Adirondack Park Real Estate Buyer's Guide

GUIDE: ADIRONDACK PARK

How to Buy Property

1 Find an Agent

Look for a real estate agent who is knowl edgeable about the specific Town or Village you are considering and can help guide your search. Scan the QR code to get started.

2 Research Financing Options

The first step into ownership is to get pre-qualified for a mortgage loan unless you are paying cash for the purchase. Be prepared to show proof of funds for any cash transaction. Your Merrill L. Thomas, Inc. agent can set you up with a mortgage broker in the area. Based on the income and credit score, the mortgage broker will determine how much the bank will lend.

4

Agree on Price

Reach an agreement on price and terms with seller. Depending on market conditions, we recommend submitting a non-binding writ ten “Purchase Offer” with the help of your MLT agent.

5 Retain a Lawyer

NYS is a title state, therefore it’s important a local or NYS attorney review all contract documents and title report before closing.

3 Visit Properties

Both in-person or virtual walk through are all a part of the search process in today’s world. We expect that you may not be available all the time, so please lean on us to make sure you have every chance to see the property you are looking for before it’s too late. Our website, adirondackestates.com allows you to set up times in advance with either the listing agent or a preferred buyers agent.

6

Review

Most purchase and sale agreements allow for a 3 - 7 day attorney review period to allow your counsel to make any necessary changes or approve/ disapprove the contract.

7

Sign the Contract & Provide a Downpayment

The funds due for a down payment in our area are typically 5% of the purchase price. wiring instructions can be sent via email to help speed up the process.

8 9

Inspections

We always advise our clients to consider a home/structural inspection whenever purchasing a residential property. Other inspections such as well, septic, pest and environmental could also be useful and appropriate depending on the property.

10 Final WalkThrough

On the day before or day of closing we recommend briefly touring the proper ty one last final time before heading to the closing table. to ensure everything is agreed upon.

11

Obtain Mortgage Commitment

Staying on top of your mortgage broker and/or bank is important to meet the deadlines of the contract. Typically you have 45 days to obtain a commitment let ter from the bank which includes a bank appraisal by a certified general appraiser. Make sure you include your agent in all parts of the process as they are pivotal in making the transaction flow.

Closing Congrats, you did it!

It’s finally here. Your attorney will help guide you at closing and answer any questions relating to the final signatures.

The Adirondack Park Agency (APA) is a New York State gov ernment agency, consisting of 54 staff and an eleven-member board. In 1971 the APA was created by the State Legislature to develop long-range public and private land use plans for the largest park in the continental United States.

An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person which is typically a bank.

ADIRONDACK PARK AGENCY APPRAISAL ASSESSMENT

The assessed value is a property’s determined valuation to calculate the appropriate tax rates.

CONTRACT DEPOSIT

Purchase contracts in our area require a 5%-10% down payment at the time of the signing of a sales contract.

CERTIFICATE OF OCCUPANCY

A certificate of occupancy is a document issued by a local gov ernment agency or building department certifying a building’s compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.

STR - SHORT TERM RENTALS

A short–term rental is typically defined as a rental of any residential home unit or accessory building for a short period of time. This generally includes stays of less than a month (30 days), but the maximum length can vary depending on the state and jurisdiction in which the rental is located.

MORITORIUM

A moratorium is a temporary suspension of an activity or law until future consideration warrants lifting the suspension, such as if and when the issues that led to moratorium have been resolved. A moratorium may be imposed by a govern ment, by regulators, or by a business.

HOME OWNERS ASSOCIATION SURVEY

HOA’s for short – are private organizations that oversee the management of some residential communities. HOAs estab lish sets of rules and regulations called bylaws for those living in the community to follow.

A property survey is one of the most important things any owner can have in understanding boundaries, preserving rights, and beginning or continuing development. Property surveys detail things like tree canopies, structures such as wells, visible evidence of utilities, easements, and topography.

Image result for what are prorations in real estate The purpose of a proration in a sale transaction is to fairly divide property expenses like taxes and association dues between the Seller and Buyer so that each party is paying only for those days which he actually owns the property.

A title is the legal right to use and modify the property how you see fit, or transfer interest or any portion that you own to others via a deed. A deed represents the right of the owner to claim the property. As opposed to the title, that describes who is the ultimate holder of the property. NYS is a title state and requires the Seller to provide title to the Buyer.

