Important Moments in Buying a Home — Part 2 (買房的重要環節 二)

In Part 1, we covered the journey from mortgage pre-approval through contract signing. In Part 2, we cover the critical steps that take you from a signed contract to receiving the keys to your new home.

Moment 7: Mortgage Application

After signing the contract, you formally apply for your mortgage. The lender will require extensive documentation, including:

• Tax returns (typically 2 years)
• Pay stubs and employment verification
• Bank statements (2-3 months)
• Credit report authorization
• A copy of the signed contract

Your mortgage contingency gives you a deadline (usually 30-45 days) to obtain a commitment letter from your lender. If you cannot secure financing within this period, you may be able to cancel the contract and recover your deposit.

Moment 8: Property Appraisal

The lender will order an independent appraisal to confirm that the property is worth at least the purchase price. If the appraisal comes in lower than expected:

• You may need to renegotiate the purchase price with the seller
• You may need to bring additional cash to closing to cover the difference
• In some cases, you can request a second appraisal

Moment 9: Title Search and Title Insurance

Your attorney orders a title search to examine the property's ownership history and identify any issues. The title company reviews public records for:

• Chain of ownership
• Outstanding mortgages or liens
• Judgments against the seller
• Tax liens
• Easements or restrictions
• Open violations or permits

Title insurance protects you against defects that were not discovered during the search. Both an owner's policy and a lender's policy are typically purchased at closing.

Moment 10: Mortgage Commitment

When the lender approves your loan, they issue a mortgage commitment letter. This letter confirms:

• The loan amount and interest rate
• The loan terms and conditions
• Any remaining conditions to be met before closing (such as updated documents)

Receiving the commitment letter is a major milestone — it means your financing is substantially secured.

Moment 11: Clearing Title and Pre-Closing

Your attorney works to resolve any title issues discovered during the search. Common issues include:

• Open building violations that the seller must resolve
• Liens that must be paid at or before closing
• Survey discrepancies
• Missing documents in the chain of title

Your attorney also prepares and reviews the closing statement, which itemizes all costs and credits for the transaction.

Moment 12: Final Walk-Through

Shortly before closing (usually the day before or morning of), you conduct a final walk-through to verify that the property is in the agreed-upon condition and that the seller has vacated. Check for any new damage, verify that agreed-upon repairs were completed, and confirm that all included fixtures and appliances are present.

Moment 13: Closing Day

At the closing, you will sign the mortgage documents, the deed is transferred, and funds are disbursed. Your attorney reviews every document before you sign and ensures that all terms match what was agreed upon. After closing:

• The deed is recorded with the county clerk
• Title insurance policies are issued
• You receive the keys to your new home

The home buying process in New York is complex, but with the right team of professionals, it can be a smooth and rewarding experience. Contact Huang & Associates, P.C. to ensure every important moment is handled with care.