ABOUT RESIDENTIAL CLOSINGS

If you or a family member needs help buying, selling or refinancing your home, we will be glad to help.

Our law office is a professional corporation specializing in handling residential real estate matters. We have several lawyers and a number of highly trained staff and legal assistants.

We find that our clients often ask us the following important questions:

If I am thinking of buying or selling a home, what should I be aware of?
People often use real estate agents or brokers to help them in buying or selling a home. If you are a seller, you need to be aware that you will likely be responsible for paying any sales commissions due. Also, as a seller, you should consider what types of fixtures or appliance you are willing to convey with the sale of the home. Prior to selling the home, you might wish to consider improvements and repairs to be made to the home to enhance the sale price. You may consider discussing with knowledgeable persons an appropriate asking price for the home.

Are there other matters that buyers need to consider?
If you are a potential buyer of a home, you should consider what items you would like to have included in this sale such as fixtures, appliances and so forth.  Before agreeing to purchase a home, you should consider the neighborhood, the school systems, development plans in the area that may effect the property and the need for obtaining an inspection report.  You also need to be aware of the real estate taxes that you would have to pay if you purchase a home.

When a buyer and seller agree on a price, what is the next step?
When a buyer and seller agree on a price of a home, a contract is prepared. Sometimes this is done by the real estate brokers or agents involved. It can also be done by a real estate attorney. The contract would include, among other things the property address, names of the parties, the purchase price, a list of the fixtures and appliances that will be conveyed, financing considerations as well as the possible need for an inspection. The contract should mention what will be done if the inspection reveals serious problems with the home if or financing cannot be obtained in a timely fashion.  The contract is typically accompanied by a deposit of 1% or more of the purchase price of the home.

If I want to obtain a mortgage or refinance my home, what should I be thinking about?
When considering obtaining a mortgage or refinancing a home, it is important to find a quality home loan.  This requires diligent shopping since rates and terms vary from lender to lender. There are many different sources for locating a quality home loan.  We would be happy to discuss this with you, if you do not have a contact with a local bank or savings and loan, credit union or mortgage broker.

What is a residential real estate closing?
The closing is the occasion for the buyer and seller to exchange signed documents confirming their agreements to “close” the deal.  The deed to the home is exchanged, financing papers are signed, title insurance is paid, transfer taxes are paid and other miscellaneous matters are taken care of necessary to close the deal.

Why do I need a lawyer to help with real estate closings?
Attorneys expert in residential real estate can help you protect your rights insofar as drawing up the appropriate contracts, making sure that the closing documents include all the necessary details to protect your rights and that you are receiving full benefit and protection in the sale or purchase of a home. A lawyer can also assist you in being certain that your property is free and clear from any claims of creditors or previous owners.

Please contact us if you think we might be able to be of service to you.  We will speak to you at no charge and tell you whether or not your real estate question or need is one that requires the assistance of an attorney and whether we can help.