Terry Law Group, LLC represents buyers and sellers in Real Estate Transactions. The initial step in any Real Estate Transaction is typically the Contract of Sale. The Contract of Sale is a legally enforceable document that sets forth the parties’ agreement. The Contract of Sale’s terms usually include the sales price, a property description, a mortgage contingency, the kind of deed seller intends to deliver, the quality of the seller’s title, the names and rental rate of current tenants, the items included and excluded from the sale, an inspection contingency, building and zoning information, and down payment information.
After the parties’ sign the contract, the “Attorney Review” period commences. The “Attorney Review” lasts for three (3) days and it permits the parties’ attorneys to review the Contract of Sale and to give legal advice before the document becomes binding.
After the Contract of Sale becomes final, the buyer will usually schedule a Home Inspection. If the Home Inspection reveals any defects, the buyer’s attorney will request that the seller cure said defects or h/she will negotiate a compromise with respect to same. When the property is located in a municipality that requires the seller to obtain a Certificate of Continued Occupancy, the seller must remedy any defect that would inhibit the issuance of said Certificate of Continued Occupancy.
In addition, the buyer’s attorney will order a title and survey search. If said search reveals any problems like for instances unpaid property taxes and/or mortgages, the buyer’s attorney will ask the seller to cure same at or before closing.
Also, the buyer must obtain a mortgage commitment, if financing, and homeowners insurance prior to the close of title.
The closing typically takes place at the buyer’s attorney’s office. The closing encompasses the review and execution of a various legal documents including but not limited to the Affidavit of Title and Deed.