Paths to Ownership › First-Time Buyers
Path 3 · First-Time Buyers
Buying Your First Home on Long Island & in Queens
Everyone has advice for first-time buyers. Very little of it is about New York, where attorneys write the contract, an accepted offer isn’t a done deal, and the inspection happens before anyone signs. Here’s how it actually works, in order.
- ◆Every step, in order. What happens, who does it, and what it costs, from first number to keys.
- ◆New York rules, not national ones. Attorneys, contract deposits, mansion tax and more, explained plainly.
- ◆A partner on every file. More than one person always knows where your purchase stands.
Why New York Is Different
Most Home Buying Advice Wasn’t Written for Here.
Watch a home buying video made almost anywhere else and you’ll hear about an offer, a contingency period and a title company. On Long Island and in Queens, the order is different and so are the players.
That’s where first-time buyers get surprised. The offer gets accepted, the celebrating starts, and then the attorneys spend a week or two on the contract while the house is technically still available. Or the deposit at contract signing is bigger than anyone mentioned.
Nobody likes surprises at the closing table. Most of them are avoidable.
None of this is hard once you know it’s coming. That’s the whole point of this page: so every step feels like the next one, not a curveball.
What Surprises First-Time Buyers
Five Things New York Does Differently
Attorneys write the contract
Your attorney and the seller’s attorney negotiate and draft it, then handle title and closing.
Accepted isn’t binding
The deal becomes official when both sides sign the contract, not when the offer is accepted.
Inspection comes first
Because nothing is signed yet, the inspection usually happens before the contract, not after.
A deposit at contract
You put down a deposit when you sign, commonly 10% on Long Island, held in escrow until closing.
A written buyer agreement
Since August 2024, you sign one with your agent before touring. It spells out how the agent is paid.
The First-Time Buyer Roadmap
From First Number to Keys
Step 01
Know your number
Run Rent Check to see the price range your current rent supports, then get pre-approved by a lender.
Step 02
Build your team
Sign a buyer agreement with your agent and line up a real estate attorney before you start making offers.
Step 03
Tour and offer
Shop inside your range. When you find the one, we write and negotiate the offer.
Step 04
Inspect and review
Your inspection happens now, while the attorneys review the contract and the seller’s paperwork.
Step 05
Sign the contract
Both sides sign and your deposit goes into escrow. Now it’s official.
Step 06
Loan, appraisal, title
Your lender finalizes the loan and the appraisal, and the title search confirms the property is clear.
Step 07
Close
Final walkthrough, sign the paperwork, get the keys.
Know Your Cash
What You Pay Besides the Price
The monthly payment is rarely what stops first-time buyers. The cash is. Here’s where it goes:
Down payment
Often less than 20%. The contract deposit you put down at signing counts toward it.
Read the 20% down myth →Closing costs
Attorney fees, title insurance, lender fees, the mortgage recording tax, and prepaid taxes and insurance.
Inspection
Paid up front, before the contract. Worth every dollar on an older Long Island house.
Mansion tax
A New York tax on purchases of $1 million or more, paid by the buyer. Below that, it doesn’t apply.
Ask your lender about first-time buyer programs. The State of New York Mortgage Agency (SONYMA) offers programs for eligible first-time buyers, and some include down payment help. Your lender can tell you whether you qualify.
Start Here
What Could Your Rent Buy?
Most first-time buyers are renters right now. Rent Check turns your rent into a purchase price, a five year comparison, and a cash to close estimate.
Run Rent CheckWhat First-Time Buyers Ask Us
Questions About Buying Your First Home
Do I need a lawyer to buy a house in New York?
On Long Island and in Queens, yes in practice. Attorneys for the buyer and seller negotiate and draft the contract, review the title, and handle the closing. Line one up before you make an offer so nothing stalls once it’s accepted.
Why isn’t an accepted offer binding in New York?
Because the deal isn’t official until both sides sign the contract. Until then, your attorney reviews the paperwork, you do the inspection, and either side can still walk away. That gap is normal here, so don’t pack yet.
How much is due when I sign the contract?
A deposit, commonly 10% of the price on Long Island, held in escrow by the seller’s attorney until closing. It counts toward your down payment. The amount can be negotiated, especially with a smaller down payment.
Pre-qualified vs pre-approved: which one do sellers care about?
Pre-approved. A pre-qualification is a quick estimate. A pre-approval means a lender has actually reviewed your income, assets and credit. Sellers and their agents take it much more seriously.
What does a buyer’s agent cost after the 2024 commission changes?
Since August 2024, buyers sign a written agreement with their agent before touring homes, and it spells out how the agent gets paid. A seller may still offer to cover it, but it’s negotiable. We walk you through the agreement line by line before you sign.
Whenever You’re Ready
Start With Questions, Not a Commitment.
One conversation about your numbers, your timing and what to expect. No contract, no pressure. Bring whoever helps you decide.
Start a ConversationCall (516) 200-1202How Integrity Core Realty Can Help You
Selling during a life transition? Our team handles that too.
Speak With Our Team
Tell Us Where You’re Starting.
Fill out the form below and we’ll reply within one business day. You don’t need to be pre-approved or know your budget yet. That’s what the first conversation is for.
