Buying and selling a home is usually the largest single financial transaction a person will ever undertake.
Therefore, you should carefully consider the technical difficulties involved and the counsel retained to handle such matters. At Deutsch & Schneider LLP, we have assisted thousands of individuals, companies, and banks in real estate transactions over the past 50 years. The process is complicated. However, we can help you from start to finish.
Real Estate Transactions
Representing national and local lenders, loan servicing institutions, credit unions, bridge lenders, and private investors.
Deutsch & Schneider LLP Has over 50 Years of Real Estate Transaction Experience
Once the buyer and seller have agreed on the price, the seller will ask you to sign a paper and pay a token deposit. The form and payment are called a binder. The seller's real estate broker usually prepares the binder.
Under limited circumstances, the binder may constitute a contract. Before signing it, you should consider seeking legal advice. Remember the contract you sign fixes your rights and obligations concerning the transaction.
Whether you are a seller or buyer, you should understand the contract terms and how they affect you. However, the other parties to the contract may not be obligated to tell you what the agreement means. As a result, you may not understand the legal meaning of much of the terminology. At Deutsch & Schneider LLP, we will decipher all the legalese for you.
Consult with Deutsch & Schneider LLP Before Signing Any Real Estate Contracts
The contract of sale states the parties, the purchase price, how you will pay for the property you are buying, an adequate description of the property being or sold, the deed, the seller's title to the property, personal property included in the sale, the date you are to take possession, and other clauses relating to the property and the parties' respective responsibilities to each other.
The contract often allows the buyer to cancel the contract if they do not qualify for the mortgage. In such an event, the contract will also provide for the return of the down payment.
After the contract has been signed, the parties, by counsel, will confirm that the seller can convey "marketable" title to the property as agreed upon in the contract of sale.
It is Vital To Have The Home of Building You are Planning to Buy Inspected.
A title or abstract company will examine the records for any open liens or COs, past transactions, tax records, and any other information regarding the property or building you are purchasing. The title company will issue a certificate indicating their findings.
It is also essential for the buyer to inspect the condition of the house and land. In addition, a buyer should even inspect new construction due to laws that allow the transfer of builder's warranties. However, warranties may not be honored in some instances if an inspection has, or would have, uncovered issues or defects.
We urge buyers to carefully inspect the property and consider hiring a home and termite inspector to perform a professional inspection, preferably before signing a contract of sale.
In residential transactions, you will customarily receive a "Bargain and Sale Deed with Covenant Against Grantor's Acts." This deed assures the buyer that the seller has done nothing to affect the title to the property through their acts or omissions. In addition, the title insurance company insures the title. Therefore, the buyer will look to the title insurer for protection against claims.
Contact Deutsch & Schneider LLP for a Free Consultation
Remember one important point, various parties in the transaction may have an attorney representing each of their interest. However, an attorney representing the lending bank is not your attorney, even though you may be responsible for paying their attorney's fees.
Deutsch & Schneider LLP can provide professional advice to protect your rights and ensure you get what you are legally entitled to.
The "closing" of the purchase of your home is the transaction in which you receive all the documents required to convey the title of your home and pay all funds owed under the contract.
The critical thing to remember is that buying a home is a significant investment. A mortgage usually involves making payments for years. Therefore, it is essential to have competent professional advice from Deutsch & Schneider LLP in making the purchase or sale than to risk the trouble and expense that could result.