A Comprehensive Guide To Buying A Home In Erie County

By Joseph Wolf

Buying a home is one of the pivotal points in a person's life. They now have their
own space, a home that they can call theirs. The process of buying a home is
expensive, time consuming, and in truth a bit hectic. Knowledge of how the system
works and your rights as a buyer are crucial. It prevents the buyer from making a
mistake and it allows the buyer to be protected under the law. There are several laws,
rules, and regulations that protect a homebuyer. The protections and rights associated
with buying a home will be outlined in this report, in addition to a general overview of
what a buyer should do and or look for. This report will be broken up into several
different sections. These sections will mirror the process of buying a home and the
rights associated with each step.

Finding a House / How much will it cost / checking the listing

There are several different parts to each step. The very first step in buying a
home is finding a home that you are interested in. There are several places to find this,
whether it be hiring a real estate agent, looking online on sites such as zillow.com, or
browsing the appropriate locations of the newspaper. Finding a house that you are
interested in is perhaps the easiest step. After finding a house there is an entire bundle
of things that have to be done to ensure safety and a valid transaction.

Can I afford this?

Having a general range to pick from is a good idea. An example would be 150200k. Once a house is picked out the very first step is getting a vague idea of it is
within your budget or not. We do not have to get into costs such as how much will the
closing fee be here. This is a general overview of how much it will cost per month to
own the home. There are several factors that go into the cost of a house, including
County and school taxes, down payments, mortgage costs, and insurance. Finding
these fees and costs can be time consuming. For the sake of this report I will use 166
Breezewood, the house that I am looking at, as an example.

Im a first time homebuyer, is there any help out there?

There is! First Niagara offers a rather attractive program in which Eligible firsttime homebuyers can earn $4 in matching grant funds (up to $7,500) for every $1 saved
to use toward down payment and closing costs. There is a limit to this though. In order
to qualify your Household income must be at or below 80% of the median income in the
county you currently reside. $7,500 may be used for down payment and/or closing
costs.

There is some assistance for the Town of Amherst. As

http://www.belmonthousingwny.org/wny_first_time_homebuyer_programs states, there
is funding in the amount of 5,000 that can be used for closing costs. It is only available

for closing costs/escrow; buyer needs own down payment. This is not something I
would have known about without googling it. I would definitely look into this further to
see if there are any catches/ issues.

Mortgage Explained
Considering the house is listed for 154,900 (I will use this number, rather than
assuming a lower number after bargaining) I would try to put down as much money as I
could. 20 percent down seems like a decent goal, which makes my down payment
30980.This means I will have to mortgage 123,920 (Googles mortgage calculator is a
great tool for thishttps://www.google.com/search?espv=2&q=google+mortgage+calculator&oq=google+m
ortgage+calculator)

Why 20 percent?
There are several reasons as to why 20 percent down is a good idea. PMI
(Private mortgage insurance) is pretty much required when people put below 20 percent
down. This drives the monthly cost up.

The second reason why 20 percent down is a good idea is due to interest. Most
of the bill you pay every month, in fact exactly 78% of it, goes to interest. The more
money you have mortgaged the more you will end up paying in interest. This is exactly
why on a 123,920 dollar mortgage the total cost (over 15 years) comes to 164,000
dollars.

How can I reduce the total cost of a mortgage?

There are four main ways to reduce the total cost of the mortgage. First, putting
as much down as you can is a great way to start. This lowers the total principal of the
mortgage. The second thing you can do is to have the shortest term mortgage you can
afford. The difference between a 15-year loan and a 30-year loan is staggering. On the
home I am buying a 15-year loan comes to 164,000 dollars. A 30-year loan comes to
210,928. That is a massive difference. Third, getting a lower interest rate will make a
difference. Even .01 percent can be the difference of thousands of dollars over 30
years.

The last way to reduce the total cost comes into effect after the mortgage is set.
Every year you can pay extra towards the principal of the loan. This lowers the total
cost, and thus lowers interest. Paying one extra payment per year that is designated to
principal can shave years off of the mortgage in the long run.

After using Googles mortgage calculator, my monthly bill for my mortgage will
be 912 dollars. What other expenses are there?

There are many additional costs to owning a home. County and school tax and
insurance are some of the biggest burdens.

