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Purchasing a new home entails preparation. Specifically, you should have detailed information on the following:
- Structure of the house
- Analysis of the water
- Termite test
- If there is a septic system, a dye test should be done
- Radon test
- Survey of the property
- Test for the presence of hazardous materials, such as lead paint, asbestos, ground contamination from leaking underground fuel contamination
If I hire an attorney, what am I paying for?
Your attorney will provide you with an ongoing explanation of the process. He or she will also help in processing your mortgage application, order and obtain title insurance and survey on your behalf. In addition, he or she will review, explain and may even modify the purchase contract where appropriate.
What happens during the "closing?"
The "closing" of the purchase of your home is the transaction in which you receive all the documents required to convey the title of your home.
At the closing these documents are reviewed to be sure that the conditions and promises of the purchase of contract are fulfilled. Also at this time, the balance of the purchase price is paid to the seller.
What is a title search?
A title insurance company, usually hired by your attorney, searches the records of the county clerk's office in which the home is located in order to insure the Purchaser that the home is marketable and insurable at the time of closing (i.e., that there are no claims, liens, or encumbrances against the property). While title insurance may give you protection against financial loss and the possible expense of defending your title in court, it does not lessen the importance of your lawyer's advice. Your lawyer can advise you whether and how to obtain title insurance and also on the terms, exceptions, and conditions of a title insurance policy.
I have found a buyer for my home, what now?
Whether you decide to hire an attorney or not, you should have the following information available:
- A copy of your deed
- Prior title insurance policy
- A survey
- Tax bills
- Mortgage information
If I hire an attorney, what can I expect the attorney to do?
Your attorney will:
- Prepare the contract of contract of sale on your behalf
- Undertake to resolve any problems including possible title problems
- Obtain mortgage payoffs and satisfactions
- Prepare the closing statement and closing documents and attend the closing
What is the real estate broker's role?
The real estate broker is the person who usually acts as an agent for the seller in the sale and purchase of a home and brings about the agreement with respect to the terms of the sale. The fee is usually paid by the seller of the home. There are often two real estate brokers involved:
- The "listing" broker/ the person whom the seller engages to sell the home.
- The "selling" broker/ the person who show the home to the purchaser and who actually sells the home.
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