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Real Estate
 Whether you are buying or selling a home, having an experienced Real Estate Attorney at your side is an invaluable asset. Our Attorneys will make sure that all closing adjustments such as real estate taxes and oil are appropriately credited on your behalf. Our attorneys will explain each document in plain easy to understand English.
Purchasing and selling a home is the largest financial transaction most people make during their lifetime. Be sure that your rights are fully protected. Have us there for you.
How can I protect myself before I sign this purchase and sale agreement?
For starters, know what you are buying. Ask questions. For example:
- Are there any zoning violations on the property which will have to be corrected?
- Are there any environmental hazards which may be present (someone in the distant past may have dumped environmental hazards on the property so an environmental assessment should be made)?
- Are there any apparent conditions on the property which could potentially harm someone who happens to come on the property?
- Are there any restrictions or covenants in the purchase contract that would be hard to comply with?
- Will you be able to pay the mortgage on time?
- Are there any potential defects in the chain of title? Resolve these issues before you take title, interest or possession.
Real property owners can protect themselves from many of the risks of ownership by purchasing insurance. The two most common forms of insurance for real property includes liability insurance and title insurance.
The time period between the time you give a good-faith deposit check and the closing date is a set time period (normally 30, 60, or even 90 days). Your deposit check will be cashed so be sure you have sufficient funds in your account to cover it. Your deposit money will go towards the purchase price if the sale goes through. But if you back out of the deal for a reason not set forth in the contract, the seller may be entitled to keep the deposit money.
During the time period before closing date, the terms of the purchase contract are to be taken care of. The contract probably includes a financing contingency and inspection contingency, and a provision that the buyer can and will confirm a title to the property free of defects. The inspection provision allows the buyer to have the property professionally inspected. The financing provision gives the buyer time to secure mortgage approval. Because this is often a lengthy process, the buyer should begin seeking financing immediately after the contract is signed.
Type of real estate brokers:
- SELLER'S AGENT
When a seller engages in the services of a listing broker, that seller becomes the broker's client. This means the broker, and his/her subagents represent the seller. They owe the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the seller's interest first and negotiate for the best price and terms for their client, the seller (the seller may also authorize subagents to represent him/her in marketing the property to buyers).
- BUYER'S AGENT
When a buyer engages in the services of a broker then that broker becomes the broker's client. The broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the buyer's interest first and negotiate for the best price and terms for their client, the buyer. (The buyer may also authorize subagents to represent him/her in locating property).
- DISCLOSED DUAL AGENT
A broker can work for both the buyer and the seller on the same property provided the broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship the broker does not represent either the seller or buyer exclusively and they cannot expect the broker's undivided loyalty. Also, undisclosed dual agency is illegal.
Real Estate Closing Checklists
There 2 check lists that we provide to our clients regarding real estate closings. To view a preintable version of these check lists, click on the one of the choices.
Mortgage Glossary
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