To find the tax information one must go to erie.gov and then navigate to taxes
from there. Using my home as a baseline the owner has paid between 1700 and 2400
per year for county taxes. In 2015 the owner paid 2000 dollars. According to
Amherst.ny.us the school tax for 2015 was 2,051.35.

The last big burden on the homeowner is insurance. For the house that I am
looking at the price for insurance would be about 750 for the year.

Knowing all of this, how much will my home cost?

First we take the cost of the mortgage per month, 912 dollars. Add to that the
monthly cost of tax per month, 337. And finally the cost of insurance per month, 62.5.

This comes to a total of 1,311.5 per month.

Doing all of this math and research is of the upmost importance. A 200,000 dollar
house may seem within reach mortgage wise, but once you add in the tax and
everything of the like the cost begins to skyrocket.

What happens if I do not pay?

Judicial foreclosure occurs when a person does not pay their mortgage. After a
few missed payments a complaint is brought against the nonpaying borrower. From
there a lawsuit is initiated. The lawsuit specifies the issues and amount of money owed
and asks the court to render a decision. Often times the judge will agree with the
complaint and will require that the house be sold and that all proceeds go to the issuing
bank. After the sale if there is remaining balance on the loan the bank can come after
other assets the borrower has.
This is important information for a homebuyer such as myself due to the fact that
it shows that the bank can come after you if you dont pay.

What are the advantages of owning a home?

There are many tax advantages when comparing buying a home to renting an
apartment. Perhaps the most important advantage is the fact that the interest paid on a
mortgage is a tax write off. This helps alleviate some of the monetary pressure.

The second tax advantage of owning a home is the Capital Gains Exclusion.
When I sell my property it will most likely be under 250000, which means that I will not

owe capital gains tax on it. Capital gains would normally tax the difference between the
price you bought your home and the price you sold your home at. If I bought my
property at 200,000, and sell it at 250,000, I do not have to pay any taxes on the extra
50,000. This is important as it also alleviates some of the monetary pressure. There is a
mild concern with the property I am buying. It might be over the 250,000 limit, which
means that for every dollar over that limit I would have to pay capital gains tax.

The last benefit is the fact that you build equity. In a sense this ties in with the
capital gains advantage stated above. Houses appreciate rather than depreciate, which
means that you can sell a house for more than you bought it. This allows people to
move up in the world of houses, and is a big part of owning a home.

Now that you know you can (reasonably) afford it, where do you go next?

Once you have cleared the first step of affording the property it is time to move
on to the actual property itself. The first step to take is to go down to the Erie County
Clerks Office and ask for all information pertaining to the property you are looking at.
There are many pieces of information that you should get while there.

The first piece of information is the description of the land that the house sits on.
In other words, you want to know the boundaries of the property. The most likely way
this will be found is by a recording plat, which is the simplest and most convenient

method of land description. It will show the boundaries of the property, where you own,
and where you dont own. This is imperative for when the time after you buy your house.
For the house I am looking at, I would ask the Clerks Office to show me where the book
for the recording plat is. From there I can determine if the property is fit for my needs.
Here is what a recording plat will look like:

You may also find an Assessors map. This style of showing property is quite
common. It is easy to locate since each plot of land has a book and a section that it can
be easily located in. There is a word of caution though- these maps are not legally
binding, and is never used as a legal description in a deed. It is merely for
convenience. Here is what one will look like:

The next thing to look for would be anything relating to the financials of the home
or property. Is it foreclosed? Does it have a lien on the property? Are there any
easements? These questions are extremely important to answer. If it is foreclosed there
is an entire process to go through when it comes to buying it, but for the purpose of this
report we won't deal with that. A lien is when there is a hold on the property. An
example would be if taxes were not paid, or if a roof was never paid for after it was put
on. These debts or holds due will come up in the closing and often times dealing with
them can be a massive pain. If the house I was looking at had any liens, I would contact
the current owner and try to figure out what is the plan to remove those liens.
These things are grouped up into the title of an encumbrance, which is any impediment
to a clear title, such as a lien, lease, or easement. Finding out about encumbrances and

getting them taken care is a requirement before moving forward on buying a property.
Buying a property that is stuffed with encumbrances is a terrible idea.

An easement is the right or privilege one party has to use land belonging to
another for a special purpose not inconsistent with the owners use of land. This can
come up if you have say an oil reserve below your house. There may very well be an
easement on the property that would allow that oil to be drilled for. Knowing about these
is crucial. Here is a figure of common easements as an example.

