Making a House a Home: Closing the Deal with Your Lawyer
Buying your dream home is probably going to be the largest single investment that you ever make. While real estate agents are familiar with many of the forms used, they often are not completed in full and an agent may not understand the effect certain options may have on your purchase cost and responsibilities you have before and after the closing. You’ll need to be cautious during the preparation of the contract to purchase, the mortgage process and actually closing on the property. You’ll want the knowledge and experience of a real estate lawyer from McDonald & McDonald to examine all documents and details of your transaction and guide you through all of the steps.
The Offer to Purchase
Once your offer is accepted, you’ve entered into a valid and binding contract. Having a lawyer look at the contract after it has been signed is too late, you are already committed. You’ll want your attorney to approve your contract within the time specified.
This is primarily your obligation as the buyer, but your attorney will keep you advised on compliance dates and the need for any extensions.
Your lender is going to require title insurance in the amount of your loan. You’ll also want an owner’s policy. A title search will be performed. Any liens, clouds or encumbrances that are shown pursuant to a title search must be cleared by the seller prior to, or at the time of closing. Real estate lawyers in Miami for both buyers and sellers are well aware of this obligation.
Your lender is likely to require a certified survey of the property. The survey will confirm the dwelling you’ll be living in is on the land that is being conveyed. It will also show any encroachments of a neighbor’s home onto your property or your home onto a neighbor’s property. The survey will also reveal whether you’re on a flood plain. Your attorney will carefully review your survey.
Most of your real estate lawyer’s work is already done before you get to the closing table. At the closing, you’ll see a flurry of documents to be signed by both you and the seller. Your real estate attorney from McDonald & McDonald will carefully examine and explain these documents to you. You should leave with copies of all closing documents for your records.
Now comes the hard part. It’s time to start moving!