Buying a home: what to ask before signing

Bring in an attorney early

Share the proposed deal, the property address, and any documents you have been asked to sign. An attorney can review the contract and discuss protections, responsibilities, and deadlines. Your agent, lender, inspector, and attorney have different roles; ask who is handling each task.

If an offer has already been accepted, say so. If you have already signed something, send it promptly rather than waiting for the rest of the paperwork. Include any deposit receipt and messages about changes to the deal.

Understand what you would own

With a house or condominium, you generally buy real property. A condo also involves shared areas and building rules. With a co-op, you buy shares in the corporation that owns the building, together with rights under a proprietary lease to occupy the apartment.

That difference affects the documents and review. For a co-op, ask about board approval, financing requirements, and restrictions on use. For a condo, ask about common charges, assessments, and building rules. A lower asking price does not explain the full monthly cost.

Talk through your actual plans

Tell the attorney how you expect to use the home. Plans to rent it out, renovate, work from home, or have a relative live there can raise questions worth checking before a commitment.

• What happens if the mortgage is not approved?
• Which inspection concerns should be addressed in the contract?
• Are repairs or major building projects expected?
• What recurring charges and closing expenses should I budget for?
• What must happen before the deposit can be returned?

Read the building and property records

For an apartment purchase, ask which financial statements, governing documents, meeting minutes, and other records are available for review. For a house, discuss title, survey, permitted use, and any known alterations. Tell the attorney about promises made during a showing.

For example, a listing may describe a room as a bedroom or say rentals are allowed. Ask which records support that statement. Put questions in writing so the answers can be checked against the contract and property documents.

Keep track of the remaining steps

After signing, continue watching loan deadlines, document requests, and closing conditions with your team. A proposed closing date may depend on outstanding work. Law Office of Andreina I. Rosa, Esq. handles New York real estate closings. This guide is general information; your contract and property determine the details.