Buying a home is usually one of the largest, if not the largest, investments that most people will make during their lifetimes. It is crucial to have a great team working for you when you decide to buy a home or sell your current home – an experienced attorney, real estate agent, and lender are important members of your team. There are multiple deadlines that must be met and documents to be reviewed and prepared once you have decided on your new home. Your real estate attorney should have a system to ensure that deadlines do not pass without appropriate action.
An attorney has different responsibilities depending on whether she is representing the seller or the buyer. Some of them are discussed in the next few paragraphs.
There is generally a time period when your attorney can request changes to the Contract. If such requests are not made in the appropriate time period, the opportunity to request them is lost. Additionally, the Buyer will have a specified period of time to conduct professional inspections. If your attorney does not observe the deadlines, you can lose your opportunity to ask for repairs or request a credit. There are generally contingencies (or conditions) that are included in the Contract. For example, most Buyers cannot complete the purchase without a loan. Sometimes getting the loan approved will take longer than the time stated in the Contract. The Buyer’s attorney needs to note the time that NOTICE must be given to the Seller if the Buyer needs more time. If the time passes without a request for the extension, it may be very costly to the Buyer.
The Buyer’s attorney should carefully review the survey from the Seller and make sure the legal description on the survey and deed match. The Buyer’s attorney will also review the title commitment and other documents carefully. At the closing, the Buyer’s attorney will explain, as efficiently as possible, what the Buyer’s obligations are to the lender so the Buyer understands what she/he is signing.
There is generally a time period when your attorney can request changes to the Contract. If such requests are not made in the appropriate time period, the opportunity to request them is lost. This can very costly to you, the Seller.
The Seller’s attorney orders the Title Commitment, and prepares documents for closing the transaction. Often the attorney orders a survey. Sometimes there are required well and septic inspections. Some communities require electrical or plumbing inspections. There are often requests from lenders throughout the process; the Seller’s attorney should promptly respond to such requests. In short, there are many details throughout the process. You want an attorney who will respond promptly, communicate with you thoughtfully, advise you appropriately, and be fully prepared for the closing table.
Whether you are the Seller or the Buyer, it is necessary to have a lawyer who is knowledgeable about the deadlines and written contract details to ensure the process for buying or selling your home goes smoothly and in a timely fashion. Often the process for finding the right home, or the decision to sell your home and find a buyer has been intense and full of emotion. When it is finally time to close the deal, you want someone who knows what they are doing and will protect your interests throughout the process.
Deemer Law Firm has over 22 years of experience in handling real estate contract negotiations. When you are ready to buy or sell your home, you want to ensure that you have chosen a lawyer who will be there to protect your interests and keep you informed throughout the process.