Preview
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
EXHIBIT 88
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
The Future o/Real Estate
SINCE 1888
At IIóülihañ Lawrence, we pride ourselves in being at the forefront of real estate inn
As the area's leñgstsñding market leader, we are defined by an üñmstched dedicatión
clients and our ccrrzrities. We are a cómpañy of more than 1,300 agents united
a common belief: that buying or selling a home is more than a real estate trãñsaction.
unique opportunity to help iñdividuals realize their dreams and fulfill personal asp
It's the special occasion when business partners become neighbors.
Our extensive local network prev ides an exclusive source of buyers. Our deep-rooted
dedication to the ccrs:ritis we serve shines through in everything we do and so
position as the local expert.
In leveragiñg our global cóññêcticñs and other select international firms, our reach
from New York City's northern suburbs and the Tri-State area to six continents and
countries. We ecññéet buyers to their next home, whether they're around the corner
or across the globe.
Being the market leader means never stsñdiñg still. We ecutiñüê to harness success
looking ahead for new opportunities and for better ways to serve our clients.
nTraWe'e'
to Eadren ce ea r×, slosvi úe, N. Y.
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
Tableo/Contents
4
Deciding to Sell Your Home 18
Glossary of Terms
6 Your 20 Our Services
Examining Property
8
Preparing Your Property For Sale
10 Legal and Environmental Issues
12 The Acceptable Offer and Contract of Sale
14
Summary
16 Costs and Taxes
Closing
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
5
a
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
Deciding to Sell Your Home
CO N S ID E R T H E F O L L O WIN G Q U E S T I O N S:
- home?
Why are you thinking of selling your
- How flexible is your time frame?
- Have you sold a property prev icualy? If so, what worked well and what did not?
- Do you have set expectaticñs of the price you would like to achieve? If so, what's the basis for
selling
your figure?
- Would you like acsictance in to another area through our global network?
relacatiiig
P R I C I N G YO U R P R O P E R T Y
Pricing a home properly is a skill that cembi"-cs a strong kiiGwledge of current market data, with an
appreciation for predicting future trends. Some of the factors to be consideed include:
Price
- The price should reflect the location and --=5= of your home, current market
considering
conditions and comparable recent sales.
Time
- A le M time period should be allotted to find a suitable purchaser.
Market Confff:r - The market ceneness are iiinüéiiced the number of homes for the number of
by sale,
buyers and the financing cen dens T aEable at lending institutons.
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
What Distinguishes Your Property?
Each property has special features that attract buyers. Take some time to consider the special features of your property.
QUESTIONS TO CONSIDER
1. What first attracted you to your home?
2. What features of your property distinguish it from other properties in your neighborhood?
3. What do you consider the most appealing improvements to your property?
4. Are you aware of any problems or concerns about your property or surrounding neighborhood that
will need to be disclosed to potential buyers?
FULL HOME EVALUATION
Take some time to walk around your house and note any improvements that should be made before
listing it for sale. Your Houlihan Lawrence agent will be happy to assist you.
Exterior
Living / Dining Rooms ........................................................................................................................................................................................................................
Kitchen ........................................................................................................................................................................................................................
Family Room ........................................................................................................................................................................................................................
Bedrooms ........................................................................................................................................................................................................................
Bathrooms ........................................................................................................................................................................................................................
Garage / Basement ........................................................................................................................................................................................................................
Other ........................................................................................................................................................................................................................
6
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
Preparing Your Property for Sale
First impressions are vital. Evaluate the condition of your home and focus on visual appeal. A small investment of time and energy will make a
big diference, bringing you the highest possible price in the shortest period of time. If major improvements or renovations are required, be sure to
complete them before you put your property on the market. It is also essential to have all building permits and certif icates of occupancy in place.
INTERIOR PREPARATION
- Consider in dark or drab
Painting repainting any discolored walls and those that are currently painted
colors. Color schemes should have neutral, off-white, or antique white tones.
- All should be steam cleaned. Consider
Carpeting carpeting replacing any worn or stained carpeting, or
removing it if you have hardwood floors.
Operation - Be sure that all and electrical items are functioning properly.
plumbing, heating,
- Be sure your house is safe. For a potential homebuyer unfamiliar with your house, a wobbly
Safety railing
or uneven floors could pose a risk.
