Skip to main content

Purchasing a house privately, confusion on who writes up the contract. Need some insight

Hello, so I'm purchasing a house privately on Long Island and there seems to be some confusion about which side writes up the contract. We've both agreed to a price and I will be covering all the closing costs, but he thinks that I need to have my lawyer write up the contract offer to submit to him so he can have his lawyer review it and take it from there. I've been told by two lawyers that normally the way of doing it in NY for a private home sale is that the seller's attorney is the one that writes up the contract and he would have to contact an attorney. He and his whole family live out west in Nevada/Arizona so it would not surprise me if transactions are done differently out there and there's just some confusion.

I'm basically just trying to make it as easy as possible for him since he is giving me a great deal on the house and because he's out of state. I've done some research on google and have read it can be done both ways and it's not uncommon for it to be done the way he is suggesting but the lawyers I am speaking to are making it seem like it's very rarely if ever done that way. Just looking for some insight

submitted by /u/loffredom
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1occ6o1/purchasing_a_house_privately_confusion_on_who/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more