Residential Real Estate Services
Expert Guidance during your real Estate Transaction
Representing Buyers & Sellers
For Sellers
It’s crucial to have expert guidance to maximize your return and streamline the process when it comes to selling your property. We specialize in representing sellers and offer the knowledge and support you need to navigate the complexities of the real estate market.
From strategically pricing your property to effectively marketing and negotiating offers, we work tirelessly to ensure you receive the best possible outcome. Our team will handle contract review and negotiations, facilitate due diligence, and guide you through the closing process. With our expertise, strong advocacy, and commitment to your success, you can trust us to provide you with the expert guidance you need to sell your property with confidence and achieve your desired goals.
For Buyers
When it comes to buying a property, having expert guidance is crucial to ensure a smooth and successful transaction. At The Law Offices of Steve Leunes PLLC, we specialize in representing buyers and provide the knowledge and support you need throughout the process. With our deep understanding of the real estate market, extensive due diligence, and strong negotiation skills, we strive to protect your interests and secure the best possible outcome.
From contract review and negotiation to thorough property inspections and navigating financing options, we will be by your side, advocating for your best interests every step of the way. Trust our dedicated team to provide you with the expert guidance you need to make informed decisions and achieve a successful purchase.
Representing Buyers & Sellers
Friendly & Confident
We understand that buying or selling a home is a significant milestone in your life. That’s why having an experienced attorney by your side can make all the difference. We’re here to guide you through every step of the residential real estate transaction process, providing friendly and confident legal services tailored to your needs.
01
Contract Clarity
We ensure that your purchase or sale agreement is reviewed meticulously, providing you with a clear understanding of the terms and protecting your best interests. Our skilled negotiators will work on your behalf to secure favorable modifications to the contract, ensuring your rights are protected.
02
Title Assurance
Our team conducts a thorough title examination, leaving no stone un-turned to ensure that the property’s title is free from any encumbrances or surprises. We assist in obtaining comprehensive title insurance to safeguard your investment, providing you with peace of mind.
03
Diligent Due Diligence
We assist you in navigating the due diligence process, coordinating property inspections, surveys, and environmental assessments. Our goal is to uncover any potential issues that may impact your decision, so you can proceed with confidence.
04
Financing Made Easy
If your transaction involves financing, we work closely with you and your lender to streamline the process. Our team reviews loan agreements, facilitates smooth loan closings, and ensures compliance with all necessary legal requirements.
05
Smooth Closing Experience
We handle all aspects of the closing, meticulously preparing the required legal documents and coordinating the final steps. You can rely on us to guide you through the closing process, representing your best interests and ensuring a seamless transfer of ownership.
06
Post-Closing
Support
Even after the closing, we’re here for you. We assist with post-closing matters, such as recording the deed, transferring utilities, and addressing any lingering legal or administrative tasks. Our commitment to your satisfaction extends beyond the closing table.
What People Say
Client Testimonials
Trusted Guidance
We will provide you with expert legal guidance throughout the entire transaction. From addressing your questions and concerns to helping resolve any issues or disputes that may arise, we are your trusted advocates, ready to protect your interests.
important things you should know
Questions And Answers
These FAQs provide general information and should not replace personalized advice. Consulting with real estate professionals and experts is recommended for specific guidance related to your residential real estate needs.
Determining how much you can afford to spend on a home involves evaluating your financial situation and considering several factors. Here’s a breakdown of the key considerations:
Income and Expenses: Start by assessing your monthly income and existing financial obligations. Calculate your monthly budget by subtracting your expenses from your income. This will give you an idea of how much you can allocate toward a mortgage payment.
Down Payment: Determine how much you can afford to put towards a down payment. Generally, a down payment of 20% of the home’s purchase price is recommended to avoid private mortgage insurance (PMI). However, there are options available with lower down payment requirements.
Affordability Ratios: Lenders typically use two ratios to assess affordability. The first is the housing expense ratio, which compares your monthly housing costs (mortgage payment, property taxes, insurance) to your gross monthly income. The second is the debt-to-income ratio, which includes all monthly debt obligations (including housing costs) compared to your gross monthly income. Lenders have specific guidelines for these ratios, and it’s advisable to consult with a mortgage professional.
Pre-approval: Getting pre-approved for a mortgage is crucial. It involves a lender evaluating your financial information to provide an estimate of the loan amount you qualify for. This process considers factors such as credit history, income, and debt. It helps you understand your purchasing power and narrows down your home search.
