INVESTOR CHECKLIST FOR BUYING PROPERTY IN NEW YORK STATE

1. Complete Contract for purchase and sale, initialing all pages and signing where indicated, and submit to your real estate agent or property owner with earnest money deposit of $500-$1000
2. Select buyer’s attorney and determine his fee.
3. When contract is fully executed (negotiated and signed by both buyer and seller) submit to
1. Your buyer’s attorney who needs to approve contract as does seller’s attorney
2. Your bank or mortgage broker to start financing process
3. Your insurance agent to determine cost of coverage (actual value is cheaper than replacement coverage). You will usually pre-pay 1 year’s coverage. Agent must be notified of closing date by buyer’s attorney or you to submit the insurance binder.
4. Communicate with East/West, your realtor, your attorney, your banker and your insurance agent who the other team members are and their contact information.
4. Financing: Get loan commitment within 20 days. Get rate, term, down payment, points and closing costs negotiated.  Follow up with banker on a weekly basis to ensure progress is being made.  Determine if you can close with Power of Attorney or by overnighting loan documents to you to be signed and notorized?  Get POA notorized and send to your buyer’s attorney. Be aware of rate lock deadlines. Follow up with banker weekly.
5.  Due diligence: You have 20 days to do any property inspections or tests, and to determine rent roll, tax and expenses. For taxes in Ononodaga County go to www.ongov.net. Verify the rent roll in writing and I suggest that you or your property manager talk to each one prior to closing. Follow up with East/West Properties to get free walk through by Bob’s contractor. If you want a licensed property inspection, do it within 20 days. If you want to have problems corrected or the contract renegotiated or if you want out of the contract due to the due diligence, you must make the decision within 20 days.  If you opt out of the deal after 20 days, you risk losing your deposit. Your financing contingency is still in effect.
6. Follow up with your buyer’s attorney and your banker on a regular basis to encourage the process to move forward.  It is your  and your attorney’s responsibility to bug the seller’s attorney to complete the title work and to bug the banker’s attorney to give you the “clear to close” With luck and follow through we will close in 45-60 days.
7. Select a property manager, determine costs and communicate on a regular basis.  Don’t get talked in to a contract where you lose control of your money unless you are comfortable with it.
8. Get power and water turned on in your name when appropriate.
9. Buy another property.