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CENTURY 21
Cherrytown Associates

Kingston, NY
399 Albany Avenue
Kingston, NY 12401
1-800-959-7556
(845) 340-2005
(845) 338-8159 (fax)

Kerhonkson, NY
6123 Route 209
P.O. Box 272
Kerhonkson, NY 12446
1-800-959-7556
(845) 626-2005
B U Y E R  I N F O R M A T I O N


Advantages of Home Ownership

Tax Savings -- The Biggest Cash Bonus to the Homeowner
A significant portion of your mortgage, interest and property taxes - a substantial pert of your monthly payments are tax deductible.

Home Values Have Sustained Growth Through the Years
There's no Better financial investment than home ownership! It's the best hedge against inflation. Your "guarantee" of the increased value of real estate is the only commodity in the world which is absolutely limited in supply. The growth in population instantly increases demand.
     Home ownership is a primary goal in the American success story. In no other country in the world do so many of the citizens own private property. Home ownership provides both financial and personal satisfaction. Bu making this investment now, an investment in your future, you or your family can expect a significant return throughout the years.

Freedom
You choose a style of the structure, landscaping, colors, furniture, and decor. Since you are the "Landlord" the freedom to arrange or rearrange things to suit your needs is limited only by your creativity and imagination.

Privacy
Your home is the place where you can enjoy the many facets of your lifestyle. It can be a center of activity or a quiet refuge. It's much more than a place to eat and sleep; your home is an intricate part of your lifestyle.

Security
Security and knowledge go hand in hand with home ownership. Your feeling of security will be enhanced by the knowledge that your home, a major investment of a lifetime, is a safeguard against inflation. As time passes, a smaller share of your earnings will go toward this housing expense. Owning a home is the beginning of financial independence.

Community
You establish roots because your home makes you a part of the community. Your neighbors are homeowners too, often with backgrounds like your own.

Typical Home Purchase Procedure

Step 1
In negotiating the purchase of your new home, the initial step will be to instruct your broker to make an offer of purchase. This offer should be in writing and accompanied by a deposit check to show "good faith." The offer should include:
  • Legal names of Seller and Purchaser.
  • Identification of subject property and property size.
  • Any personal property specifically included or excluded.
  • Purchase price and payment schedule.
  • Mortgage contingency, if any.
  • Any other contingencies, such as structural inspection, pest inspection, well test, etc.
  • Quality of title to be conveyed.
  • Attorney's approval contingency.
  • Proposed closing and occupancy dates.

Step 2
When buyer and seller agree on terms:

  • Good faith deposit is placed in escrow with listing broker.
  • Both parties take the contract to their respective attorneys for review and approval.
  • The buyer then applies fo financing and arranges fro building and pest inspections.
  • Step 3
    When inspections are complete and contingencies are resolved:
  • Buyer's attorney proceeds with arrangements for title search.
  • Seller's attorney prepares proposed deed.
  • Preparations are made for closing and passing of title.

Step 3
When inspections are complete and contingencies are resolved:

  • Buyer's attorney proceeds with arrangements for title search.
  • Seller's attorney prepares proposal deed.
  • Preparations are made for closing and passing of title.

Typical Home Purchase Costs

  • Points. Also called Loan Origination Fee.
  • Interest in the Loan. Interest covering the period from date of closing until end of month.
  • Title Insurance. Often the banks require this insurance.
  • Attorney's Fee
  • Survey Fees. If not recently, the lender of title insurance company require a registered survey or map showing the location of the house and the boundaries of the property, as well as easements and rights of way.
  • Homeowner's Insurance. Proof of current policy is necessary at the closing.
  • Adjustment Costs. Paid to the seller at closing (where applicable):
    • Buyer's share of pre-paid property taxes
    • Heating oil remaining in the tank
    • Sewer service charge, if applicable
  • Pest Inspections
  • Building Inspection

Each Office is Independently owned and operated. ©2008 CENTURY 21 Real Estate Corporation. CENTURY 21® is a registered trademark licensed to CENTURY 21 Real Estate Corporation. Equal Housing Opportunity.