Once you have checked to make sure that the property is free of all financial
issues it is a good idea to make sure that the current owner actually owns the house.
You can check this by looking for the title. It will be filed at the office and it is the official
document showing who owns the house.

The last piece of information that needs to be looked for is any rights the house
has. An example would be waterfront rights. When I buy my home I will be cross
checking everything the listing states with what the Clerks office actually has. There is a
reason for this. Mosca v Kiner is a textbook example of what happens when someone
does not check the records. In this case a house was listed as having water rights. After
the transaction occurred the new owners found out that their home does not have water
rights. A judge ruled that any reasonable person could have checked the records
instead of believing what the seller said, thus upholding the sale. This shows that you
should never trust a listing, and that you should always cross check the listing with the
Clerks office. Had they checked the office for all rights pertaining to the home they
would have found out that their home did not have water rights.

Documents must be in the Clerks office in order for them to be valid. There are
several laws ensuring this, including the fact that a deed, mortgage or anything effecting
real estate is not in effect until recorded, and that when a document is recorded it is
assumed that all parties are notified of the document.

A nice overview of all the things that are kept at the Clerks (recorders) office can
be found below.

You have made sure you can afford the property, you have checked to make sure
the listing is true by checking the Clerks Office, and you have checked to make
sure there are no encumbrances against the property. The next step is to move
forward with negotiations.

This is where the process begins to get messy, confusing, and difficult. There are
so many facets of real estate and its all a jumbled mess. This report will break down the
main points that need to be hit.

Once you know that you can afford the property and that it suits your needs it's
time to go forward with negotiations. The first thing to do is go visit the house and walk

through it. This is important as the house may not be in the best condition, it may not be
what you like, or any combination of the two. It also allows you to take note of any
fixtures on the property. A fixture is something that is permanently affixed to the
property. An example would be a shed or an air conditioning unit. You as a buyer have
a right to these fixtures and they will stay with the property. There is a caveat to this.
Personal property, say the drapes on a window, are not a fixture. They can be easily
moved, manipulated, and taken with the owner. You as a buyer do not have a right to
these items. They can be negotiated for, but the owner has every right to take them with
them when they leave. This is important since the couch that you love may not be there
when you walk into the house after you bought it.

When I buy my house I would ask the owner what he plans on keeping and what
he plans on leaving with the house. This provides a simple early look into what you will
have to have when you move in, and what will already be there.

If you like the house the next step is to make an offer on the house. If they accept
the offer the ball starts to roll.

The Contract/ further negotiations

Inspections/ finding out what's wrong

The idea of finding out what's wrong with a house is perhaps the most important
part of real estate. Things can be hidden, the foundation may be weak, there may be
lead paint, and so on. The buyer has every right to find out what's wrong with the
property. The seller will issue whats called a Sellers Property Disclosure Statement.
This is a document from the seller stating what is wrong with the property. The NYS
document can be found here: https://www.dos.ny.gov/forms/licensing/1614-a.pdf

Do not rely on this statement. There are multiple reasons for this. The first
being that the seller has a stake in selling the property, and I am not completely sure I
can trust them knowing that. The second reason is due to this line in the statementTHIS DISCLOSURE STATEMENT IS NOT A WARRANTY OF ANY KIND BY THE
SELLER OR BY ANY AGENT REPRESENTING THE SELLER IN THIS
TRANSACTION. IT IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR TESTS
AND THE BUYER IS ENCOURAGED TO OBTAIN HIS OR HER OWN INDEPENDENT
PROFESSIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND ALSO IS
ENCOURAGED TO CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY.
That is an absolute warning statement. Since the disclosure statement is not a warranty,
and it is not a substitute for an inspection, why ever rely on it?

As per the contract in the course documents, Purchaser shall have the right to
have the Property and Included Items inspected and/or tested by an inspector or
inspectors of Purchasers choice at Purchasers cost and expense (Property
Inspection) and any notice of unsatisfactory results pursuant to Paragraph 9(A)(4) shall
be completed within ______ (7 if blank) days
This shows that the default is 7 days, however, it can be agreed upon to be
shorter or longer. Ultimately, the buyer determines if the property is of acceptable
condition or not. They take the inspector's advice and go from there. If the house
passes the buyer's standards they buy the house. If not, then they dont buy the house.
When buying my house I would have it inspected as soon as the disclosure statement is
sent to me. I want to validate what the seller is saying as well as get a second opinion
from a professional.

