Our firm represents both commercial clients and individuals in all proceedings and transactions that deal with real property-land and the structures attached to it-including purchase and sale, construction, mortgages and foreclosures, condominium conversions, leases, zoning, title examinations, quiet title actions, and closings.
1. Do I need an attorney to assist me in my real estate transaction?
The process of buying or selling a house is extremely complicated. Thousands of dollars are changing hands and dozens of documents must be signed, and many local, state, and federal laws must be followed. Having an attorney to assist you in your real estate closing can make closings go more quickly and make you feel more comfortable. Further, having an attorney helps you to more easily resolve any disputes that may arise.
2. What does an attorney do for me?
An attorney negotiates the terms of the contract, sees that the deadlines are met, explains the dozens of documents you will be signing, and to be an advocate for you at your closing.
3. What is so important about the contract?
Most contracts are contingent upon an attorney's approval. These contracts generally call for three to five days to get one or you would waive your right to get one. This is the most critical state of the negotiating process because once the contract is signed, the prospective buyer is bound by its terms.
Contracts generally have an inspection contingency as well. Your attorney will want to review the results of the inspection to determine whether any repairs should be made or credits should be given at closing.
4. What deadlines should your attorney be monitoring?
The attorneys will make sure the parties are doing what they are supposed to do so that the closing can take place. They will monitor the progress of the inspection reports, order documents and set the time, date and location of the closing. They will also want to know whether the seller will be leaving the property in broom clean condition before the closing takes place. One of the most critical deadlines is the time in which the buyers will obtain financing. If this hasn't been done, and no extension has been requested, then the buyer may be considered in default and possibly lose his earnest money.
5. What documents are typically involved in a real estate closing?
A typical closing can involve as many as 50 different documents. These documents come from the real estate brokers, lenders, and attorneys. The attorneys review all the necessary documents that are generated and their provisions complied with on a timely basis. The attorneys will examine the title commitment and survey to determine that you are purchasing the property contracted for, without encumbrances or title defects you have not agreed to accept. The attorneys will go over the lender's documents with you at the closing so that you will have a general understanding of what you are signing.