Founding Attorney
Buying your first home is an exciting milestone, but it can also feel unfamiliar. Between contracts, inspections, and closing paperwork, there’s a lot to manage before you get the keys. With the proper legal guidance, the process can be transparent, efficient, and rewarding. At Merlino & Gonzalez, we help first-time buyers in New York and New Jersey understand each step so they can move forward with confidence.
Understanding the Real Estate Transaction Process
A real estate purchase involves more than finding the right property. Once you’ve made an offer and it’s accepted, several legal and financial steps follow before ownership officially transfers. These include reviewing the contract, completing inspections, securing financing, and attending the closing.
For first-time buyers, it helps to see the transaction as a series of checkpoints. Each one protects your investment and ensures the property meets your expectations. Having an experienced real estate lawyer review and explain these stages helps prevent surprises and delays.
The Importance of a Solid Contract
Your contract of sale outlines every detail of the transaction, including price, deadlines, contingencies, and closing costs. Once both parties sign, it becomes legally binding. We ensure that every term in the document accurately reflects your agreement and protects your interests.
A properly structured contract will:
- Clearly state the purchase price, deposit amount, and closing date
- Include a financing contingency that protects your deposit if the loan falls through
- Address what happens if issues arise during inspection or appraisal
- Spell out which fixtures, appliances, or other items are included in the sale
It’s easy to overlook small clauses that have significant consequences. We review each provision and clarify your obligations before you sign, so you know exactly what you’re agreeing to.
Inspections and Due Diligence
Before you close, you have the right to inspect the property and uncover any potential problems. Typical inspections include structural, electrical, and plumbing evaluations, as well as termite or radon testing when applicable. If an issue appears, you can usually request repairs, a credit, or, if necessary, withdraw from the deal.
For condos or co-ops, due diligence also involves reviewing the building’s financials, bylaws, and board minutes. These documents reveal whether the property is well-managed and financially stable. We conduct a review to identify potential red flags before you commit.
Financing and Title Considerations
Once your contract is signed, your lender begins processing your mortgage. Meanwhile, a title search ensures the property is free of liens, unpaid taxes, or ownership disputes. Title insurance protects you and the lender if a hidden issue later arises.
We coordinate with your lender and title company to ensure that all documents align, deadlines are met, and funds are correctly distributed at closing, creating a seamless transition between your financing and final ownership.
Understanding Closing Costs
Closing day is the finish line, but it also comes with expenses beyond the purchase price. Many first-time buyers underestimate these costs, which can include:
- Title insurance and recording fees
- Lender charges and appraisal fees
- Attorney fees and transfer taxes
- Escrow deposits for taxes and insurance
We provide a detailed estimate early in the process so you know what to expect. Knowing your total investment upfront helps you plan your budget with confidence.
Common Mistakes First-Time Buyers Can Avoid
Even careful buyers can make decisions that result in delays or additional expenses. Some of the most common pitfalls include:
- Signing a contract before having it reviewed by an attorney
- Skipping inspections to speed up closing
- Making large purchases that affect mortgage approval
- Failing to verify condo or homeowners association rules
We help you avoid these missteps by reviewing every document and coordinating communication between agents, lenders, and title professionals.
Why Legal Guidance Matters
Buying your first home involves both legal and emotional investment. A real estate agent can help you find the right property, but an attorney ensures your rights are protected throughout the transaction.
At Merlino & Gonzalez, we handle all aspects of the closing process—from contract review to title verification—so you can focus on the excitement of owning your first home. We explain every step in plain language, help you make informed decisions, and make sure deadlines are met on time.
Turning the Dream of Homeownership Into Reality
Purchasing your first home should be a moment of pride, not stress. With careful preparation and professional support, the process can be smooth and transparent.
At Merlino & Gonzalez, we guide first-time buyers in New York and New Jersey through every stage of their real estate transaction. Contact us today to learn how our real estate attorneys can help you close on your first home successfully.