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The Basics - Relocating to Long Island & Queens
from DE Buyer's Guide
THE BASICS
What You Should Know About Relocating to Long Island or Queens
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•When purchasing in New York, a binder check is sometimes presented with the offer to purchase. You then go to contract within an average of ten days. At contract, the total deposit of the down payment is required.
•It is a good idea to have a minimum down payment of 20% in order to qualify for a mortgage on a single-family house or condominium. A higher down payment may be required if financing a co-op.
•We recommend that all home buyers have an engineer’s inspection before purchasing. • A paid-in-full homeowner’s policy must be presented at closing. We will be happy to assist you in obtaining one.
•Some water companies on Long Island and Queens require that they see a copy of the contract on your new home before setting up service.
•At closing, all funds must be in cash or certified checks.
•Veterans can apply for a VA Exemption on their property taxes.
