We represent buyers and sellers in residential and commercial real estate transactions. Whether buying or selling a one-family house, multiple dwelling, investment property, commercial property, co-op, or condo, we will guide you through the process so you can be at ease.
The first step in buying a property is agreeing to a purchase price. The next step is for the buyer to complete an inspection to ensure there are no issues with the property's condition. The inspection must be done before signing the contract. If there are no issues with the property, the next step is entering into a contract of sale. The terms of the agreement are negotiated between the attorneys. Once a final version of the contract is ready, the parties will sign it, and the purchaser will send the down payment to the seller’s attorney to hold in escrow.
After the parties are in contract, several things must be taken care of before the closing may be scheduled. One of the most critical aspects of the transaction is obtaining a mortgage commitment. Most contracts are contingent on the buyer obtaining a mortgage commitment in accordance with the terms of the agreement. The purchaser must work diligently with the lender to obtain a mortgage commitment before the due date in the contract.
Another critical aspect of the real estate deal is for the purchaser to obtain title insurance. For a title insurance carrier to offer title insurance for a property, the title must be clear, including but not limited to obtaining a clean chain of title, resolving open violations, and satisfying judgments against the seller. At the request of the buyer’s attorney, the title company will run searches and provide a title report. In this report, there may be several items that must be cleared before closing. The seller is responsible for clearing up the property's title before the closing.
Once the purchaser obtains a mortgage commitment and the seller clears the title, the next step is to schedule a closing if everything else is an order. The lender will also retain an attorney to represent its interests in the transaction and provide the necessary documentation to issue the funds at the closing. Accordingly, the three attorneys in the transaction will work together to schedule and hold the closing.
The above is a very condensed description of a real estate transaction. Every deal is different. Many nuances and pitfalls must be avoided for both buyers and sellers. Emiliano Perez has been representing parties in real estate deals since 2009. If you have any questions, please call us. We are happy to discuss your concerns.