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111-07 101 Ave, Richmond Hill, NY 11419

Escrow Inspections and Appraisals for Buyers

The Process, Step-by-Step

The Initial Agreement and Deposit.

An effective agreement is a legal arrangement between a potential purchaser and the property’s seller.

Some important tips to keep in mind to streamline the process:

  • Keep written records of everything. For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums and to convert them into written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your purchase and make sure that you have copies of everything.
  • Stick to the schedule. Now that you have chosen your offer, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations so that each party involved is not in breach of their agreements. During the process we will keep you constantly updated, so you will always be prepared for the next step.

The Closing Agent.

Either a title company or an attorney will be selected as a closing agent. The closing agent will hold the deposit in escrow and will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use your property.

How to Hold Title.

You may wish to consult an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder.

Inspections.

Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If you are purchasing a commercial property, then you will need to have an environmental audit done on the site for the lending institution. We can recommend several different inspectors.

Depending on the outcome of these inspections, one of two things may happen:

1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the close, or
2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).

Appraisal and Lending.

It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.

Association Approval.

If the property that you are purchasing is conditional upon an association approval, request the rules, regulations, and other important documents from the seller as soon as you have an effective agreement to purchase. Make sure that the application documents and processing fees are submitted to the appropriate person at the association by the required time. Fill out all of the information completely and legibly so there is no delay in processing the application. If you are required to meet with the association for your approval, make an appointment as soon as possible for the interview. Most associations require a certificate of approval before move-in. Your closing agent will request that the original copy of this approval letter be brought to the closing, so that it can be recorded with the deed in the county public records.

Property Insurance.

If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property. The value will depend on the lending institution and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around for insurance. You can also save money with these tips.

    • Consider a higher deductible. Increasing your deductible by just a few hundred dollars can make a big difference in your premium.
    • Ask your insurance agent about discounts. You may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire-retardant roofing materials. Persons over 55 years of age or long-term customers may also be offered discounts.
    • Insure your house NOT the land under it. After a disaster, the land is still there. If you do not subtract the value of the land when deciding how much homeowner’s insurance to buy, you will pay more than you should.

We will be happy to recommend experienced knowledgeable insurance agents for every property type.

Client

Reviews

Nothing less than perfect experience with him .Completely exceptional .i just bought house in valley stream for over 1million which we fell in love with.Agent Kumar made sure everything goes smooth and very happy with his service . Will def recommend all my friend and family.

Anonymous

I just bought the house 2 days ago in Ozone Park. I would highly recommend Avinish kumar for buying or selling homes. He has been very helpful every step of the way. A very sincere and honest realtor. Again I am completely satisfied and I highly recommend everyone.

Anonymous

One of the best agent in NYC. He did an amazing job. We went to him 2-3 months ago just to discuss about the paper requirements to buy a house, and today here we are sitting in our new house. Always there to help you even on weekends. Has great knowledge, high professionalism. Have already recommended him to 2 of my friends.

Anonymous

we were a first time home buyer. Avnish helps us a lot with the process.we highly recommend him for your new house. he is always there to help you. he has a lot of experience in this area.

Anonymous

Excellent service and very knowledge able about the market. Helped me get my home and I got a great deal!! I felt very comfortable working with him and he made sure I’m getting a good deal.

Anonymous

Consummate professional and a person of high integrity in a business where this is not the norm. Works hard and is always available and very generous with his time, which is needed during the difficult and always stressful selling process. We recommend him enthusiastically and without reservation!

Anonymous

He is a professional has alot of knowledge and helps you all the way clear things for first time home buyers treats his clients like his family it's always good to do business with a person with a lot of knowledge I will always do business with him. Helped me with buying my house for a very good price

Anonymous

Raj is an expert in real estate. He helped me sell three houses in Queens with utmost professionalism and care. He made sure all the transactions went smoothly. I would highly recommend him for your real estate needs.

baljinder kaur

Raj was very helpful in finding property. His expertise helped us to find right property in good neighborhood. He also helped us for mortgage options.

Anonymous

I purchased three property through Avnish Kumar(Raj) and sold two property with Excellent experience. He advised me every step and save my lots of money.he has so knowledge and lots of experience in Real Estate.

Anonymous
Vision Real Estate NY