If you wait too long then you do not get to inspect the property. Thus, the seller
will not be held accountable for defects that are found later. Missing the deadline waives
your right to an inspection. If you inspect the property, but do not notify the selling party
before the expiration of the inspection period, you cannot opt out of the contract. This
can be found in the contract section 9A4.

As per ATC1A you are allowed to have your attorney review the contract. It
states This Contract is contingent upon its approval by the Parties respective attorneys
(Attorney Approval Contingency) within 3 Business Days following receipt by each
Partys attorney of a complete copy of the fully executed Contract (Approval Period).

Both of these points are crucial to home buying. I would know the deadline and
be far ahead of it to prevent any mishaps.

You have 3 days to amend the contract. If there is no disapproval, conditional

approval or approval of this Contract by an attorney on behalf of a Party by the end of
the Approval Period, this Attorney Approval Contingency is deemed waived by that
Party.
This is important, as that is a quick deadline. You need to review the contract
fully and talk with your attorney in a very short amount of time. Knowing when that
contract is coming is crucial so both me and my attorney are available.

As per ATC1A, if I do not have my attorney review the contract, that perk is
waived, and after the 3 days they can no longer approve or disprove it.

The right to reject a contract for no reason is supported by case law. Moran v Erk
provides proof that you can reject a contract for any reason. In this case an attorney
rejected the contract within the 3 days he was able to do so. As the court held, We
therefore hold that where a real estate contract contains an attorney approval
contingency providing that the contract is subject to or contingent upon attorney
approval within a specified time period and no further limitations on approval appear in
the contract's language, an attorney for either party may timely disapprove the contract
for any reason or for no stated reason. Since no explicit limitations were placed on the

attorney approval contingency in the contract in this case, the Erks' attorney's timely
disapproval was valid, and the contract is void by its express terms.
This court allowed the 3 days review to stand. It allowed there to be no reason as to
why it was canceled, and it enabled people to leave if they wish. This is important when
it comes to buying a home. Knowing that you can back out for pretty much any reason
is reassuring. I would keep that in mind while buying a home, and if need be, exercise
that right.

Title report vs Abstract

A title report is the written analysis of the status of title to real property, including
a property description, names of titleholders and how title is held, tax rate,
encumbrances and so on. A title report can be done by anyone.
An abstract is a more official document. It can only be done by an abstractor
and then is sent to an attorney for documentation. An abstract is a complete listing of
every document in the history of the title.
In buying my first home I would prefer an abstracts official standard compared to
the guesswork done by the seller. An abstract simply provides a more in-depth and
correct evaluation. This is crucial to knowing what condition the home is in.

What kind of deed do you want?

First, what is a deed? A deed is a written document that, when properly executed
and delivered, conveys title (ownership) of the land. Without a deed, there is no
exchange of property.

A deed follows a simple ruleset

1. a deed must identify a grantor and the grantee
2. it must state that consideration was given
3. The grantor must clearly state that he is making a grant of real property, and he
must identify the quantity of the estate being granted.
4. The land description must not be able to be misunderstood.
5. The deed must be signed
6. The deed must be accepted
A simple deed would look like this. It has all of the correct parts.

The deed is crucial to a real estate transaction, and to make matters worse, there
are several different kinds of deeds. There is only one kind of deed that you want
though, and that is a Full covenant and warranty deed. This is due to the fact that a
full covenant and warranty deed provides the most protection and assurance. This kind
of deed contains covenants of seizin, quiet enjoyment, further assurance, and a
guarantee that there are no encumbrances. In addition, it offers protection against
claims against the property. Compared to other deeds such as grant deeds, and the

worst kind of deeds known as a bargain and sale deed, a full covenant and warranty
deed is simply superior.

I would use this kind of deed when buying my house for a ton of reasons. The
first being that it offers the most protection which is always a good thing. As a
homebuyer I would want to make sure that my purchase is protected and valid. A full
covenant and warranty deed offers that protection. The second reason why I would use
this kind of deed is due to my own personal piece of mind. When it comes to buying
things I simply refuse to buy anything of value that does not have a warranty. Buying a
new chair? Better have a warranty to make sure it lasts. Buying a new car? Better have
a warranty in case something goes wrong. Buying a 150k house? It must have all the
protection and warranty I can get.

