This is a generic form for the sale of residential real estate. Please check your state=s law regarding the sale of residential real estate to insure that no deletions or additions need to be made to the form. This form has a contingency that the Buyers= mortgage loan be approved. A possible cap is placed on the amount of closing costs that the Sellers will have to pay. Buyers represent that they have inspected and examined the property and all improvements and accept the property in its "as is" and present condition.
Sell Closure Property Formula In Queens
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State:
Multi-State
County:
Queens
Control #:
US-00447BG
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Word
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FAQ
The first New York City transfer tax was enacted in 1959. Since then, the amount and scope of the tax has grown from 0.5% just on real property (houses and condos) and now 1.425% on most properties, including co-ops.
Ninety-nine percent of the time, attorneys are present on both sides of a real estate transaction in New York state: the seller's side and the buyer's side. That's because in NYS, all real estate contracts of sale need to drawn up by the principle or their attorney.
Buyer and seller negotiate contract terms. Generally, the seller's attorney creates the first draft of the contract. There are standardized, pre-printed forms for this purpose.
Closing agents, who aid in the selling of a property to a buyer, prepare closing statements. Real estate attorneys, title firms, and escrow officers often act as closing agents.