A guide to prepare you for your next investment.
It is important that our clients understand this is a partnership. To set ourselves up for success, we always recommend that you be open, honest, and transparent. In return, we will do the same. It is best to be aligned about what you’re looking for when buying a home in the Hamptons, in order to optimize your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you are paying cash for the full price of your home, be prepared to show proof of funds).
Attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home's location and amenities.
Reach an agreement with the seller on price and terms. Once you have seen a home you like, you can put in an "offer," which is a non-binding agreement to pay a certain price for the home. If your offer is lower than the list price, the seller will likely return with a "counteroffer" price, which you can choose to accept, reject, or make another offer. The Midlam | Ryan Team will provide advice on pricing throughout.
It is best to work with an attorney who specializes in Hamptons property sales. Your attorney's job is vital to protecting your interests, and they have an incredible amount of paperwork to review on your behalf. Therefore, you want to select an attorney who is familiar with these transactions. Our team can provide you with a recommended list of well-regarded attorneys.
A qualified home inspector can determine the overall condition of a structure including exterior and interior materials quality, appliance performance, and level to which mechanical systems are functioning. Where applicable, inspectors will check for termites and if a buried oil tank is present, a soil test may be advisable.
Working with your attorney, analyze the contract of sale, home inspection, survey, and updated certificate of occupancy (typically provided by the seller).
The deposit due on contract signing is typical 10% of the purchase price.
A qualified, local land surveyor will provide you with an accurate depiction of the property’s boundaries including all structures, hardscaping, clearing calculations, and lot size for our team and your attorney to review with you. Please allow 2-5 weeks for your survey to be completed. Your attorney typically schedules an updated survey.
When buying a home in the Hamptons, you will have a final walk-through with The Midlam | Ryan Team. Sign the closing documents and transfer the balance of money owed.
* For information purposes only, the actual tax and title costs may be different, please consult your attorney.