Buying Your Home
The Contract:

A real estate contract affords specific rights and responsibilities to buyer, seller, and usually to the real estate agent or broker.
house.jpgThe life of a residential real estate purchase:
  • Decide to purchase a home
  • Contact a lender and realtor to discuss financing options
  • Determine how much you can borrow and cash needed for purchase
  • Discuss available real estate with real estate agent
  • Develop guidelines for real estate search
  • Begin looking at homes with real estate agent
  • Real estate agent prepares offer to purchase
  • Attorney reviews terms of offer and discusses with client
Contract Formation:
  • Real estate agent presents offer to purchase
  • Seller reviews terms of offer
  • Acceptance, further negotiations, or counter offer
  • Attorney Approval
  • Earnest Money Deposit
  • Home Inspection
  • Financing
Closing:
  • Attorney obtains title formation from seller and loan information from buyer’s lender
  • Attorney reviews: title and survey, tax bill, condo documents, village inspection, zoning, water certification, termite inspection
  • Attorney works with seller’s attorney to clear title objections
  • Attorney facilitates financing and scheduling
  • Attorney schedules closing with lender, parties, and title company
  • Attorney determines documents required for buyer to bring to closing, explains closing fees and documents, confirms compliance with contract and loan commitment
  • Attorney attends closing with client and acts as advocate for client at closing table
For the most important financial transaction of your life…Call your lawyer!

 


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