Consider Additional Expenses: Remember to factor in other homeownership costs beyond the mortgage payment, such as property taxes, homeowners insurance, private mortgage insurance (if applicable), utilities, maintenance, and potential homeowner association fees.
Future Financial Goals: Consider your long-term financial goals, such as saving for retirement, education expenses, or other investments. Ensure that homeownership aligns with your overall financial plans and does not strain your financial stability.
Consulting with a mortgage lender or financial advisor can provide a more accurate assessment of your affordability. They can help you understand your loan options, estimate monthly payments, and guide you in finding a comfortable price range for your home purchase. Remember to consider not just what you can afford, but also what makes you feel financially secure and comfortable in the long run.
The home buying process typically involves several steps. While the specifics may vary, here’s a general outline of the key steps involved:
Determine your Budget: Assess your finances, calculate your budget, and determine how much you can afford for a down payment and monthly mortgage payments. Consider getting pre-approved for a mortgage to understand your borrowing capacity.
Find a Real Estate Agent: Hire a reputable real estate agent who specializes in the local market. They will guide you through the process, help you find suitable properties, and negotiate on your behalf.
Start House Hunting: Work with your real estate agent to search for homes that meet your criteria. Attend open houses, schedule private showings, and thoroughly evaluate each property.
Make an Offer: Once you find a home you’re interested in, work with your real estate agent to prepare and submit a written offer. The offer includes the purchase price, contingencies, and other terms.
Negotiate and Acceptance: The seller may accept your offer or present a counteroffer. Negotiations continue until both parties reach a mutually acceptable agreement on the terms of the sale.
Complete Financing: If your offer is accepted, work with your mortgage lender to complete the formal mortgage application process. Provide all required documents, undergo underwriting, and secure mortgage approval.
Conduct Home Inspection: Arrange a professional home inspection to assess the property’s condition. The inspector will provide a detailed report highlighting any issues or concerns.
Appraisal and Title Search: The lender typically orders an appraisal to ensure the property’s value aligns with the loan amount. A title search is conducted to verify the property’s ownership history and ensure there are no liens or legal issues.
Finalize Contingencies: Address any contingencies outlined in the purchase agreement, such as obtaining satisfactory inspection results, securing financing, and reviewing property disclosures.
Closing: Schedule a closing date with all parties involved, including the seller, buyer, real estate agents, and attorneys. During the closing, you’ll sign the necessary paperwork, pay closing costs, and finalize the transfer of ownership. Once complete, you receive the keys to your new home.
Remember, each step may involve additional details and requirements depending on your location and specific circumstances. Working closely with your attorney, real estate agent, mortgage lender, and other professionals will help ensure a smooth home buying process.
A home inspection is a thorough examination of a property’s condition conducted by a professional inspector. The purpose of a home inspection is to identify any potential issues, defects, or safety concerns with the property.
Getting a home inspection is highly recommended for several reasons:
Awareness of Property Condition: A home inspection provides a comprehensive assessment of the property, including its structural integrity, mechanical systems, electrical wiring, plumbing, and overall safety. It helps you understand the condition of the property you’re considering purchasing.
Identifying Hidden Issues: Home inspectors are trained to identify hidden or hard-to-spot problems that may not be evident during a regular viewing. They can detect issues such as water damage, mold, pest infestations, faulty wiring, or plumbing leaks.
Negotiation Power: The findings from a home inspection report can provide valuable information for negotiation purposes. If significant issues are identified, you can work with your real estate agent to renegotiate the terms or request repairs or credits from the seller.
Financial Protection: A home inspection helps protect your financial investment. By uncovering potential issues, you can assess the potential costs of repairs and maintenance and factor them into your budget and decision-making process.
Future Planning: The inspection report can serve as a roadmap for future maintenance and repairs. It highlights areas that may need attention or potential upgrades, allowing you to plan for ongoing care and improvements.
While a home inspection is highly recommended, it’s important to note that an inspector cannot guarantee the absence of future issues or predict future performance. They provide an evaluation of the property’s condition at the time of inspection.
When choosing a home inspector, ensure they are certified, experienced, and have a good reputation. Consult with your real estate agent for recommendations or do research to find a reputable inspector in your area.
Remember, a home inspection is an investment in your peace of mind and can potentially save you from unexpected costs and headaches down the road. It’s an essential step in the home buying process to make an informed decision about the property you intend to purchase.
According to a 2021 report by ClosingCorp, which researches residential real estate data, the average closing costs in New York are $8,256 for a home loan of $352,314, or 2.34 percent of the home loan.