Fireplaces - Arrange for professional and inspection of fireplaces. Although the homebuyer
cleaning may
request an inspection or cleaning, your performing one will create a good impression and remove any
possible issues.
Closets - Clean and organize all closets, paying attention to floors, shelves, and overhead spaces.
Doors and Windows - Ensure that all doors and windows operate smoothly.
- A thorough professional will always make a house appear more attractive.
Cleaning cleaning
EXTERIOR PREPARATION
- Remove
Overall Appearance any clutter from the property. This includes tree limbs and leaves, lawn
tractors, etc. Power wash the exterior of the house, if necessary, and repaint, if necessary.
Lawn - Be sure the grass is cut, and if necessary, reseed any bare lawn areas.
- Trim all and trees and remove dead limbs. Add mulch to planting beds
Landscaping shrubbery, plantings,
and around trees. If the weather is appropriate, plant seasonal flowers where suitable.
- If the is stone and appears lean, add another layer of gravel. If the driveway is asphalt,
Driveway driveway
consider resealing it.
Decks and Porches - Power wash and seal, stain, or paint all decks and porches.
Gutters and Downspouts - Check gutters and downspouts to ensure they are clear and functioning properly.
Lights - Be sure all exterior lights are operable.
Windows - Be sure that both the exterior and interior of all windows are clean.
8
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
5 STEPS TO HELP YOU SELL YOUR PROPERTY QUICK
J. Prepare to sell your house
- Do your best to assess you
yourself
as your home, but as a marketable product This will take some
lived in your home for a number of years and have many memor
maxirMzing your potential.
2. Prepare your house
- Consider with a pmf=ional ho
wGiking
neighters can also provide useful feedback in the preparation
could be costly later, so repair them prior to putting your house
3. Do what is necessary to make your house stand out from the co
your house is fresh, clean, and well mdets-ed, both on the ex
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
Legal and Environmental Issues
The following information is presented for your reference, and applies in most jurisdictions. Please discuss these issues with your attorney and
verify the requirements for your municipality.
DISCLOSURES AND INSPECTIONS
Agency Disclosure Law - As a homeseller, you have choices regarding the service and representation you
receive when working with a realtor. Your Houlihan Lawrence Realtor will present you with the required
New York State Agency Disclosure documents and answer any questions that you might have. Receipt of this
information is acknowledged by signing and dating the appropriate form.
Condition Disclosure - As of March of certain
Property 1,2002, sellers are required to provide a statement
conditions and information concerning the property, known to the seller. Your attorney can furnish you with
the details.
FEMA Flood Zones - Please consult with your bank and with the municipality to determine whether your
property is on a flood plain. If so, it must be disclosed to prospective buyers. Additional information and flood
maps are available on the FEMA website: www.fema.gov/business/nfip/mscjumppage.shtm.
Lead Paint - According to the 1996 Federal law, any home built prior to 1978 must have a lead disclosure
statement signed by the homeowner. Your realtor will provide you with the disclosure form. Your attorney
can furnish you with the particulars.
Water and Well Testing - A laboratory analysis will test the quality of the water. This is especially important
for homes that have well water; another test may be performed to determine the capacity of the well.
- Effective
Smoke Detectors January 1, 1986 all persons wishing to transfer ownership of a one or two family
residence are required by law to sign an affidavit that the property has an operable smoke alarm. A smoke
alarm installed or replaced on or after April 1, 2019 must be hardwired or have a 10-year battery. Your attorney
will furnish you with the affidavit.
Carbon Monoxide Alarms - Effective March 6, 2003, all persons wishing to transfer of a one or two
ownership
family residence, condominium or cooperative are required by law to sign an affidavit that the property has
operable carbon monoxide detectors. Your attorney will furnish you with the affidavit.
Pool Enclosures - to New York State law, an enclosure shall be provided around
Swimming According
outdoor swimming pools which surround the pool and accessory equipment only. Your attorney can furnish
you with the particulars.
Mold - Effective January 1,2016, New York State is requiring licenses for mold assessors and mold
remediators. A mold assessor can test for mold and prepare a remediation plan, whereas the remediator
executes remediation. A company or person cannot be licensed as both an assessor and remediator and the
two companies cannot be related in any way. Starting January 1,2016, real estate agents can only recommend
licensed contractors.
