plan, you can designate someone to make financial and medical decisions on your behalf if you are unable to do so. This ensures that your affairs are managed according to your wishes and can prevent disputes among family members. 5. Providing for Charities If you have charitable organizations that are important to you, an estate plan can help ensure they are provided for after your death. By including charitable bequests in your will or setting up a charitable trust, you can leave a lasting legacy and support the causes you care about. 6. Peace of Mind Ultimately, having an estate plan provides peace of mind. Knowing that you have taken steps to protect your loved ones, minimize taxes, and ensure that your wishes are carried out can give you and your family a sense of security. It’s a proactive way to take control of your future and provide for those you care about most. Getting Started with Estate Planning Creating an estate plan doesn’t have to be complicated, but it does require careful consideration and professional advice. Here are some steps to get you started: -Inventory Your Assets: Make a list of all your assets, including real estate, bank accounts, investments, retirement accounts, and personal property. -Choose Your Beneficiaries: Decide who you want to inherit your assets and in what proportions. -Select an Executor: Choose a trusted person to carry out the terms of your will. -Draft a Will or Trust: Work with an estate planning attorney to draft a will or trust that outlines your wishes. -Consider a Durable Power of Attorney and Healthcare Proxy: These documents allow you to designate someone to make decisions on your behalf if you become incapacitated. -Review and Update Your Plan: Life circumstances change, so it’s important to review and update your estate plan regularly to ensure it reflects your current wishes and situation. In conclusion, having an estate plan is a crucial step in protecting your loved ones, ensuring your wishes are honored, and providing peace of mind. It’s never too early to start planning for the future, and the benefits of having a well-thought-out estate plan far outweigh the time and effort it takes to create one. Just remember to consult with your attorney to make sure you cover all your bases.

Brooklyn real estate attorney Robert Howe drops his latest episode of Howe's New York and we have a great show for you full of fantastic information. We welcome Gina Bartnik of Corcoran to talk about what buyers and sellers can do to be prepared to pounce when the market changes. Check back here to see all the episodes of Howe's New York on BlogTalkRadio ! https://www.blogtalkradio.com/roberthowe/2024/03/19/brooklyn-attorney-robert-howe-on-real-estate-ready-with-corcorans-gina-bartnik

Although home prices hover at a median of $415,500 nationwide, properties within a significantly lower price range have just started inundating the market. The number of homes for sale in the $200,000 to $350,000 range has shot up by 20.6% compared with this same month last year, a recent Realtor.com® report has found. This growth spurt in affordable real estate outstrips all other price categories. While homes in this price range run the full gamut, the median clocks in at $285,000—that’s a hefty $130,500 in savings compared with the median home price overall. https://www.realtor.com/news/trends/where-affordable-homes-under-350k-are-flooding-market/

Brooklyn Real Estate Attorney Robert Howe and his podcast Howe's New York - on BlogTalkRadio - have been named a top 3 Brooklyn real estate podcast by Feedspot . Feedspot - the site that allows you to read your favorite blogs, podcasts, news websites, Youtube Channels and RSS feeds from one place - has over 250,000 influential bloggers database classified in more than 1,500 niche categories. In thanking Howe's New York for its contribution to the category Feedspot said "This is the most comprehensive list of Top 3 Brooklyn Commercial Real Estate Podcasts on the internet and I'm honored to have you as part of this!" Robert Howe has been practicing law in Brooklyn, New York for nearly 40 years and for almost a decade has been one of the top podcasts on national and New York real estate and real estate law practices on BlogTalkRadio's Howe's New York . https://podcasts.feedspot.com/brooklyn_commercial_real_estate_podcasts/?feedid=5417628

On the latest Howe's New York , Brooklyn real estate attorney Robert Howe diagnoses what you need for a legal bill of health. These are the legal documents everyone should consider having in order to make sure they are keeping their legal health in tip to shape. Tune in to Howe's New York on BlogTalkRadio ! https://www.blogtalkradio.com/roberthowe/2024/02/09/brooklyn-real-estate-attorney-robert-howe-prescribes-clean-legal-bill-of-health