Step 3 - Common Real Estate Legal Contracts In WNY:
Basic Residential Sales Contract
There is a standard form of legal contract to purchase residentilal property in the Erie County. It was drawn up by the Erie County Bar Association (of local lawyers) and the Buffalo - Niagara Association of Realtors (BNAR). It covers all of the usual particulars for a residential home purchase. Any local licensed Realtor will use this form and fill in the appropriate sections with your personal details. There is a 3 day opportunity for your attorney to review and approve this contract before it becomes a legal document.
Vacant Land Rider (To The Basic Residential Sales Contract)
This is a standard form which must be attached to the Basic Sales Contract when vacant land or a lot is being purchased. It answers all of the important questions and concerns that are critical for the buyer. (Ex. Are there sewers, street lights, deed restrictions, etc.).
Most importantly, it gives the buyer a 21 day 'investigative time period'. This enables the buyer to check out all of the details with any government source or the builder etc. If, at the end of 21 days, the buyer decides for any reason that he does not want this lot he is free to be released from this contract.
Deed Restrictions
Deed restrictions are special rules and regulations which apply specifically to a given subdivision. They are designed by the developer for the protection and common good of all lot owners. They maintain a particular quality and setting for the type of homes in the subdivision (Ex. home size, preservation of trees, front and side set backs of buildings, etc.)
See the Park Place Subdivision Deed Restrictions here.
Builders Contract
A 'new build' generally requires a separate contract in which the builder states all of the building specifications (Ex.building size and style, type and size of lumber, roofing design and materials, etc.) costs and budgets (Ex. money allowance for kitchen cabinets, lighting, plumbing fixtures, etc.).
Building permits are required by all municipalities. It is part of the builders job to obtain these for the building of your new home.
The home will be subject to review by the Town Building Inspector, during the building process, to ensure that your builder complies with all the rules and regulations of the Town Building Code. |
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More About Western New York Real Estate |
Are YOU relocating within or into the WNY area and interested in buying, selling, or building WNY Realty?
Are you interested in a quiet retreat that Island living can offer YOUR family?
Do YOU want an excellent public education system for YOUR children?
Is it important to you to be just a short drive from your business, all the amenities of a major metropolitan center (including shopping, arts & entertainment, sports and transport)?
If so, you'll never regret it if you consider making a home for YOUR family on Grand Island, NY.
More about Grand Island, NY, the broader WNY area, and real estate transactions in this area:
Western New York (WNY)
Grand Island, NY
Park Place Subdivision
WNY Realty
Relocating
Buying Or Building
Selling |
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Step 4 - Finance:
Finding A Financial Loan Officer
The influence of the Financial Institute which you select can make the process either a smooth or disastrous one.
A good Financial Loan Officer with experience, knowledge and good working relationships with Realtors and builders can be a tremendous asset for any buyer - particularly in the case of a 'new build'.
The main pathways to financing your lot purchase and / or new construction are:
- Pay cash for the Lot (and finance the home building later)
- Take Home Equity on your current residence to pay for the lot (lot ownership will usually constitute sufficient down payment on your new home loan).
- Procure a new construction loan, which rolls the lot and home purchase into one loan.
A local Realtor experienced with new home construction, should be able to refer you to a number of local financial institutions that best fit your specific requirements. |
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