In private practice for nearly 20 years, Scott Stone has extensive knowledge and experience in residential and commercial property, cooperative, condominium, new construction, foreclosure, short sale and vacant land transactions.

Providing personal attention to each transaction, Scott represents buyers and sellers in all areas of New York, including Nassau County and Suffolk County on Long Island, Manhattan, Brooklyn, Queens, the Bronx, Staten Island, as well as Westchester and Putnam County and upstate New York. Scott personally advises his clients throughout the process, including pre-contract considerations, contract negotiations and execution, title considerations, all mortgage issues, the title closing and post closing issues.

In addition, Scott represents a cooperative corporation, acting as a transfer agent and attorney, including the enforcement of Proprietary Lease and house rule issues. Throughout the years, Scott has also represented mortgage brokers, banks and financing institutions in mortgage loan transaction, including the pre-closing, mortgage signing, preparation of the HUD-1 settlement statement, disbursement of mortgage proceeds and post funding issues.

The process of buying or selling a home can bring about some questions. Below are a few things to consider before, during and after commencing a real estate transaction.

What to consider as a Seller

• Hiring a real estate broker to list the property and determine a potential asking sales price.
• Preparing the property for sale, including the decision of any work that may be required to sell the property.
• Do I have all my necessary documents on the property, namely permits, Certificates of Occupancy, Certificates of Completion, etc.? Do I have a survey? Are any estate documents required? Are there any potential title issues?
• Deciding where to live post-closing.
• What is my time frame to close and move to my new home?
• Doing some research in order to be aware of the expected closing costs and how much money I will receive after all costs, including the payoff of any existing mortgage, have been paid.
• What is the likelihood of any termites being found in the house and if so, how much will this cost me?
• Getting the right buyer and getting the right sales price.
• How much of a mortgage will the potential buyer need to buy the house and will they be able to obtain a mortgage?
• If selling a cooperative apartment, will the potential buyer get approved by the cooperative board?
• What are the condominium or homeowner association rules for selling my property?
• How do I enter into a contract to sell my property?
• Packing the house to leave.
• Hiring a mover.
• The final closing and vacating of the property, both physically and emotionally.
• Transferring all utilities to the new owner.
• Finally, preparation to start the next stage of my life.

What to consider as a Buyer

• Hiring a real estate broker that understands what I am looking for in terms of location, style, price, etc.
• Do I want a one family residential house, a multi family house, a town house, a condominium unit, a cooperative unit, etc. What are the differences in the types of ownership? What is the process of purchasing each type of property?
• Do I have enough money to pay all the closing costs and the down payment? How much are my anticipated closing costs?
• Finding the right house, taking into consideration all financial issues and any work I will have to put into it initially. Is it big enough? Does it have everything I am looking for? Is this where I want to live? Will I be able to meet my monthly expenses? What are the property taxes, and is the property fairly assessed?
• Negotiating a price within my budget.
• Hiring a house inspector and termite inspector.
• Hiring a lawyer that I am comfortable representing my interests.
• Preparing to sign a real estate contract and pay the down payment.
• Getting a mortgage professional that I am comfortable with that will get me the lowest possible interest rate and competitive closing costs.
• Obtaining a mortgage commitment and preparing to close title on the property.
• Preparing funds for the title closing.
• Attending the title closing, signing the documents and becoming a homeowner.
• Starting accounts with all necessary utility companies.
• Moving into my house.
• Post closing, applying for the STAR exemption and any other necessary tax exemptions.
• Post closing, making sure my property taxes do not exceed the value of my home.