Buying a home is a long-term financial commitment with great personal and tax advantages. There are costly mistakes to avoid in the process. Using an attorney to review the sheer volume of complex paperwork included in a home purchase can save you money in the long run. There are many times during the home purchase process where it is advantageous to get experienced advice.
Purchase and Sale: The Agreement of Sale
The Agreement of Sale is an important document and has been held to constitute a contract that is binding on the parties. We can draft Agreements of Sale that will protect you throughout the process.
This is generally the contract that sets forth the full rights and duties between Buyer & Seller and sets the time for performance. There are many issues that are crucial in this contract. For example, is there a "Mortgage Contingency Clause" that allows the Buyer to cancel the contract if he or she can't get a mortgage? What happens to the deposit if one party fails to honor the contract? These issues should be carefully considered by your attorney and not left to a Broker to determine by using a standard form. Home inspection rights for example can lead to negotiations that can reduce the purchase price. In this area it is a wise person who does not represent themselves.
Mortgage Financing
Not all lenders or mortgages are the same. Rates and terms vary. Some require "Points', while others don't. "Points" are loan fees that the lender charges you. Good Faith Estimates of loan costs as well as the "APR" (annual percentage rate) are terms that you need to understand to discover the true cost of a loan.
Real Estate Closings
The Closing is that important and final stage of the purchase transaction where a Buyer receives the legal Title (by deed) and possession of the property in exchange for a payment by the Buyer. Usually the purchase money is obtained by the Buyer from a Lender who then secures the loan with a mortgage and note. The financial aspects of the closing are summarized on a HUD Form that discloses any charge and cost involved in the loan. A Buyer can greatly enhance his bargaining power at the closing by seeking legal advice. The various topics that a Buyer will want to be informed about include:
At the Law Offices of Brandon R. Wind we are experienced and able to help you through this process painlessly & inexpensively.
