There are few things more exciting than buying a home. A home is far more than a roof over your head–it is the place where you relax, raise a family, and customize exactly to your liking. However, buying a home can be a very involved process, so it may help for you to hire an experienced attorney first. If you believe you are ready to take the next step and buy a home, here are some of the questions you may have:
What is the first step in buying a home?
If you are ready to purchase your new home, the first thing you will do is sign a real estate contract. This is a binding agreement between you and the party selling the home. By signing the contract, you start the process. However, you should know that if there is a realtor involved, the contract must have a 3-day review provision, which gives each party and their attorneys time to review the terms of the contract and, if necessary, terminate the agreement within the allotted time period. During this period, attorneys may also suggest revisions and modifications to better suit their clients. If an agreement is reached, the parties involved will sign an amended contract and then a final addendum, making the contract binding. If there is no realtor involved, you must consult with an attorney first, as the contract is binding and you want to be sure you are satisfied inside and out with your new home.
What is a home inspection?
Just as you get a yearly inspection on your car to ensure everything is in working order, before purchasing a home, you are required to get your house professionally inspected. Generally, this will happen within 10 days of the signing, and if the inspector finds any underlying issues with your house, you may request the other party make the necessary repairs and improvements before you move in. However, just because you request monetary compensation or repairs does not mean the other party has to accept. In this situation, you will need an attorney to fight for the living standards you deserve.
What is mortgage contingency?
If you require a mortgage to purchase your home, you will first need to ensure you are eligible. Just because you were pre-approved does not mean that you will definitely be eligible. If approved, the closing is the final step before your new home is legally yours. If there are any outstanding issues, now is the time to address them, however, theoretically, everybody should be ready to sign. It is important you know that as a buyer, it is your right to take one more look over to ensure nothing has changed since the inspection. You will meet with your attorney to sign the various mortgage documents, and then all parties will meet for the transfer of title. From there, the seller will sign documents selling the home, and both parties will sign a closing statement, where the money will be transferred and authorized. Once completed, keys are exchanged and the house should be yours.
Contact our New Jersey firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.