Real Estate Closings
The purpose of this information is to inform you of some of the pitfalls and responsibilities you may face in this transaction, whether it is your first or whether you are experienced in buying or selling real estate.
Our goal is to make your real estate deal as smooth as possible for you.
The following is a list of things that may happen. This list is not all inclusive. Some of these things may pop up.
1. The seller has defective title (for example, a mortgage tax lien, judgment, or recent death in the family appears).
2. Tenants on the property (with or without a written lease) who will not move out.
3. A distant seller, buyer, or prior lender (out of county, out of state) that refuses to sign papers without money in advance and will not trust an attorney to hold the documents “in escrow” (protective custody) until the end of the closing.
4. Unpaid, escalating real estate taxes on the property.
5. Either party’s failure to abide by the terms of the purchase contract.
6. The property description on the purchase contract is out of kilter.
7. The water and septic systems will not pass the Health Code.
8. The seller or the buyer, or both, has made other obligations contingent on this deal.
9. There is a land contract involved.
10. The title searcher or the surveyor need more time.
11. The seller or buyer sign a contract they don’t understand.
12. A divorce and remarriage of one, or more than one, of the parties.
13. Fire or other casualty after the signing of the purchase contract and before closing.
14. The client, whether residential or commercial in nature, is under-financed and cannot afford to “pay his/her way” through the transaction.
15. Difficulty meeting the terms of the commitment letter.
16. Extensive travel is required to distant locations.
17. Difficulty with access to the property.
18. The seller takes back a mortgage and the buyer refuses to pay.
19. A last minute structural defect is found inside the house.
20. After signing the purchase contract, one of the parties wants to back out.
21. Misinterpretation by the parties of their legal rights and obligations.
22. Misinterpreting time frames for closing.
23. The belief there is a “standard time for closing” and/or a “standard fee” for closing when, in fact, there is no such thing. Anyone who tells you that is in error.
We will help you with the following as the situation requires.
1. Prepare and negotiate a purchase contract.
2. Locate abstract, have it updated, examine title, and provide title opinion.
3. Prepare proposed leases and examine any outstanding leases.
4. Obtain deed description, Prepare the Deed, Mortgage, Discharge Of Mortgage, Promissory Note, Transfer Gains Tax Affidavit, Equalization and Assessment form, Closing Statement, and all other documents.
5. Pro-rate taxes.
6. Review and revise proposed documents from the other side.
7. File everything necessary to comply with all applicable laws, rules, and regulation, including the preparation and acquisition of tax statements, releases, and UCC filings.
8. Fiduciary of your funds and property.
We recognize how important this real estate transaction is to you. We are accessible at all times during the working day and we attempt to answer your questions in a timely and economical manner.
Our staff is willing and able to relay questions, answers, and information throughout this transaction.
You can rest assured that we have your best interest at heart.