10
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
A BO U T B U IL D IN G P E R M IT S
A building permit is required:
- Whenever a structural change or repair is made to a t-did±g, such as m
wall, or changing the size of a window.
- When to the amount of living such as finishing a basement,
adding space,
building a deck or porch.
- Whenever a deaclied structural such as a shed, deck or gazebo
facility,
- A building permit is not required: For general ñial n- -wice or repairs tha
structure, except when Mbf r-g an existing deck, even when footings
- Consult the appropriate local code enforceñ1êñt office for clarification.
notes·
Additional
- Structural work performed without a t-fid±g permit is a code violation
affect the sale of a house.
- A majority of niiancial institütións will not issue a mortgage until any vic
- Homebuyers'
âiterneys generally specify in cc-ñus-ds to purchase that a
be in place at the time of closing.
GLOSSARY OF COMMON TERMS
Permit
- Authorization issued the town for new work to be
Ref±.g by perform
to current compliance.
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
The Acceptable Offer and Contract of Sale
I. ' I
|
An acceptal,16 offer is not binding to either party until the calitracts have been signed by both parties and
delivered back to the buyer's attorney.
Once we have achieved our goal of an acceptable offer you can expect the fGllGwiiig to occur
Home Inspection
- the buyer will scliedule an iñspectiaii as soon as possible. The agent is
Ordinarily, selling
ocpfo1c for accc=panying the inspector as well as the buyer. A thorGugh inspection includes the basement,
attic, electrical, ‡n± , septic systems, and well, if applicable. The buyer may also inspect the oil tank, radon
levels, and for the presence of lead paint (if the home was built prior to 1978), accenling to federal law.
He-£E1--1Lawrence agents recommenri ONLY licêñsed inopectors, althGugh buyers may use whcmcycr they
wish. In Westeliester and certain parts of Dutchess, the seller is resnonsible for testing private well water.
Appraisal
- This occurs in the mortgage and is required for mortgage approl.
early process,
Written Mortgage Comn±-.cnt
- The borrower will receive a ccmrdtment letter with various c=-""== that
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
CONTRACT OF SALE Contractual negotiations begin once you have an accepted offer. At this time, the inspections should
be complete or near completion.
A STEP-BY-STEP PROCES S Your listing agent will send a memorandum of the accepted offer to you, to your attorney, and to the
buyer's attorney.
Your attorney will prepare the contract of sale and send it to the buyer's attorney once all property
inspections have been completed. In some cases, inspections will take place after the contract has
been signed, if agreed upon by both parties.
The buyer's attorney will review the contract and then discuss modifications, if any, with
your attorney.
Once the contract is finalized, the buyer will sign it and provide the down payment specified. Then,
the signed contract and down payment check will be sent to your attorney.
You will sign the contract and your attorney will send a fully executed copy to the buyer's
attorney.
Both parties will satisfy any contingencies that remain in the contract, such as finalizing financing
or performing any further inspections.
INCLUDED IN THE Please note that this is not a complete list, but only a partial one outlining major details included
CONTRACT OF SALE in the contract of sale. Each contract of sale will vary based on the circumstances of the purchase.
Your attorney can assist you with any questions you may have regarding the contract.
A legal description of the property, including boundaries, property size, and address.
The selling price of the property, the down payment amount, and the balance due on closing.
The spec‡c terms of the f nancing by personal assets and/or by loans.
A provision voiding the agreement if the mortgage contingency is not met.
The target closing date - this date will be f nalized later on in the process.
Provisions regarding incomplete inspections.
A f nalized description of personal property that will and will not be included in the sale.
A clause specifying that the house will be sold in its current condition, unless otherwise noted.
A stipulation that the sale is conditional upon the seller providing the title and cert‡cate of
occupancy.
13
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
Summary
The following is excerpted from publications of the National Association of Realtors and from the Westchester Realtor's Guide to Fair Housing and
Equal Opportunity Real Estate Practice.
1866 CIVIL RIGHTS AC T
All citizens of the United States shall have the same right in every state and territory, to inherit, purchase, lease,
sell, hold and convey real and personal property. On June 17, 1968, in the case of Jones vs. Mayer, the United
States Supreme Court held that the 1866 law prohibits all racial discrimination, private as well as public, in
the sale or rental of property. Thus, any individual who feels he or she has been discriminated against can
immediately file a suit in Federal Court. The court can stop the sale of a house or rental of an apartment to
someone else or award damages and court costs.
