Hello and thank you for your time.My partner and I are in the process of moving to the US. We are looking to buy a property in New York State.Is it true that it takes 3-6 months to complete a standard real estate deal? Also, what should we look out for in buying a property in the US that might be different from buying a property in Canada?I look forward to hearing from you.Sincerely,Chelsea
State/Country relating to question: New York
Good afternoon ChelseaI'm sorry to hear of the confusion.No, a traditional real estate purchace does not typically take 3-6 months---unless you intend to look for 3 or 4 months before you decide on a place to buy.Generally after you reach an agreement on a sales price, the closing is about 30 days from that time. So, one to two months is likely a lot closer estimate of time.The things that you can do to avoid any serious risk of problems is first, use a Realtor to assist you in finding the property you want and in solidifying the contract for sale. Second, be sure to have a thorough home inspection done and include such things as the chimney, the roof and basement and attic space. Be sure to use a title insurance company to check to be sure that the title is clear and that you can actually take clear title to the property.Finally, to make your home shopping easier, if you will be using a mortgage loan to buy the property, be sure to get pre qualified by the lender of your choice so that you know whet you can afford to pay for a property---and to make sure that things move quickly after you make a contract for the purchace in terms of the loan being funded and the sale closing.You may reply back to me using the Reply to Expert link if you have additional questions; and if you do, I ask that you please keep in mind that I do not know what you may already know or with what you need help, unless you tell me.Kindly take a moment to rate my service to you based on the understanding of the law I provided. Please understand that I have no control over the how the law impacts your particular situation, and I trust you agree that it would be unfair for me to be punished by a (negative rating) ----the first 2 stars/faces----for having been honest with you about the law.I wish you the best in 2012,Doug
I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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