A home is the largest purchase that most individuals will make in their lifetime. There are different types of homes for sale from houses to condos, both new and those that have been lived in for years. One factor that each type of sale has in common is the contract-to-purchase that will determine the obligations of each side of the transaction. In most cases, the contract has been written by a Staten Island lawyer who has the interests of the seller in mind.
Most contracts are written with legal terms that are unfamiliar to the average person. These contracts can be very complex and there is always the risk that the person representing the contract to the buyer is either omitting some of the conditions included or misrepresenting them. Signing the contract to buy a home without having it looked over by an experienced Staten Island lawyer with the interests of the buyer in mind could result in being stuck with a long-term agreement that they are not happy with and with no way out.
The contract-to-purchase usually includes some contingencies that give the home buyer the opportunity to walk away from the agreement under some circumstances. Both buyer and seller agree on them so that each side has less likelihood of severe consequences. These usually include:
- Appraisal – When an appraisal is done for the house that comes in lower than expected, the financing may be affected. The Staten Island lawyer can explain the options available to the buyer if this happens.
- Financing – This contingency allows the buyer to walk away from the contract and keep their original deposit if something happens that the financing for the home falls through.
- Sale of Existing Home – Timing the sale of a current home with the purchase of a new one is one of the most difficult tasks the home buyer faces. A contingency can prevent the buyer from being obligated to continue with the purchase if they don’t sell their current home.
- Home Inspection – Sometimes a home that looks perfect on the outside has serious problems that may be revealed during the home inspection. This contingency allows the buyer to make a decision on new findings within a specified time period.
There are many facets to purchasing a home or commercial property that have a dramatic impact over the buyer’s satisfaction. An experienced Staten Island lawyer like Frank Savona knows how to identify potential problems and deal with them before time runs out.
About Frank V. Savona
Frank Savona (http://www.savonalaw.com) is a Staten Island attorney who is admitted to practice law in New York State. Mr. Savona has a broad range of legal expertise and specializes in the areas of real estate transactions, financing, wills, and contracts. During his legal career, he has worked for law firms and title companies where he gained experience representing purchasers, sellers and top lenders. Today, he offers clients his skills to navigate through complex transactions and treats each client as a top priority.
Company Name: Frank V. Savona
Contact Person: Frank V. Savona
Address:4459 Amboy Road, Suite # 1 Staten Island, NY 10312
City: Staten Island
State: New York
Country: United States