PRORATIONS TITLE WORK PROPERTY CONDITION DISCLOSURE

The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement or a copy of thereof to be delivered to a buyer or buyer’s agent prior to the signing by the buyer of a binding contract of sale. A $500 credit will be given to the buyer if the disclosure is not completed.

PURCHASER

1. Usually required to make a down payment in the range of 5% - 10% of purchase price at time of execution of contract

2. Pays all lender’s fees

3. Pays sales tax on personalty above $600 in value. 8% in Essex & Franklin Counties.

4. Reimburses Seller for apportionments

5. Pays final abstract continuation in Essex & Franklin Counties $ 80 - $100

6. Pays deed recording fee ($60 - $75 avg.)

7. Pays mortgage recording fee ($135 - $160 avg.)

8. Pays mortgagor share of mortgage tax in Essex Co. 1% - Franklin Co. 3/4 of 1%

9. Prepares EA-5217 transfer report - Residential $125 - Vacant land and Commercial or Apt. $250

10. Title insurance (optional)

11. Survey expense if a requirement of financing package

12. Buyer’s attorney fees

13. Buyer pays NYS Luxury Tax of 1% of sales price on residential property having sales price of $1,000,000 or more

ASK THE EXPERTS:

Our agents provide a wealth of relevant facts, tips, knowledge and experience that you can rely on in the home buying process. Buying a property requires keen local knowledge of market trends, neighborhoods, zoning and current events. Merrill L. Thomas, Inc. has provided buyers with pre cise market details for over 75 years.

FREQUENTLY ASKED QUESTIONS

WHAT IS THE MARKET LIKE IN THIS NEIGHBORHOOD?

Nobody wants to move into a neighborhood that’s moving into a stretch of foreclosures. It can be obvious with some neighborhoods by the abandoned houses and for sale by bank signs throughout the streets, but other times, the neighborhood may be in decline and you won’t know it until a few months after you’ve moved in. Ask your MLT real estate agent about the neighborhood market, specifically if there’s any concern that the neighborhood may decrease in desirability.

WHAT IS THIS PROPERTY WORTH?

Your MLT real estate agent can’t tell you what you should offer, but they can help you to compare similar homes in similar neighborhoods to see what price they sold for. By asking your agent the high and low price for similar properties (otherwise known as “comps” or comparable) you can make an educated offer on a home.

IS THE SELLER FLEXIBLE ON THEIR ASKING PRICE?

If you make a low ball offer on a home, you could offend the buyer and lose your chance at purchasing the home. Talk to your MLT agent or the listing agent to ask if the seller is wiling to negotiate on their asking price.

ARE THERE ANY SELLER’S DISCLOSURES?

Legally, a seller has to disclose any problems with the home. Ask your MLT agent for these disclosures so you can know what’s going on with the home and what state its systems and appliances are in before you make an offer.

HOW OFTEN HAS THIS PROPERTY BEEN SOLD?

If the property has been on and off the market multiple times within the last 10 years, it could point to a problem in the home that the owners discovered. It may be the location, neighborhood or the house itself. Check with your agent to see how often the home has been moved out of, and if the number seems high, ask why.

HOW LONG HAS THE HOME BEEN ON THE MARKET?

Having a home that is on the market for a longer period of time could point to problems in the home or a seller who refused to change on the asking price. Ask your agent how long the home has been on the market, and if it has been on the market for a long time, why.

WHEN DO THE SELLERS HAVE TO MOVE OUT?

Are the sellers trying to move quickly to get to a new job in a new city? If so, they may be pressed to sell quickly and may take a lower offer than their asking price. If the sellers have no pressing deadline to get out of the home, you have more time to inspect the home and ensure there are no major issues with the systems and appliances.

TEAM

Lenders

Champlain National Bank

Lori Roberts

Commercial Lender 32 Cornelia Street

Plattsburgh, NY 12901 518-562-1776 ext. 1623 lherbert@champlainbank.com

Community Bank N.A.

