Tips for Hamptons Real Estate Buyers & Sellers
Tips for Buyers
- Inspect the house. Inspect the house with a licensed inspector or engineer. Be present for the inspection. Ask the inspector about any aspect of the house that puzzles you.
- Will you be adding to the house? Tell me if your purchase depends upon expanding the house or adding a garage or pool. We may need to survey the property to confirm that you can add another structure without violating zoning regulations.
- Have you been told anything about the property? I’ve had clients who were misinformed about what could be built on an adjacent lot, the size of a property, the age of a house, and many other issues.
- Are you getting a mortgage? If you’ll need a mortgage, familiarize yourself with your lender’s loan process. Self-employed borrowers must produce more and different documents than wage earners.
- Do you need local referrals? Ask me for referrals. I’ve known most of the local real estate community for many years. I can suggest people who can help you with any aspect of the transaction, from examining old fuel tanks to mending fences.
Tips for Sellers
- Send me these documents. Send me a copy (no originals needed) of your deed, title policy, survey, certificate of occupancy and tax bill. While I can order these materials from public sources, getting them may take several days. When I have these materials, I can prepare a contract tailored to your transaction. Less time will be spent in negotiating contract points that could be resolved by simply checking your documents.
- Have you improved your home? Tell me if you've changed your house since buying it. Have you added a dormer or finished a basement? Many home improvements require building permits. Your sale may be delayed if we need to get permits, electrical underwriter's certificates, and town approvals.
- Do you have an underground fuel tank? Tell me if you have an underground fuel tank, or know of one on your property. Few buyers will risk buying property with a buried tank that may one day leak oil. So we'll need to discuss how to abandon or replace your tank.
- Have you filed a tax grievance? Tell me if you've filed a tax grievance. If so, you may not get a decision until after the house is sold. But the grievance company will want you to pay for its services in reducing the taxes for the house that you no longer own.
- Do you have a mortgage? Send me a copy of your mortgage statement. I will contact your current bank before closing to determine your outstanding loan balance.
- Will you qualify for a tax-deferred exchange? If you will be using your sale proceeds to purchase another property, let's discuss a tax – deferred exchange. That vehicle may allow you to defer the payment of taxes on your profit.