The 1968 Supreme Court decision further held that the 1866 Act protects all individuals against the following:
1. Denial that housing is available for inspection, sale or rent when it really is available.
2. Discrimination in the terms of conditions of sale or rental lease.
1968 FAIR HOUSING LAW
Title VII of the Civil Rights Act of 1968 (the Federal Fair Housing Law), declared it a national policy to provide
fair housing throughout the United States. This law and subsequent amendments make discrimination based
on race, color, religion, sex, or national origin illegal in connection with the sale or rental of most housing and
vacant land offered for residential construction or use.
The Fair Housing Law provides protection against the following acts, if they are based on race, color, religion,
sex, or national origin:
1. Refusal to sell or rent, or to deal or negotiate with any person.
2. Denial of a loan, or creation of different terms or conditions for home loans, by commercial lenders, such as
banks, savings and loan associations, or insurance companies.
3. Discrimination by advertising that housing is available only to persons of a certain race, color, religion,
sex, or national origin.
"Blockbusting"
4. for profit (i.e., persuading owners to sell or rent housing by telling them that minority
groups are moving into the neighborhood).
brokers'
5. Denial to anyone of the use of, or participation in, any real estate services such as a organizations,
multiple listing services, or other facilities related to the selling or renting of housing.
NEW YORK STATE LAW
New York State law prohibits discrimination in the sale, rental, or lease of housing accommodation on the
basis of race, creed, color, national origin, sex, disability, or marital status by the owner, lessee, sublessee, or
managing agent of housing accommodations, or by real estate brokers and salespersons.
The law also prohibits discrimination in:
1. The terms, conditions or privileges of the sale, rental, or lease, or in the furnishing of facilities or services in
connection with any housing accommodation.
2. The printing or circulation of any statement or publication or the use of any form of application or
publication for the purchase, rental, or lease of a housing accommodation.
14
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
r
The provisions of this paragraph shall not apply: (1) to the rental of a housing e
which contains housing accümmodation for not more than two families living
if the owner or member of his family restricts the rental of all rooms in a housing
indiv ideals of the same sex or (2) to the rental of a room or rooms in a housing
is by the occupant of the housing accümmüdation or by the owner of the housing
member of his family resides in such housing acce m-modenon.
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
Closing Costs and Taxes
Buyers and sellers both pay closing costs, which vary with each transaction.
- home equity, or other loans must be
SELLER'S CLOSING COSTS Outstanding Liens Any remaining mortgage principal,
satisfied at closing.
New York State Transfer Tax - The New York State transfer tax is computed at a rate of.4°/o of the
sale price or $4.00 per $1,000 of the sale price.
Property Taxes - All property taxes on the property through the closing date. If the appropriate
tax or taxes are paid for a period ending after the closing date the buyer will reimburse the seller
through bank funds at closing.
Property Condition Disclosure Credit - Sellers can decline to fill out the Property Condition
Disclosure Statement form and credit the buyer $500 at closing.
- Seller's fees are usually agreed upon between and seller prior to
Attorney attorney attorney
retaining services.
Commission - The real estate commission agreed upon by the seller and the seller's real estate
broker when signing the listing agreement.
IRS Form 2119 - Sellers of property are expected to file this form (Sale or Exchange of Principal
Residence) for the year in which the property was sold. Consult your accountant for further
information.
BUYER'S CLOSING COSTS Taxes Paid At Closing
Mansion Tax - All home sales of $1,000,000 and over are subject to this New York State tax of 10/oof
the entire purchase price.
Mortgage Tax - A New York State tax between 1.05°/o and 1.55°/oof the total mortgage minus the $30
residential fee exemption.
Reimbursement to Seller for Prepaid Taxes - The buyer will owe the seller a portion of the property
taxes previously paid for by the seller.
Tax Escrow - The lender may require the buyer to deposit funds into an escrow account for bank
payment of the next year's taxes and insurance.
16
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019
.
L
IN S U RA N C E CO S TS Deparoiiéntal Searches
- A fee for the search of municipal records
Endorsements
- A fee for added insurance u,verage to the basic title
Title liüüiu ice
- A premium paid to ensure the purchaser's clear
property. Cost will vary according to purchase price of house.
