Real Estate Attorneys
PURCHASE AND SALE OF REAL ESTATE
One of the first steps in buying real estate is the preparation of an Offer to Purchase. The offer must be in writing, signed by all parties, and it must identify all parties, describe the land, and set forth the interest to be conveyed, along with other material terms of the agreement. Material terms typically include contingencies, such as financing or the sale of another piece of real estate, inspections, surveys, and the review of easements or restrictions. Depending on the nature of your real estate transaction it is very likely that terms specific to your sale or purchase would need to be included as well. Our attorneys can help you in drafting your Offer to Purchase, to help avoid future problems.
An important document to the transaction is often the Real Estate Condition Report. The Condition Report is a document where the seller is to disclose known defects to the property. Special care must be taken by the seller in drafting this document. Any misrepresentation can have extremely harsh consequences. This report must be furnished to the buyer.
Once there is an accepted offer, the next step is to prepare for closing. Again, because each real estate transaction is different, what needs to be done in preparation for closing will be different in many cases. However, there are some common elements to each transaction. For example, the buyer will often need to inform the seller when conditions and contingencies are satisfied. The buyer will need to decide how they want to take title. For instance, will the property be owned by joint tenants? Will there be a right of survivorship (whereby the property passes to the joint tenant upon the death of the other)? In addition, the Title Insurance Commitment should be reviewed to insure everything is in order. If it’s rental property that is being bought, leases and security deposits would need to be accounted for. No matter the type of transaction, our attorneys can work with you to make sure you have everything in place for closing.
Last, is the closing. At closing the seller is paid their money and the buyer obtains title. To accomplish this, many documents are required. These typically include a mortgage and note, a deed, closing statements, insurance documents, and affidavits, to name a few. It is advisable to have your attorney review these items for you.
Whether you need an attorney to walk you through your case from beginning to end or to just review documents on your behalf, our experienced attorneys at Monahan & Johnson, S.C., are here to help you!