Here are some of the most common closing costs in New York:
- Title insurance: Title insurance protects you against any title defects that may be found after the closing. The cost of title insurance varies depending on the value of the property, but it is typically around $1,000.
- Recording fees: Recording fees are charged by the county clerk to record the deed to the property. The cost of recording fees varies depending on the county, but it is typically around $100.
- Government recording fees: Government recording fees are charged by the state to record the mortgage. The cost of government recording fees varies depending on the state, but it is typically around $50.
- Appraisal fee: The appraisal fee is charged by the lender to have an appraiser assess the value of the property. The cost of the appraisal fee varies depending on the value of the property, but it is typically around $500.
- Mortgage origination fee: The mortgage origination fee is charged by the lender to cover the costs of processing the loan. The cost of the mortgage origination fee varies depending on the lender, but it is typically around 1% of the loan amount.
- Prepaid interest: Prepaid interest is the interest that you will be charged for the first month of mortgage payments. This is typically paid at closing.
- Property taxes: Property taxes are due to the local government and are based on the assessed value of the property. The amount of property taxes you will pay will vary depending on the value of the property and the tax rate in your area.
- Homeowners insurance: Homeowners insurance protects you against damage to your home from fire, theft, and other hazards. The cost of homeowners insurance varies depending on the value of your home and your deductible.
It is important to note that these are just the average closing costs in New York. The actual cost of your closing will vary depending on the specific terms of your loan and the property you are buying.
In New York, the buyer is typically responsible for paying for title search and title insurance. Title insurance protects the buyer against any title defects that may be found after the closing. The cost of title insurance varies depending on the value of the property.
However, there are some cases where the seller may be willing to pay for title search and title insurance. For example, if the seller is in a hurry to sell the property, they may be willing to pay for these costs to make the transaction more attractive to buyers.
Ultimately, the decision of who pays for title search and title insurance is up to the buyer and seller to negotiate. However, it is important to remember that title insurance is an important protection for buyers, and it is worth paying for, even if it means paying for it yourself.
Here are some additional details about title search and title insurance:
- Title search: A title search is a process of examining the public records to make sure that the seller has clear title to the property. This means that there are no liens or other encumbrances on the property that would prevent the buyer from taking ownership of it.
- Title insurance: Title insurance is a type of insurance that protects the buyer against any title defects that may be found after the closing. This means that if the buyer later finds out that there is a problem with the title, they can file a claim with the title insurance company and be reimbursed for their losses.
Title insurance is an important protection for buyers, and it is worth paying for, even if it means paying for it yourself.
Contingencies are provisions within a real estate contract that allow buyers and sellers to protect their interests and provide an opportunity to exit the contract under specific circumstances. Here are some common contingencies you may find in a real estate contract:
Financing Contingency: This contingency allows the buyer to withdraw from the contract if they are unable to secure satisfactory financing for the purchase. It typically sets a time-frame for the buyer to secure a mortgage commitment.
Home Inspection Contingency: This contingency gives the buyer the right to conduct a professional home inspection within a specified period. If significant issues are discovered during the inspection, the buyer may request repairs, credits, or negotiate a lower purchase price.
Appraisal Contingency: This contingency allows the buyer to cancel the contract or renegotiate terms if the property appraisal comes in lower than the agreed-upon purchase price. Lenders often require the property to appraise at or above the purchase price.
Title Contingency: This contingency allows the buyer to review the title report and associated documents to ensure clear and marketable title. If there are issues with the title, such as liens or ownership disputes, the buyer can request resolution or terminate the contract.
Home Sale Contingency: This contingency is commonly used when a buyer needs to sell their current home before proceeding with the purchase. It allows the buyer to withdraw from the contract if they are unable to sell their existing property within a specified time-frame.
Condo or HOA Contingency: For properties within a condominium or homeowners association (HOA), this contingency allows the buyer to review and approve the association’s documents, financials, rules, and regulations. If the buyer finds any unfavorable conditions, they may choose to terminate the contract.
Insurance Contingency: This contingency allows the buyer to secure satisfactory homeowners insurance coverage within a specified time-frame. If the buyer is unable to obtain insurance or finds the terms unfavorable, they may have the option to withdraw from the contract.
Inspection and Repair Contingency: This contingency allows the buyer to request repairs or remedies for identified issues found during the home inspection. The seller can agree to make the repairs, offer credits, or negotiate alternatives.
Sale of Buyer’s Property Contingency: This contingency is used when a buyer must sell their current home to fund the purchase of a new property. It allows the buyer to proceed with the purchase if they successfully sell their existing property within a specified time-frame.
