Whether buying or selling, an Attorney from the Law Office of Dale J. Tamburro PC is there to help you through the process of purchasing a home from start (offer to purchase) to finish (closing). So where does this process start?
Once all parties have signed an offer you have started the process. All Offers for the purchase and sale of real estate should be in writing. Once a Buyer has placed an offer in writing to a Seller, each party has certain rights and duties from that day forward. Depending on the contract, the next step for a Buyer after an offer has been accepted, is to have a home inspection and then sign the purchase and sale agreement. It is important to contact an attorney to assist you in the negotiating of your offer, as well as the Purchase and Sale Agreement.
The Offer forms are usually generated in blank to favor the Seller. Therefore as the Buyer it is especially important that you have included proper conditions which can effect when and how you can get out of the contract depending on things such as the home inspection and financing. As a Seller, you are customarily responsible for drafting the initial purchase and sale agreement and the deed to the new owner.
If you are financing the transaction you should have included in your offer to purchase as well as the purchase and sale agreement a date upon which you shall secure your financing and the amount that you intend on borrowing. This financing date is usually the last time that the Buyer can pull out of the deal and it is only if the Lender can not secure a loan for the borrower.
Prior to closing, you will get a settlement sheet showing all costs to both parties. This is when you also need to be sure the proper deductions have been charged for the closing costs, fees, taxes and insurance. You should also be sure that you have a final walk through of the property prior to closing to be sure the property is in the same condition as it was at the time of the offer, reasonable wear and tear being accepted.
Ideally you want to meet with your attorney before you sign anything otherwise the best an attorney can do is provide damage control or enforce the rights and duties contained within the contract. The Law Office of Dale J. Tamburro PC shall assist you in all aspects of the transaction as described above with detailed information and guidance.
