After all of this hard work, you finally decided on the right home. You are probably elated, but also nervous. Buying a home will likely the most expensive that you have ever purchased. After the brokers agree on the price, it’s time for the parties to hire a lawyer.
Here’s what to expect if you are purchasing or selling a new home:
1. Assist you in securing pre-contract information – We’ll get the information from you, from the broker and from the attorney for the other party.
2. The Seller’s attorney will draft a contract. Depending on how busy opposing counsel is, this will take on average about two days. You will have a conversation with your attorney were you will go over any special issues that need to be addressed.
3. Obtain or draft the Contract – If you’re selling we’ll get a contract out for review within 48 hours. If you are purchasing we’ll follow up until we get your contract and then we’ll schedule an appointment to meet with you to review it.
4. Review the Contract – The contract has to satisfy you factually and us legally. We’ll review the contract with you and, when we are both satisfied, we’ll negotiate with the other attorney to get whatever you reasonably need.
5. Identify and resolve all issues that stand in the way of a closing – Several things can stand in your way:
o Estate Tax clearances
o Mechanics or Judgment Liens
o Building Department violations
o Breaks in the chain of title
o Possession/border conflicts
o The absence of a survey or the failure to review it sufficiently in advance of the closing
6. Order and review the title report – Too often the title search is ordered late in the transaction and problems which can easily be solved if identified early may serve to delay your closing causing problems for buyers and seller.
7. Communicate with your bank – If you are selling we’ll get up to date pay off letters before the closing so all liens can be satisfied and you can close. If you’re buying we will get all closing costs from your lender as early as possible and advise you of what funds you need to bring to your closing.
8. Attend your closing – We review and explain each document you are asked to sign, calculate all apportionment’s (tax adjustments, fuel credits, possession charges).
9. Prepare a Closing Statement – So much happens at your closing it’s sometimes confusing. We’ll draft a Closing Statement and forward it to you with all needed documents.
- Residential Real Estate
- Commercial Real Estate