Moving to DC from NYC | What New Yorkers Really Need to Know About Buying a Home in DC
New Yorkers have a phrase called the “New York Minute” to illustrate just how fast life in the big apple moves. When it comes to Real Estate though, DC has New York City beat. Many New Yorkers are shocked to learn that a DC Real Estate Minute is 1000 times faster.
I was born and raised on the border of Connecticut and New York. The direct way I deliver information is pretty relatable to a lot of New Yorkers. When New Yorkers contact me to help them find a home in DC and we have our initial consultation, they walk away with some new information. They love our prices compared to theirs, but they are shocked at how different the process of buying real estate is in DC. Here’s what’s different and what you need to know about buying a home here in DC, Maryland and Viginia
Recently I helped the loveliest couple buy a home. When we were reviewing the contract, one of them hesitantly and apologetically said her dad was a Real Estate Lawyer in New York City. Dad had some questions.
With decades of experience selling real estate, I know our market, contracts and process here are so different than New York, New Jersey and Connecticut. I was undeniably frightened her Dad was going to mop the floor with me.
Do You Hire a Broker, an Agent or a Lawyer in DC, Maryland or Virginia?
In the New York tri-state area, you generally look at home with your Real Estate Broker as they are often called. Once you want to negotiate an offer in New York, each party hires their own attorney and the negotiations and contract language are hashed out between the lawyers.
In the DC Area, the Real Estate Agent negotiates the contract. We’re considered Agents here, even if some of us, like yours truly, have a Broker’s license. Our “Broker” is the one who runs the company and who we go to with questions. They don’t always sell real estate but sometimes they do. In the DC Area, it’s not common for either side to hire an attorney. But we do select a Title Company which handles the closing. I only recommend Title Companies who have an attorney handle the transaction and closing. Not every Title Company in DC has an attorney on staff.
The Title Company will run and examine title, work with the lender for their title binder and issue Title Insurance.
What Stops the Title Attorney in DC From Stealing the Escrow?
My client’s father wanted to know more details about how their earnest money deposit would be protected. I explained that our Settlement Attorneys here are Escrow / Title Agents. They are bound by law to maintain the Escrow Account, keep records, and allow inspection at any point in time by the state or jurisdiction in which they are located. He asked how we would ever know if the attorney disappeared with the money. They are officers of the court. Nothing stops them from taking off with escrow funds other than the fact that they have a job to do, a reputation to protect, an oath to uphold, a jail they want to stay free of.
A reputable attorney would be giving up years of their education, their career, their freedom, just for the money in their escrow account.
Apparently, it happens enough in New York that people worry about this. I have happily forgotten that there can be an element of shady characters in New York. Last time I ate at a restaurant in New York City, I was splitting up some cash among the party and the waitress leaned over my shoulder and actually snatched a few wayward dollars that were meant for the person sitting next to me.
How Does the Mortgage Company Trust the Attorney to Send them the Funds?
My client’s dad was concerned that the mortgage company was just sending hundreds of thousands of dollars without any guarantee that it’s being used to pay off the old lien and any other funds due so that the title can be conveyed to the buyer without encumbrances. Again, the Title Attorney is an officer of the court, and the liability and consequences for NOT doing what needs to be done is career-ending and possibly freedom-ending. If they steal the escrow money, then what are they going to do? Run? Hide forever? Eventually they will be caught and the consequences are steep...
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I work with clients from all over the world who are relocating here. Email, call or text anytime, I'm happy to help!
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If you have any questions about this video, leave a comment! If you have questions about real estate in DC, Maryland or Virginia, my contact info is below.
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Melissa Terzis
📲 (202) 253-9105
📩 Melissa@MelissaTerzis.com
🌐 www.dcrealesta...
TTR | Sotheby's International Realty
1515 14th St NW
Washington, DC 20005
Office: (202) 234.3344
- Melissa Terzis | DC Real Estate Mama