Buying a home is an exciting time in one’s life. For some, it will be the largest investment they can make. When all of the stars align and you have found the home of your dreams, it is important to consider the many factors that can get in your way. There are a few steps you must take before you can get the keys to your new home. When taking the plunge into buying real estate, it is important to have an attorney that can effectively represent your interests through one of the most momentous events of your life. If you need quality legal services from a skilled and experienced attorney, contact Velasco Law Office.
The Contract- The real estate contract is a binding agreement between the one buying the home and the one selling it. When you and the seller accept the terms, you can sign the contract and start the process. If a realtor is involved in the transaction, the contract must have a 3-day review provision, allowing time for each party and their respective attorneys to review the terms of the contract and terminate the agreement within the allotted time period. If there is no realtor, signing the contract makes it binding. Under these circumstances, it is important to have an attorney that can review the terms of the contract and ensure that your rights are protected and that your interests are satisfied before signing.
The 3-Day Attorney Review- As stated above, the 3-day review provision must be in a contract drafted by a realtor. The parties will sign the contract and bring it to their respective attorneys for review. Within the allotted 3 business days, the attorneys of both parties will review the documents and make suggestions for revisions and modifications that best suit their client. Through some negotiations, the parties will hopefully come to an agreement and sign an amended contract. Either party can terminate the deal during this time period. If successful, each party will sign a final addendum, making the contract binding.
The Home Inspection- After the contract is signed, you, the buyer, will hire a professional home inspector to assess the property for any unforeseen problems. This usually happens within 10 days of the contract. If the home inspection finds troublesome issues, you may have to request repairs or discounts to address the problem. The seller may or may not agree to fix the issues and having an experienced real estate attorney on your side can help ensure that your rights are met and your interests are represented.
Mortgage contingency- If you need a mortgage to buy the home, the whole transaction depends on your eligibility. Even though you have been pre-approved in order to see the house in the first place, many factors can impact your eligibility through the process. When a real estate transaction is contingent on the acquisition of the mortgage, it is important to retain an attorney that can protect your life goals and help the process along.
The Closing- The conclusion to your real estate transaction is the closing. All outstanding issues should be addressed at this point. Everyone should be ready to end the transaction. As the buyer, you have the right to conduct one more walkthrough to ensure that nothing has changed since the home inspection. You will meet with your attorney to sign the various mortgage documents. Once completed, all parties will meet for the transfer of title. The seller will sign documents selling the home and both parties will sign a closing statement detailing the money to be transferred and authorizing said transfer. At this point, the keys are exchanged and the matter is generally over.
Buying a home is one of the most exciting times in your life. Juan C. Velasco, Esq. is honored to have guided countless clients through the acquisition of real estate for over 2 decades of practicing law. If you need an effective attorney to protect your rights, contact Velasco Law Office for a consultation today.