What are some things that the deed offers?

The most important thing that the deed offers is the rights associated with the
property. This is known as the Fee Simple bundle of rights. The rights include
occupancy and use, renting, building rights, and so on. All of these can be seen with the
figure below.

That bundle of rights are what every homebuyer should strive for, in addition to
the full covenant and warranty deed. The reason is simple- the more rights you have on
your property, the better it is. Remember back when I talked about easements,
encumbrances, and things of the like? Those take away from that bundle of rights. That
is why going to the clerk's office and finding out what is against the property is so
important. All of those rights are important, and without any one of them, issues can
arise.

You have the deed, but what about the actual contract?

Otherwise known as a purchase contract, deposit receipt, offer and acceptance,

and so on, these preprinted forms contain four key parts: Provision for the buyers
earnest money deposit, the buyers offer to purchase, the acceptance of the offer by the
seller, and provision for the payment of a brokerage commission. Basically, while the

deed and title show that you actually have the property, a contract is a legal document
showing agreement between the parties. It shows the end price, what kind of deed will
be given, who will pay taxes and so on. It is very important to have a good contract, and
this is where an attorney steps in. A real estate attorney can help in the contract drafting
phase and make sure that you do not get a bad deal. Negotiating a good contract is
essential, as if you sign a bad contract it will be very hard if not impossible to fix.
Here is an example of a purchase contract:

Make sure the contract is valid

In order for the contract of sale to be valid it must be a valid contract. There are
several steps to a valid contract. They are- 1. Legally competent parties. 2. Mutual
agreement. 3. Lawful objective. 4. Consideration or cause. 5. Contract in writing when
required by law. It boils down to this- as long as you are over the age of 18 and have
legal motives, the contract will be valid.

What kind of Ownership is for me?

It depends on how many people will own the house. Is it only one person? Then
you want sole ownership. If there's two people then you want tenants in common. It is
important to note that tenants in common has to right of survivorship. This means that if
you, the owner, dies, it will not be transferred to the other party. Right of survivorship is
useful when you are married to someone. Leaving them the house without the hassle of
a will can be easier.

Congrats, you own the house! Whats next?

There are several things to be aware of after you own the house. Most of them
are based on specific scenarios, but they are still important to explore.

I want to add an addition to my house, what do I have to check?

This deals with zoning laws. Putting that two story expansion on your house may
violate them, and violating them is not a fun time. The government can come and force
you to take down the addition, which costs thousands of dollars.

There can be exceptions to zoning law. These are known as variances. A person
requests to bend the zoning rules a bit and if granted it is called a variance. An
important note is this- this does not amend the law. It is simply a one time take it or
leave it grant to do what you were requesting to do. If you try to say well he was
granted that so I did you will have a very bad time.
Before buying a home I would check the records and see how many variances
have been granted in my area. It is simply a good thing to know. Is the area Im moving
into extremely strict or more lenient? Is there a chance of something completely
different being allowed to be built or is that not possible? Are the zoning laws petty and
annoying or are they open and workable? All of these questions are questions that I
would be asking myself while looking at homes. I would be sure to understand how
variable the laws were.
In order to be granted a variance you may appeal to the Zoning Board of
Appeals for a variance from zoning regulations, or to the Common Council for a
rezoning (change of zoning). (https://www.citybuffalo.com/Home/City_Departments/Office_of_Strategic_Planning/RegulatoryBoards/Z
oningBoardAppeals/ZoningandUse)

I need to insure my home, what should I insure?

The most comprehensive insurance is homeowners insurance. There are

several levels of this kind of insurance. A basic form can be found below:

Beyond that, there are a couple kinds of insurance to know of.

