We have experienced attorneys and staff who are specifically trained in real estate closing procedures and law for residential purchase. These people are extremely qualified to assist in answering your procedural and legal questions.
Acceptance of Offer
This step in the closing procedure is the most vital step in assuring the smoothness of the transaction. It is the responsibility of this law firm to either prepare the contract on your behalf or to review the agreement prepared by the realtors. One of the attorneys in this firm will handle these negotiations directly. We shall see that your contract is signed quickly and with the least amount of inconvenience to the parties.
Home Inspections and Termite INspections
Only AFTER the contracts are fully signed and attorney review is successfully concluded should inspections called for in the contract be ordered. You should contact your broker to make arrangements to have the inspections scheduled. These inspections will give you a snap shot review of the condition of the house. Ensure you hire a trained professional.
During the processing of the inspections, arrangements will have been made for the processing of your mortgage application through a lending institution if you are obtaining mortgage financing for the house you are buying. In many cases, your real estate broker will have assisted you in the processing of your loan (especially FHA and VA loans). When the broker assisted you in the mortgage application, you should be certain to advise your realtor to tell the lending institution that our firm represents you so that a copy of the commitment will be sent to us. We will attend to whatever requirements the bank may have. Ordinarily, the mortgage loan commitment takes between 30 and 90 days to reach the stage of final written commitment. In most cases, you will receive the commitment directly from the bank with the requirements that a copy be accepted and signed and returned to the bank directly.
Title Search and Survey
Given the time necessary to obtain the mortgage commitment, we may request authorization from you to order the title search and, if necessary, the survey prior to your receipt of a written mortgage commitment, in order that we can be prepared to close on your contract closing date. These expenses are your responsibility and will be shown on your closing statement at closing.
While we will do everything in our power to close on the date set forth in the contract, we by necessity rely on the cooperation and support of other individuals and firms and, therefore, do not have absolute control over the closing date. It is, therefore, advisable that you DO NOT make any irreversible plans until such time as a firm date is actually established for closing before the tentative plans, subject to change, can of course be made at any time.
Home Owners Insurance
Prior to closing, it will be necessary for you to obtain a home owners insurance policy with extended coverage. The policy should contain an endorsement showing the bank as the holder of the mortgage. An insurance agent can best advise you in this regard.
Immediately prior to closing, please arrange with the broker or owner to make an inspection of the home and note any damage, incomplete items or persons other than the owners living in the home.
Please contact your realtor to arrange for all utilities to be placed in your name and to insure that when you move in the lights, gas, telephone and furnace will all be working. The realtor should arrange for a fuel oil and water readings prior to closing if the property is serviced by fuel oil and municipal water.