When a buyer is ready to make an offer on a property, it is important to obtain the advice of a real estate lawyer. This is the stage during which the obligations of the parties are established, including: * The price * The terms of the purchase, such as whether the property is being bought “as-is” * Whether the seller will offer guarantees * Whether there will be a repair limit on the items the seller will need to repair Also, the residential real estate contract provides a timeline for the closing, allocates who pays for what items in the closing process, sets forth the time allowed for certain events and includes contingencies, such as what happens if the buyer cannot obtain financing. Property inspections are an important aspect of the real estate transaction. If the purchase contract is an “as-is” contract, then the inspections will generally be the buyer’s chance to make a final assessment of the property. If the seller provides guarantees, then the inspection report will reveal the items that need to be repaired and the estimated cost of the repairs. The buyer’s attorney will also perform a title and lien search and request a survey. The buyer’s attorney or the title company will schedule a closing date and coordinate the closing. The closing is then conducted by the closing attorney, documents are signed, funds are exchanged, and the transaction is finalized by placing the deed, mortgage and other documents on public record. The transaction concludes with the issuance of the title insurance policy to the purchaser (usually within 30 to 45 days after closing) and the receipt by the seller of the canceled mortgage loan documents along with any escrow account money.
