Basics steps in selling a property:
Advertise your home by owner or with a real estate agent.
Accept your Buyer’s offer and come to an agreement as to what is included in the selling price (refrigerator, stove, air conditioning units, lighting fixtures, window treatments, or a desk etc…) Consider if you will need time to stay in your home after the closing.
Provide our office contact information to your real estate agent and/or the Buyer and inform them that you will be represented by The Stein Law Firm in connection to the sale of your home.
Contact The Stein Law Firm, 24 hours a day, 7 days a week and provide us with your/real estate agent’s information. If the transaction is a Sale By Owner (no real estate involved), then provide us with your Buyer and Buyer’s Attorney information for the Contract of Sale.
If your Buyer requests to conduct Home Inspection, allow them to do so prior to preparing your sales Contract.
Our knowledgeable staff will collaborate with you and draft a proposed Contract of Sale. At which time the Contract of Sale will be faxed or emailed to the office of your Buyer’s Attorney.
Some of the Basic information that needs to be included in the Contract is as follows (but not limited to): mortgage contingency amount, closing date, coop/condo board approval requirement, seller’s post closing possession, personal items included in the sale, as well as, any specific agreements that parties may wish to include.
At this point the Buyer’s Attorney, his/her staff and the Buyer will review, execute, and return the Contract of Sale with a deposit check payable to the escrow agent.
Upon receipt, our office will contact you in order to review and execute said Contract.
Once this Contract is fully executed, the escrow agent will deposit the check in his/her Escrow IOLA Account and will return a fully executed Contract to the office of your Buyer’s Attorney.
After receiving the fully executed Contract of Sale your Buyer will begin the process of applying for financing and if required, his Coop/Condo Board approval.
Buyer’s attorney will order and cause to be delivered to our office a copy of the Title/Lien Search report. We will review the report and address any issues the Seller may have.
After the file has been cleared to close by all parties, Buyer’s Attorney will coordinate a time that is mutually convenient for all the parties to attend a closing in order to complete said transaction.
At closing, your expenses are taken out of purchaser’s proceeds and balance will be issued to you.
Seller’s expenses include, but not limited to, the following:
· NYC & NYS Transfer Taxes 1.4% of the sales price, if the sales price is less than $500,000.00 and 1.825% if the sales price is $500,000.00 to $999,999.00 (this is not Capital Gains Tax).
· ACRIS preparation and filing Transfer Tax fee(s).
· Payoff your existing mortgage and recording fee(s).
· Payoff Attorney & UCC3 termination filing fee(s) for coops with outstanding mortgages.
· Transfer agent and Management fee(s) for coops and condos.
· Property Disclosure $500.00 for 1- 4 family homes, if applicable.
· Real Estate Commissions.
Please contact us for more information and how we can be of service to you.
Irene Stein, Esq.
New York State Licensed Attorney
The Stein Law Firm
4436 Bedford Avenue
Brooklyn, NY 11229