Tara Jones
Buying or selling a home comes with a lot of terms and steps that seem straightforward—things like the property address, the buyer and seller, the purchase price, the closing date, and whether you’re taking out a mortgage.
But there are also many less obvious details that can trip up even experienced buyers and sellers. These aren’t always front and center, but they can have a big impact on your closing.
New York State Real Estate Attorney Anthony A. Nozzolillo, Esq. shared some of the most important hidden details to know
Home Closing Tips for Buyers
- Terms to watch out for: If you see terms like “Seller’s Concession,” “Waiver of Appraisal,” “On or About Closing Date,” or “As Is,” don’t brush past them. These can change the deal in ways you may not expect. Always have your lawyer explain what they mean in plain English before you agree. See how Nozzolillo breaks down some of these terms.
- Verify the title: When buying a home, you want to make sure the seller actually has the legal right to sell it (this is called “title”) and that there aren’t any hidden claims or problems tied to the property. Title insurance protects you if someone later says they have rights to the property. You’ll also want to confirm the house follows building codes and doesn’t come with unpaid fines or violations.
- Get a new survey: Don’t just rely on an old property survey. Spend the money to get a new one done. An updated survey ensures the property lines and details are accurate, avoiding mistakes from past surveys.
Home Closing Tips for Sellers
- Transfer existing contracts: If you have a contract with a solar panel company, make sure your lawyer includes a clause in your sales contract requiring the buyer to take over those agreements at closing. This also applies for tax grievance contracts currently in place.
- Selling NY Property While Living Out of State: If you live outside New York but are selling property located in the state, you may owe New York State income taxes on the sale. You’ll also need to file a special IRS form (IT-2663) at closing. Discuss this with your lawyer so you’re not caught off guard.
- Selling an Inherited Property: If you inherited a home, the process is more complicated. Before listing, talk with your real estate agent and lawyer about the paperwork you’ll need. This might include probate court documents, heirship affidavits, death or marriage certificates, or trust documents. These must be in order before you can close.
- Property Condition Disclosure: In New York, if you’re selling a one- to four-family home, you’ll need to complete a Property Condition Disclosure form. This is a legal document where you tell the buyer about the home’s condition and confirm it complies with the law.
“As the saying goes, ‘Knowledge is Power,’” Nozzolillo explained. “Make certain you are always in the know on every level, right from the start of your home buying/selling process to avoid any potential problems that can present themselves further down the road!”
To schedule a free consultation with Anthony A. Nozzolillo, Esq., call 516-581-4713, email info@nozzolillo.com or visit nozzolillo.com.
This article is strictly for informational purposes only and not to be construed as legal advice. No attorney/client relationship is in any way created by the content of said article. Consult your attorney for definitive legal guidance.
