Real Estate FAQ
Attorney Barrows gave a lecture to first time home homebuyers from the legal perspective of buying a house. more…
Q. What is the first thing I should do before purchasing a home?
A: A buyer should first consult with a loan officer at a bank or a mortgage broker to determine an affordable price range within which the buyer can comfortably purchase a home.
Q. Should I hire a professional home inspector? If so, what is the best time to conduct the home inspection?
A: The buyer should hire a professional home inspector to inspect the premises for structural defects, water, plumbing and electrical problems, the existence of termites and other pests, radon, urea formaldehyde foam insulation (UFFI) and lead paint, among other things. The best time for the home inspection to be conducted is after the buyer's offer to purchase has been accepted by the seller and before the purchase and sale agreement has been executed.
Q. What documents are the seller required to bring to closing?
A. Among the documents the seller is required to bring to closing is a smoke detector and carbon monoxide certificate which can be obtained from the local fire department, final water and sewer bill which can be obtained from the local water department, or a septic system inspection complying with state regulations, a 6(d) certificate if the property is a condominium and a new deed transferring ownership to the buyer. The seller may be required by the lender or the buyer to bring a variety of other documents depending upon the circumstances.
Q. What documents are the buyer required to bring to closing?
A: Among the documents the buyer is required to bring to closing is an insurance binder naming the lender as a loss payee. The buyer is also usually required to bring a bank check or certified check for the balance of the funds needed to purchase the home. The buyer may be required by the lender or the seller to bring a variety of other documents depending upon the circumstances.
Q. When should I hire an attorney to represent me?
A: Whether you are a Buyer or a Seller, you should hire an attorney prior the submission of an Offer to Purchase real estate. An accepted Offer to Purchase is a legal document which could bind both parties. Accordingly, care should be given in preparing this document as it will likely affect the parties’ future rights relative the conveyance of the property. If important terms are omitted at this stage, the parties may be out of luck in attempting to insert them in the Purchase and Sale Agreement. An attorney will assist in the preparation of the Offer to Purchase to protect the interests of the buyer and will review and advise a Seller of the impact of the language used in any offer received. By becoming involved at this stage, the attorney can ensure that the transaction runs smoothly, likely saving all parties from future expenses in the event of a conflict.
Q. Whom does the “closing attorney” represent?
A: If the buyer is using a mortgage loan to finance all or part of the purchase, the closing attorney represents the lender. Although the interests of the lender and the buyer are similar in many respects, in some respects these interests are conflicting and the buyer should not rely upon the lender's attorney for legal advice.