Homeowners liüüraiics
- The buyer is required to to
Policy bring
inerëice policy listing the lender as the loss payee. Cost will vary
insurance company.
Fee
- A fee paid to the clerk to record the deed an
Recording county
- A fee to the property. A bank req
Preview
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 EXHIBIT 88 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 The Future o/Real Estate SINCE 1888 At IIóülihañ Lawrence, we pride ourselves in being at the forefront of real estate inn As the area's leñgstsñding market leader, we are defined by an üñmstched dedicatión clients and our ccrrzrities. We are a cómpañy of more than 1,300 agents united a common belief: that buying or selling a home is more than a real estate trãñsaction. unique opportunity to help iñdividuals realize their dreams and fulfill personal asp It's the special occasion when business partners become neighbors. Our extensive local network prev ides an exclusive source of buyers. Our deep-rooted dedication to the ccrs:ritis we serve shines through in everything we do and so position as the local expert. In leveragiñg our global cóññêcticñs and other select international firms, our reach from New York City's northern suburbs and the Tri-State area to six continents and countries. We ecññéet buyers to their next home, whether they're around the corner or across the globe. Being the market leader means never stsñdiñg still. We ecutiñüê to harness success looking ahead for new opportunities and for better ways to serve our clients. nTraWe'e' to Eadren ce ea r×, slosvi úe, N. Y. FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 Tableo/Contents 4 Deciding to Sell Your Home 18 Glossary of Terms 6 Your 20 Our Services Examining Property 8 Preparing Your Property For Sale 10 Legal and Environmental Issues 12 The Acceptable Offer and Contract of Sale 14 Summary 16 Costs and Taxes Closing FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 5 a FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 Deciding to Sell Your Home CO N S ID E R T H E F O L L O WIN G Q U E S T I O N S: - home? Why are you thinking of selling your - How flexible is your time frame? - Have you sold a property prev icualy? If so, what worked well and what did not? - Do you have set expectaticñs of the price you would like to achieve? If so, what's the basis for selling your figure? - Would you like acsictance in to another area through our global network? relacatiiig P R I C I N G YO U R P R O P E R T Y Pricing a home properly is a skill that cembi"-cs a strong kiiGwledge of current market data, with an appreciation for predicting future trends. Some of the factors to be consideed include: Price - The price should reflect the location and --=5= of your home, current market considering conditions and comparable recent sales. Time - A le M time period should be allotted to find a suitable purchaser. Market Confff:r - The market ceneness are iiinüéiiced the number of homes for the number of by sale, buyers and the financing cen dens T aEable at lending institutons. FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 What Distinguishes Your Property? Each property has special features that attract buyers. Take some time to consider the special features of your property. QUESTIONS TO CONSIDER 1. What first attracted you to your home? 2. What features of your property distinguish it from other properties in your neighborhood? 3. What do you consider the most appealing improvements to your property? 4. Are you aware of any problems or concerns about your property or surrounding neighborhood that will need to be disclosed to potential buyers? FULL HOME EVALUATION Take some time to walk around your house and note any improvements that should be made before listing it for sale. Your Houlihan Lawrence agent will be happy to assist you. Exterior Living / Dining Rooms ........................................................................................................................................................................................................................ Kitchen ........................................................................................................................................................................................................................ Family Room ........................................................................................................................................................................................................................ Bedrooms ........................................................................................................................................................................................................................ Bathrooms ........................................................................................................................................................................................................................ Garage / Basement ........................................................................................................................................................................................................................ Other ........................................................................................................................................................................................................................ 