Financing Approval Contingency: This contingency is relevant for cash buyers or those who have already secured a pre-approval. It ensures that the buyer has received formal approval from the lender for the loan before proceeding with the purchase.
It’s important to note that the specific contingencies included in a real estate contract may vary depending on local laws, customs, and individual negotiation between the parties involved. Working with a real estate professional, such as a real estate agent or attorney, can help you understand the contingencies applicable to your specific situation and ensure they are appropriately addressed in the contract.
Choosing the right neighborhood is an important aspect of finding the ideal home. Here are some key factors to consider when selecting a neighborhood:
Location: Evaluate the neighborhood’s proximity to your workplace, schools, healthcare facilities, and other amenities you frequently visit. Consider the commute time and accessibility to transportation options.
Safety: Research the crime rates and safety records of the neighborhood. Look for a safe and secure environment that provides peace of mind for you and your family.
Schools and Education: If you have children or plan to start a family, consider the quality of schools in the area. Research the school district’s reputation, ratings, and extracurricular opportunities.
Amenities and Services: Assess the availability of amenities that align with your lifestyle preferences, such as grocery stores, shopping centers, parks, restaurants, recreational facilities, and community centers.
Neighborhood Character: Take note of the overall character and atmosphere of the neighborhood. Are you looking for a vibrant urban environment, a quiet suburban setting, or a rural area? Consider the demographics, cultural diversity, and community activities.
Future Development: Research any upcoming developments or construction projects planned for the area. This can provide insights into potential changes in the neighborhood and impact property values.
Property Values and Market Stability: Evaluate the historical property values and market stability of the neighborhood. Look for signs of consistent growth and stability, as this can be an indication of a desirable location for long-term investment.
Parks and Recreation: Determine if there are nearby parks, green spaces, or recreational areas for outdoor activities and leisure. Access to nature and recreational facilities can enhance your quality of life.
Noise and Traffic: Consider the level of noise and traffic in the neighborhood. Assess if the area is quiet and peaceful or prone to heavy traffic congestion.
Future Resale Potential: Although it may not be your immediate concern, it’s wise to evaluate the future resale potential of the property in the chosen neighborhood. Consider factors such as desirability, market demand, and growth projections.
Visiting the neighborhood at different times of the day and speaking with local residents can provide additional insights. It’s also helpful to work with a knowledgeable real estate agent who has a deep understanding of the area and can provide guidance based on your specific preferences and needs.
Determining the right offer price for a property involves careful consideration of various factors. Here’s a step-by-step approach to help you determine an appropriate offer price:
Research Comparable Sales: Research recent sales of similar properties in the same neighborhood or nearby. Look for homes with similar features, size, condition, and location. These comparable sales, or “comps,” provide a benchmark for assessing the property’s value.
Analyze Market Conditions: Consider the current state of the local housing market. If it’s a seller’s market with limited inventory and high demand, you may need to make a competitive offer. In a buyer’s market with more inventory and less demand, you may have more negotiating power.
Assess Property Condition: Evaluate the condition of the property. If it requires significant repairs or updates, adjust your offer accordingly. Consider the costs involved in bringing the property up to your desired standards.
Review Appraisal and Comparative Market Analysis (CMA): If available, review the property’s appraisal report and any comparative market analysis provided by your real estate agent. These documents offer insights into the property’s value based on professional assessments.
Consider Days on Market: Take into account how long the property has been on the market. If it has been listed for an extended period without significant interest, the seller may be more motivated to negotiate and may be open to lower offers.
Evaluate Seller’s Motivation: Consider the seller’s circumstances and motivation to sell. If they need to sell quickly or have already purchased another property, they may be more inclined to accept a reasonable offer.
Consult with a Real Estate Agent: Seek guidance from a knowledgeable real estate agent who has experience in the local market. They can provide insights into pricing strategies, market trends, and help you make an informed decision.
Set Your Maximum Limit: Determine the maximum amount you’re willing to pay for the property based on your budget and financial considerations. This will help you avoid overextending yourself financially.
Consider Contingencies and Terms: If you plan to include contingencies in your offer, such as a home inspection or financing contingency, consider how these conditions may affect the offer price. Contingencies provide flexibility but may impact the seller’s willingness to negotiate.
Make a Competitive Offer: Based on your research, analysis, and guidance from professionals, make an offer that you believe represents fair value for the property. Consider including a personal letter or other incentives to strengthen your offer if appropriate.
