In this holiday season, most people are busy shopping for holiday gifts. A lot of people are busy shopping for houses in the beginning of the new year. Many agents are still working as usual to help buyers to purchase their dream home. When purchasers are shopping for houses during the cold winter season, however, especially in New York, there are a couple of things that a purchaser needs to be aware of.
First, a lot of houses have been in existence for many years, some more than 100 years. In the winter season, when the purchaser hires a home inspector, they have to be extremely careful about whether there are any leaks, because in the winter there is less rain, and sometimes water leakage may not be so obvious.
Second, the standard contract form prepared by the seller’s attorney will usually state that the purchaser is buying the house in “as is” condition. However, what does “as is” mean exactly? It means the house should be in the same condition at the closing as it was when the purchaser originally visited at the house. The normal time frame from the time that the purchaser initially visited the house to the closing is 2-3 months. Your attorney should make sure the Contract has a clause stating that “the plumbing, heating, electrical system should be in working order and roof shall be free of leaks at the Closing.” This is to make sure the house is functional at least. If you want a particular home appliance or decoration such as window treatment, you should specifically tell your attorney.
However, if the house is vacant, in a contract provision, the purchaser should demand that the seller maintain a minimum heat level in order to keep all the plumbing pipes from freezing. Otherwise, even though the seller agrees to deliver all the plumbing in working order in the contract, if the pipes freeze and water floods the entire premises, that could cause a delay of the Closing.
Yes, it is cold and blustery in winter, but that should not stop you from looking for a new home early on. Starting early in the new year will give you a better understanding of the housing market. When spring comes and more inventory is on the market, you are sure to be better positioned ahead of many others.
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Jacqueline Huang Huang & Associates, P.C. 6402 8th Avenue, Suite 405 Brooklyn, NY 11220 Telephone: (718) 435-666 Email: jackiehuang@huanglawfirm.com  |
