Real Estate Closings

RESIDENTIAL CLOSINGS

BEFORE YOU BUY:

Before you buy a home, you may want to call to review the closing process with your attorney. We are happy to review the closing process with a client without charge. In this changing real estate market, deals can be lost for any number of reasons. Financing for purchasers has become much more difficult; banks have become stricter with their requirements for lending; and purchasers may just get “cold feet” and try to “back out” of a deal. Years of experience, in both “good and bad” markets, enable us to help our clients negotiate the purchasing and selling of their home or of an investment with as little stress as possible.

BEFORE SIGNING THE CONTRACT:

  • Sellers- may wish to work with real estate brokers in the sale of their home. It is difficult (but not impossible) to sell your own home. You may wish to interview at least two brokers to see who you are comfortable with. Commissions have become somewhat negotiable.
  • Purchasers- may wish to work with real estate brokers and mortgage brokers. Real estate brokers will have access to the multiple listing service. Mortgage brokers will look for the best “deal” as far as mortgages go, but sometimes it makes sense to contact banks directly. Once you are interested in a home, and have an accepted offer, you will have to schedule an inspection of the home to determine the condition of the home.

SIGNING THE CONTRACT:

  • When you have an accepted offer the real estate broker (if there is one) will contact the seller’s attorney and the purchaser’s attorney and let them know.
  • The seller’s attorney will prepare the contract of sale and send it to the purchaser’s attorney, who will review the contract and make changes as necessary.
  • Purchaser’s sign the contract first.
  • Purchaser’s return the contract with a 10% (negotiable) downpayment.
  • Seller’s sign the contract and return it. This is considered a “fully executed contract of sale.”
  • The deal is now “sealed.”

ONCE THE CONTRACT IS SIGNED:

  • The purchaser’s attorney will order a title report. Title insurance insures against loss of title, i.e, if there are defects in the title, or old tax liens, etc. Both the seller’s attorney and the purchaser’s attorney will review title.
  • The purchasers must secure financing with a mortgage unless this is an “all cash deal.” Some purchasers use mortgage brokers, some will call their bank to find out their rates and costs directly.

YOU WILL BE READY TO CLOSE:

  • When you are cleared by the bank; AND
  • When title is satisfactory.

AT CLOSING:

  • Seller will sign the deed.
  • Purchaser will sign the mortgage documents and bring other “cash” if necessary to closing.
  • Title company insures that title passes from the seller to the purchaser free of any liens.
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