6 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 Preparing Your Property for Sale First impressions are vital. Evaluate the condition of your home and focus on visual appeal. A small investment of time and energy will make a big diference, bringing you the highest possible price in the shortest period of time. If major improvements or renovations are required, be sure to complete them before you put your property on the market. It is also essential to have all building permits and certif icates of occupancy in place. INTERIOR PREPARATION - Consider in dark or drab Painting repainting any discolored walls and those that are currently painted colors. Color schemes should have neutral, off-white, or antique white tones. - All should be steam cleaned. Consider Carpeting carpeting replacing any worn or stained carpeting, or removing it if you have hardwood floors. Operation - Be sure that all and electrical items are functioning properly. plumbing, heating, - Be sure your house is safe. For a potential homebuyer unfamiliar with your house, a wobbly Safety railing or uneven floors could pose a risk. Fireplaces - Arrange for professional and inspection of fireplaces. Although the homebuyer cleaning may request an inspection or cleaning, your performing one will create a good impression and remove any possible issues. Closets - Clean and organize all closets, paying attention to floors, shelves, and overhead spaces. Doors and Windows - Ensure that all doors and windows operate smoothly. - A thorough professional will always make a house appear more attractive. Cleaning cleaning EXTERIOR PREPARATION - Remove Overall Appearance any clutter from the property. This includes tree limbs and leaves, lawn tractors, etc. Power wash the exterior of the house, if necessary, and repaint, if necessary. Lawn - Be sure the grass is cut, and if necessary, reseed any bare lawn areas. - Trim all and trees and remove dead limbs. Add mulch to planting beds Landscaping shrubbery, plantings, and around trees. If the weather is appropriate, plant seasonal flowers where suitable. - If the is stone and appears lean, add another layer of gravel. If the driveway is asphalt, Driveway driveway consider resealing it. Decks and Porches - Power wash and seal, stain, or paint all decks and porches. Gutters and Downspouts - Check gutters and downspouts to ensure they are clear and functioning properly. Lights - Be sure all exterior lights are operable. Windows - Be sure that both the exterior and interior of all windows are clean. 8 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 5 STEPS TO HELP YOU SELL YOUR PROPERTY QUICK J. Prepare to sell your house - Do your best to assess you yourself as your home, but as a marketable product This will take some lived in your home for a number of years and have many memor maxirMzing your potential. 2. Prepare your house - Consider with a pmf=ional ho wGiking neighters can also provide useful feedback in the preparation could be costly later, so repair them prior to putting your house 3. Do what is necessary to make your house stand out from the co your house is fresh, clean, and well mdets-ed, both on the ex FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 Legal and Environmental Issues The following information is presented for your reference, and applies in most jurisdictions. Please discuss these issues with your attorney and verify the requirements for your municipality. DISCLOSURES AND INSPECTIONS Agency Disclosure Law - As a homeseller, you have choices regarding the service and representation you receive when working with a realtor. Your Houlihan Lawrence Realtor will present you with the required New York State Agency Disclosure documents and answer any questions that you might have. Receipt of this information is acknowledged by signing and dating the appropriate form. Condition Disclosure - As of March of certain Property 1,2002, sellers are required to provide a statement conditions and information concerning the property, known to the seller. Your attorney can furnish you with the details. FEMA Flood Zones - Please consult with your bank and with the municipality to determine whether your property is on a flood plain. If so, it must be disclosed to prospective buyers. Additional information and flood maps are available on the FEMA website: www.fema.gov/business/nfip/mscjumppage.shtm. Lead Paint - According to the 1996 Federal law, any home built prior to 1978 must have a lead disclosure statement signed by the homeowner. Your realtor will provide you with the disclosure form. Your attorney can furnish you with the particulars. Water and Well Testing - A laboratory analysis will test the quality of the water. This is especially important for homes that have well water; another test may be performed to determine the capacity of the well. - Effective Smoke Detectors January 1, 1986 all persons wishing to transfer ownership of a one or two family residence are required by law to sign an affidavit that the property has an operable smoke alarm. A smoke alarm installed or replaced on or after April 1, 2019 must be hardwired or have a 10-year battery. Your attorney will furnish you with the affidavit. Carbon Monoxide Alarms - Effective March 6, 2003, all persons wishing to transfer of a one or two ownership family residence, condominium or cooperative are required by law to sign an affidavit that the property has operable carbon monoxide detectors. Your attorney will furnish you with the affidavit. Pool Enclosures - to New York State law, an enclosure shall be provided around Swimming According outdoor swimming pools which surround the pool and accessory equipment only. Your attorney can furnish you with the particulars. Mold - Effective January 1,2016, New York State is requiring licenses for mold assessors and mold remediators. A mold assessor can test for mold and prepare a remediation plan, whereas the remediator executes remediation. A company or person cannot be licensed as both an assessor and remediator and the two companies cannot be related in any way. Starting January 1,2016, real estate agents can only recommend licensed contractors. 