Liability insurance is pretty much a requirement when it comes to owning or

renting any sort of property. Liability insurance kicks in when an event takes place on
your property and someone is injured as a result. As Allstate says, Liability coverage is
a typical component of a homeowners insurance policy. While no one expects to be
held liable after an accident at their home, liability coverage may help prevent you from
paying out of pocket should the unexpected occur. And there are plenty of ways in
which this coverage may help protect you. Here are some examples of protections that
homeowners liability coverage may provide. https://www.allstate.com/tools-andresources/home-insurance/what-does-home-liability-cover.aspx

Liability insurance covers a variety of things, including medical bills, pain and
suffering, wages, death benefits, and so on. (allstate). These are all important things to
be covered. Judgements can easily reach into the millions and without insurance that is
coming out of your pocket.
As a homeowner I would buy just about the best insurance I could reasonably
afford. I have always believed that spending more on insurance is better. The
differences in price are minimal when you compare how much more coverage you are
getting it is more than worth it. My goal would be to have at least a million in coverage
as soon as I could reasonably afford it. In fact that would tie in with how expensive of a
home I could afford. If I can't afford insurance I am happy with, I clearly cannot buy the
house I am looking at.
Flood insurance is another kind of insurance that is helpful to have. Flood
insurance is a completely separate entity from homeowners insurance and has to be
bought separately. This is important as most people do not realize this is the case until it
is too late. Flood insurance typically covers: the building and its foundation; plumbing
and electrical systems; central air and heating systems; attached bookcases, cabinets
and paneling; and a detached garage (allstate). Without that insurance all of that would
have to be replaced at my own expense.
While buffalo does not often flood I would buy some cheap flood insurance just to
be safe. As allstate states, Most flood insurance policies and basic property insurance
policies do not cover water backup damage. This type of damage is typically caused by
water that overflows from a sump pump or backs up through sewers or drains. This is

extremely important living in Buffalo. Similar situation to the October Storm? Out of luck.
As a homeowner I would try to get some coverage for that situation if I could rather than
generic flood insurance. (https://www.allstate.com/home-insurance/flood-insurancemain.aspx)

The last thing to know of are encroachments. Encroachments are the

unauthorized intrusion of a building or other form of real property. A tree that overhands
into a neighbors yard or a building or eave of a roof that crosses a property line are
examples of encroachments. The owner of the property being encroached upon has the
right to force the removal of the encroachment. Failure to do so may eventually cause
the loss of the encroached land. This is important to know, as if the neighbor builds
something on your property and you do not remove it, the neighbor can claim that
encroached property as their own, taking it from you.
There are several reasons for this, and it boils down to the most basic definitions
of real estate. It is rather ironic that a report as complex as this one is coming to an end
with the most basic definitions, however I feel as if that is the best way to fully explain
this topic. Throwing basic definitions at you in the beginning causes them to be lost and
not fully understood.
Real estate and land in general has several physical characteristics.
Characteristics that enable real estate to be what it is. The first characteristic is the fact
that real estate, and land in general, is immobile. You cannot pick up and move a piece
of the earth that is an acre large. It is there, in essence, forever. This is directly opposite
to say an iPhone, which can be in different countries in any given day. This immobility

makes it easier for states and governments to tax, and it ties in with the rest of the
characteristics.
The next characteristic is the fact that land is indestructible. Disregarding a
natural disaster on an epic scale, your land is not going to simply be gone tomorrow. It
may morph, change, and adapt to different conditions, but it will never simply disappear.
Granted, the economic value of land can change. While this is true, the fact that it is
indestructible remains true.
The last physical characteristic is the idea of nonhomogeneity. This is the fact
that no other piece of land is exactly like your land. Your land occupies a specific place
on the globe, and no other piece of land has that same claim. This fact cannot be
changed, which is why it is a fundamental physical characteristic of land.
There are many economic characteristics of land as well. The first is the idea of
scarcity, which is the idea that shortage of land in a given area will cause prices to
increase. This is a simple idea of supply and demand applied to real estate.
The next economic truth of real estate is the idea of modification. You can modify
your land, and or your house to suit your needs, to increase value, and so on. This can
cause not only your house but also the houses around your house to appreciate in
value. There are very few other areas of economics that has this advantage.
While land is a worthwhile investment, the fact that it takes so long is another
economic characteristic. This is known as fixity, which refers to the fact that land and
buildings require long periods of time to pay for themselves. Real estate and land in
general are long term investments.

The last economic characteristic is that of situs, which refers to the location
preference of people. New York City has a high situs since so many people want to live
there. This ties in with scarcity.
Knowing these terms is important. It will be valuable to you as a homeowner now, and
when you go to sell your house.

This long, 6000-word report is finished. We talked through the entire process of
buying your first home. From finding it, to going to the Clerks office, to negotiating an
offer, to insurance, and so on. Hopefully it has been useful. Congratulations on your first
home, and your first venture into real estate.