Alex Nenno

Mortgage Specialist

2297 Saranac Avenue

Lake Placid, NY 12946 518-523-4207 alex.nenno@communitybankna.com

Cross Country Mortgage, LLC

Harrison Sangster Mortgage Consultant 64 Bridge Street, Floor 1, Suite 1 Plattsburgh, NY 12901 518-278-4331 Harrison.sangster@myccmortgage.com

North Country Savings Bank

Jenny Mott

Loan Assistant

453 East Main Street

Malone, NY 12953 518-317-4041 jmott@ncsb.bank

Paragon Home Loans

David Abernethy

Branch Manager

2276 Saranac Avenue Lake Placid, NY 12946 518-570-0083 dabernethy@paragonhomeloans.com

NBT BANK

Allen Fry Mortgage Consultant Lake Placid, NY 518-241-0636 afry@nbtbank.com

Berkshire Bank

Beth Molinero

VP, Relationship Manager Berkshire Bank 20-22 West Street

Rutland, VT 05701 bmolinero@berkshirebank.com 802.753.6827

Inspectors

Adirondack Home Inspection

Mike Shaw

5982 Sentinel Road Lake Placid, NY 518-523-9429 adkinspect@verizon.net

Clear Point Home Inspections LLC 315-942-4248 Burlisonjerry62@gmail.com

Evergreen Home Inspection Services

Michael Magurk

Saranac Lake, NY 518-949-0443 mmagurk@eghomeinspection.com

North Country Home Inspections, LLC

Dana A. Baker

NYS Licensed Residential Inspector 6 Garden Street Saranac Lake, NY 12983 518-891-0248 bakerdm@verizon.net

Northern NY Home Inspections LLC Tommy Thomson

NYS Licensed Home Inspector 52 Burt Lane

AuSable Forks, NY 12912 518-637-8350 nnyinspections@gmail.com

Orchard View Home Inspections, LLC Ed Crahan

Owner & Inspector 24 Washington Street Peru, NY 12972 518-637-7315 ecrahan@orchardviewinspection.com

Neighborhood Home Inspections

Michael Parker

Owner & Inspector Plattsburgh, NYt Peru, NY 12972 518-593-0642 theneighborhoodhomeinspector@hughes.net

Land Surveyors

John H. Martino

Licensed Land Surveyor 23 Kushaqua Mud Pond Road

Onchiota, NY 12989 518-891-5288

Jhmartino.ls.gmail.com

Leifheit and Littlefield Land Surveying

Owen J. Littlefield, PLS 93 Park Street, PO Box 802 Tupper Lake, NY 12986 (518) 354-1312 owen@leifheitandlittlefield.com

Marvin Land Surveying

Robert and Dan Marvin 21 Colden Ave Lake Placid, NY 12946 518.523.3218

Schissler Land Surveying

Ralph Schissler 13163 State Hwy 9N, Jay NY 12941 Wilmington, NY 518.946.7571 info@adksurveying.com

Home Owners Insurance

Gordon W Pratt Agency

2699 Main St.

Lake Placid, NY 12946 518.523.3196

State Farm

Mike Foote - Agent

5891 Cascade Road Lake Placid, NY 518.523.4646

Wilkins Agency

2208 Saraanc Ave Lake Placid, NY 12946

83 River St. Saranac Lake, NY 12983 518.523.2508 518.891.0001

Blue Line Insurance

55 Barn Road Suite 204 Lake Placid, NY 518.523.4321

Belleville & Associates Insurance

42 Park St, Tupper Lake, NY 12986 518.359.3333

Littlefield Insurance

88 Park St, Tupper Lake, NY 12986 518.359.3303

Miscellaneous Vendors

KAS Environmental Science & Engineering Joel Steele Branch Manager 518-563-9445

joels@kas-consulting.com

Nolan Engineering PLLC

William Archino

VP of Environmental 333 Kingsley Road Burnt Hills, NY 12027 518-280-3190

environmental@nolan-engineering.com

Pro-Tech Restoration of Northern New York Mark Zuckerberg

Fire, Water & Mold Cleaning and Restoration 35 Florida Road Plattsburgh, NY 12903

Spriggs Paint & Stain Charles Spriggs Owner

1037 Pine Street Saranac Lake, NY 12983 315-528-1511

Adirondack Premium Pest Services Scott Gibson Owner

1019 State Route 3 #2 Saranac Lake, NY 12983 Scottgibson7.sg@gmail.com

Brown Dog Electric Joshua Falkenmeyer Owner/Operator

41 Keene Street Saranac Lake, NY 12983 518-323-5946

BrownDogElectric@Gmail.com

EverGreen Landscaping and Excavation LLC Chris Brancato Owner

166 Allen Holl Road Peru, NY 12972 518-420-7500

Evergreenllc2017@gmail.com

Hanson Well Drilling & Pump Co. Inc

Rt. 20 West Nassau, NY 12123 518.477.4127