10 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 A BO U T B U IL D IN G P E R M IT S A building permit is required: - Whenever a structural change or repair is made to a t-did±g, such as m wall, or changing the size of a window. - When to the amount of living such as finishing a basement, adding space, building a deck or porch. - Whenever a deaclied structural such as a shed, deck or gazebo facility, - A building permit is not required: For general ñial n- -wice or repairs tha structure, except when Mbf r-g an existing deck, even when footings - Consult the appropriate local code enforceñ1êñt office for clarification. notes· Additional - Structural work performed without a t-fid±g permit is a code violation affect the sale of a house. - A majority of niiancial institütións will not issue a mortgage until any vic - Homebuyers' âiterneys generally specify in cc-ñus-ds to purchase that a be in place at the time of closing. GLOSSARY OF COMMON TERMS Permit - Authorization issued the town for new work to be Ref±.g by perform to current compliance. FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 The Acceptable Offer and Contract of Sale I. ' I | An acceptal,16 offer is not binding to either party until the calitracts have been signed by both parties and delivered back to the buyer's attorney. Once we have achieved our goal of an acceptable offer you can expect the fGllGwiiig to occur Home Inspection - the buyer will scliedule an iñspectiaii as soon as possible. The agent is Ordinarily, selling ocpfo1c for accc=panying the inspector as well as the buyer. A thorGugh inspection includes the basement, attic, electrical, ‡n± , septic systems, and well, if applicable. The buyer may also inspect the oil tank, radon levels, and for the presence of lead paint (if the home was built prior to 1978), accenling to federal law. He-£E1--1Lawrence agents recommenri ONLY licêñsed inopectors, althGugh buyers may use whcmcycr they wish. In Westeliester and certain parts of Dutchess, the seller is resnonsible for testing private well water. Appraisal - This occurs in the mortgage and is required for mortgage approl. early process, Written Mortgage Comn±-.cnt - The borrower will receive a ccmrdtment letter with various c=-""== that FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 CONTRACT OF SALE Contractual negotiations begin once you have an accepted offer. At this time, the inspections should be complete or near completion. A STEP-BY-STEP PROCES S Your listing agent will send a memorandum of the accepted offer to you, to your attorney, and to the buyer's attorney. Your attorney will prepare the contract of sale and send it to the buyer's attorney once all property inspections have been completed. In some cases, inspections will take place after the contract has been signed, if agreed upon by both parties. The buyer's attorney will review the contract and then discuss modifications, if any, with your attorney. Once the contract is finalized, the buyer will sign it and provide the down payment specified. Then, the signed contract and down payment check will be sent to your attorney. You will sign the contract and your attorney will send a fully executed copy to the buyer's attorney. Both parties will satisfy any contingencies that remain in the contract, such as finalizing financing or performing any further inspections. INCLUDED IN THE Please note that this is not a complete list, but only a partial one outlining major details included CONTRACT OF SALE in the contract of sale. Each contract of sale will vary based on the circumstances of the purchase. Your attorney can assist you with any questions you may have regarding the contract. A legal description of the property, including boundaries, property size, and address. The selling price of the property, the down payment amount, and the balance due on closing. The spec‡c terms of the f nancing by personal assets and/or by loans. A provision voiding the agreement if the mortgage contingency is not met. The target closing date - this date will be f nalized later on in the process. Provisions regarding incomplete inspections. A f nalized description of personal property that will and will not be included in the sale. A clause specifying that the house will be sold in its current condition, unless otherwise noted. A stipulation that the sale is conditional upon the seller providing the title and cert‡cate of occupancy. 13 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 Summary The following is excerpted from publications of the National Association of Realtors and from the Westchester Realtor's Guide to Fair Housing and Equal Opportunity Real Estate Practice. 