Real Estate - Residential

If you have ever purchased a home, you know there are many complex legal documents involved. Few understand what all those documents mean. When you decide to purchase a home, it is prudent to hire an attorney to review the contract and handle the closing for you. Our experienced attorneys assist home buyers with the complex paperwork involved in a real estate closing or refinancing everyday. We explain the relevant documents to our clients and assure their property rights are protected.

The Real Estate Contract- Agreements to sell or buy land are not enforceable unless there is a written and signed contract. The buyer, makes an offer on a home by signing a contract. Once all parties have signed this contract, it becomes a binding obligation on all parties. An attorney should review this contract prior to signing to make sure you understand your rights and obligations under the contract. All the terms of the agreement must be included in this contract since verbal agreements concerning the sale of real estate are not legally enforceable. We review real estate contracts to assure they accurately represent our client’s intentions and protects their interests. It is equally important for a seller to have a contract with the buyer. We review and prepare such contracts often and explain their meanings to our clients.

Dual Agents- The listing real estate agent represents the seller and does not necessarily represent the interests of the buyer. For that reason, if you are the buyer, you may want to hire your own real estate agent. In addition, the seller may have an attorney representing their interests in the closing and you, as the buyer, can agree to have the same attorney represent you in the closing. You have the right, however, to choose your own attorney to handle the closing.

Financing- At the signing of the contract you will be required to pay earnest money. This sum, along with your down payment, will be given as a credit towards the purchase price at closing. The remaining amount will need to be financed. The biggest concern most people have when financing a home is what their monthly payment will be. A monthly mortgage payment includes principal and interest on the amount financed as well as escrows. Escrows are amounts collected each month that go towards your annual property tax and insurance payment. Some people are also required by the lender to pay into escrow mortgage insurance premiums. This protects the lender in case you fail to pay and is generally required if you finance 80% or more of the purchase price.

There can be many fees required by the lender in a real estate closing. These fees should be disclosed to you prior to closing and carefully reviewed by your attorney.

Property Surveys- Most people do not like to go to the expense of obtaining an accurate survey prior to closing, but such a survey is vital to protect your property rights. A survey will disclose your boundary lines, easements, encroachments and improvements on the property. It is important to have this completed prior to closing so that the seller can be required to clear up any problems with the property’s title before closing.

Title Search- Your attorney will search the public records to ensure that the seller has a good title and can actually sell the property to you "free and clear." A title search will disclose the owners of the property, whether there are any liens or judgments on the property, and whether there are any restrictions or easements on the property.

Termite/HVAC Letters- All lenders normally insist, and you as a buyer should insist, that the seller provide proof that the property is free from termites and that the heating and air unit is operational. Documents confirming this (known as CL-100) should be provided by reputable companies before closing. That way, any problems that need to be addressed before closing can be.

Hazard Insurance- All lenders require that the homeowner carry hazard insurance on the property listing the lender as a lienholder. This insurance will protect you from risks of loss and liability. Sometimes, flood insurance is also required if your property is located in a flood zone. Failure to carry any insurance required by the lender could be considered a default under your mortgage.

Title Insurance- Lenders title insurance is required by the lender to protect against defects in the title that were not discovered by a title search. For a nominal fee, the owner can also purchase owner’s title insurance to protect his interests. This is a one time premium paid at closing.

Real estate closings can be complex. Generally the necessary information and all documentation noted above must be collected and properly executed and recorded in a short amount of time. Buying a home is often the largest investment people make so it is important to have an experienced attorney handle your closing.

Our firm has many years of experience in representing sellers and buyers in connection with commercial and investment properties. We have represented banks, insurance companies and other lenders in the review and preparation of loan documents for loans to investors, corporations and individuals and at closings. We have assisted our clients with loans for revolving lines of credit, acquisition lines of credit, term loans and other types of loans from banks and other lenders.

If your business needs assistance in purchasing or selling commercial real estate, our firm is ready and willing to assist.

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