Remember, determining the right offer price requires a balance between market value, your budget, and your assessment of the property’s condition and desirability. Working with a skilled real estate agent who understands local market dynamics can be invaluable in helping you navigate the negotiation process and make a competitive offer.
A pre-approval letter from a lender is an essential step in the home buying process. Here’s why it’s important:
Determines Your Budget: A pre-approval letter helps you determine your budget by providing an estimate of the loan amount you qualify for. It considers your financial information, such as income, assets, credit history, and debts, to assess your borrowing capacity. This helps you focus your home search on properties within your price range.
Gives You Enhance Buying Power: A pre-approval letter strengthens your position as a buyer. It demonstrates to sellers that you are a serious and qualified buyer who has taken the necessary steps to secure financing. This can give you a competitive edge in multiple offer situations or when negotiating with sellers.
Helps You Target Your Home Search: With a pre-approval letter in hand, you can focus your home search on properties that align with your budget and financing options. This saves time by narrowing down your options and allows you to make offers with confidence.
Faster Offer Submissions: When you find a home you want to make an offer on, having a pre-approval letter ready allows you to submit your offer quickly. This is especially important in competitive markets where properties can receive multiple offers within a short timeframe.
Gives You Negotiating Power: A pre-approval letter provides you with negotiating power during the home buying process. Sellers are more likely to take your offer seriously and consider your terms when they see that you have already secured financing.
Smooth Closing Process: Starting the financing process early through a pre-approval helps streamline the closing process. You have already completed much of the necessary paperwork and documentation, reducing the time needed to finalize the mortgage approval.
It’s important to note that a pre-approval letter is not a guarantee of a loan. Final loan approval is subject to additional factors, including a satisfactory appraisal of the property. Additionally, it’s advisable to regularly review your pre-approval status with your lender to ensure it remains up to date as you progress through the home buying process.
Obtaining a pre-approval letter from a reputable lender is a valuable step that provides financial clarity, enhances your credibility as a buyer, and sets you on a confident path towards homeownership.
In New York, the seller is typically responsible for paying the following closing costs:
- Real estate commission: The real estate commission is typically paid to the seller’s and buyer’s agents. The amount of the commission is typically 5-6% of the purchase price.
- Transfer tax: The transfer tax is a tax that is paid to the state when a property is sold. The amount of the transfer tax varies depending on the value of the property.
- Recording fees: Recording fees are charged by the county clerk to record the deed to the property. The cost of recording fees varies depending on the county.
- Title insurance: Title insurance protects the buyer against any title defects that may be found after the closing. The cost of title insurance varies depending on the value of the property.
- Government recording fees: Government recording fees are charged by the state to record the mortgage. The cost of government recording fees varies depending on the state.
The seller may also be responsible for paying other closing costs, such as:
- Appraisal fee: The appraisal fee is charged by the lender to have an appraiser assess the value of the property.
- Mortgage origination fee: The mortgage origination fee is charged by the lender to cover the costs of processing the loan.
- Prepaid interest: Prepaid interest is the interest that you will be charged for the first month of mortgage payments. This is typically paid at closing.
- Property taxes: Property taxes are due to the local government and are based on the assessed value of the property. The amount of property taxes you will pay will vary depending on the value of the property and the tax rate in your area.
- Homeowners insurance: Homeowners insurance protects you against damage to your home from fire, theft, and other hazards. The cost of homeowners insurance varies depending on the value of your home and your deductible.
It is important to note that these are just the most common closing costs in New York. The actual cost of your closing will vary depending on the specific terms of your loan and the property you are buying.
The time it takes to close a real estate transaction in New York can vary depending on several factors, including the complexity of the transaction, the responsiveness of all parties involved, and any specific circumstances unique to the transaction. On average, the timeline for closing a real estate transaction in New York can range from 30 to 60 days. However, it’s important to note that this is just an estimate, and the actual duration can be shorter or longer based on the specific circumstances of each transaction.
During the closing process, various tasks need to be completed, such as contract negotiations, mortgage approval, title searches, property inspections, and addressing any contingencies or legal requirements. The coordination of these tasks and the promptness of all parties involved, including the buyer, seller, lenders, and attorneys, can significantly impact the closing timeline.
To ensure a smooth and efficient closing, it’s advisable to work closely with a knowledgeable real estate attorney who can guide you through the process, help coordinate tasks, and ensure all necessary documentation is prepared accurately and on time. Additionally, maintaining open lines of communication with all parties involved can help facilitate a timely closing.