1866 CIVIL RIGHTS AC T All citizens of the United States shall have the same right in every state and territory, to inherit, purchase, lease, sell, hold and convey real and personal property. On June 17, 1968, in the case of Jones vs. Mayer, the United States Supreme Court held that the 1866 law prohibits all racial discrimination, private as well as public, in the sale or rental of property. Thus, any individual who feels he or she has been discriminated against can immediately file a suit in Federal Court. The court can stop the sale of a house or rental of an apartment to someone else or award damages and court costs. The 1968 Supreme Court decision further held that the 1866 Act protects all individuals against the following: 1. Denial that housing is available for inspection, sale or rent when it really is available. 2. Discrimination in the terms of conditions of sale or rental lease. 1968 FAIR HOUSING LAW Title VII of the Civil Rights Act of 1968 (the Federal Fair Housing Law), declared it a national policy to provide fair housing throughout the United States. This law and subsequent amendments make discrimination based on race, color, religion, sex, or national origin illegal in connection with the sale or rental of most housing and vacant land offered for residential construction or use. The Fair Housing Law provides protection against the following acts, if they are based on race, color, religion, sex, or national origin: 1. Refusal to sell or rent, or to deal or negotiate with any person. 2. Denial of a loan, or creation of different terms or conditions for home loans, by commercial lenders, such as banks, savings and loan associations, or insurance companies. 3. Discrimination by advertising that housing is available only to persons of a certain race, color, religion, sex, or national origin. "Blockbusting" 4. for profit (i.e., persuading owners to sell or rent housing by telling them that minority groups are moving into the neighborhood). brokers' 5. Denial to anyone of the use of, or participation in, any real estate services such as a organizations, multiple listing services, or other facilities related to the selling or renting of housing. NEW YORK STATE LAW New York State law prohibits discrimination in the sale, rental, or lease of housing accommodation on the basis of race, creed, color, national origin, sex, disability, or marital status by the owner, lessee, sublessee, or managing agent of housing accommodations, or by real estate brokers and salespersons. The law also prohibits discrimination in: 1. The terms, conditions or privileges of the sale, rental, or lease, or in the furnishing of facilities or services in connection with any housing accommodation. 2. The printing or circulation of any statement or publication or the use of any form of application or publication for the purchase, rental, or lease of a housing accommodation. 14 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 r The provisions of this paragraph shall not apply: (1) to the rental of a housing e which contains housing accümmodation for not more than two families living if the owner or member of his family restricts the rental of all rooms in a housing indiv ideals of the same sex or (2) to the rental of a room or rooms in a housing is by the occupant of the housing accümmüdation or by the owner of the housing member of his family resides in such housing acce m-modenon. FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 Closing Costs and Taxes Buyers and sellers both pay closing costs, which vary with each transaction. - home equity, or other loans must be SELLER'S CLOSING COSTS Outstanding Liens Any remaining mortgage principal, satisfied at closing. New York State Transfer Tax - The New York State transfer tax is computed at a rate of.4°/o of the sale price or $4.00 per $1,000 of the sale price. Property Taxes - All property taxes on the property through the closing date. If the appropriate tax or taxes are paid for a period ending after the closing date the buyer will reimburse the seller through bank funds at closing. Property Condition Disclosure Credit - Sellers can decline to fill out the Property Condition Disclosure Statement form and credit the buyer $500 at closing. - Seller's fees are usually agreed upon between and seller prior to Attorney attorney attorney retaining services. Commission - The real estate commission agreed upon by the seller and the seller's real estate broker when signing the listing agreement. IRS Form 2119 - Sellers of property are expected to file this form (Sale or Exchange of Principal Residence) for the year in which the property was sold. Consult your accountant for further information. BUYER'S CLOSING COSTS Taxes Paid At Closing Mansion Tax - All home sales of $1,000,000 and over are subject to this New York State tax of 10/oof the entire purchase price. Mortgage Tax - A New York State tax between 1.05°/o and 1.55°/oof the total mortgage minus the $30 residential fee exemption. Reimbursement to Seller for Prepaid Taxes - The buyer will owe the seller a portion of the property taxes previously paid for by the seller. Tax Escrow - The lender may require the buyer to deposit funds into an escrow account for bank payment of the next year's taxes and insurance. 16 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 489 RECEIVED NYSCEF: 05/14/2019 . L IN S U RA N C E CO S TS Deparoiiéntal Searches - A fee for the search of municipal records Endorsements - A fee for added insurance u,verage to the basic title Title liüüiu ice - A premium paid to ensure the purchaser's clear property. Cost will vary according to purchase price of house. Homeowners liüüraiics - The buyer is required to to Policy bring inerëice policy listing the lender as the loss payee. Cost will vary insurance company. Fee - A fee paid to the clerk to record the deed an Recording county - A fee to the property. A bank req