There’s a lot to consider when buying a new property. Being a homeowner can be really exciting, especially when you’re at that place in your life where you’re settling down and want a space of your own. You have the means and the support of your spouse and your children so you just go ahead and do it and that’s okay. But more often than not, buying a new place means selling your old place as well.
Buying a property at the same time as selling yours presents many challenges not the least of which is proper timing of the transactions.
It is imperative to have an experienced real estate attorney guide you in your efforts to navigate the intricacies of selling and buying properties concurrently. The attorney will facilitate your transactions and reduce your stress levels while doing so.
That’s where Attorney Mark Rousso comes in. An executive at his own private practice, Mr. Rousso has years of experience working with investors, buyers, sellers and corporations since the early 1990s.
He’s gathered much knowledge along the way and together with him, we’ve put together a guide with some of his most important insights for new home sellers and buyers, so they may enter these endeavors with an informed perspective.
The Three Primordial First Steps
Before you are able to do anything regarding your old or new property, you must know where you stand. You have to know your budget and the price range and what exactly you’re looking for in a property. To that end hiring a real estate agent experienced with homes in your target are in will make the search for your new home that much easier.
Realtors are experienced with the buying and selling process which will make your search easier to conduct. Having a Real Estate Agent will help you save time, money and yourself from the headache of having to talk to a lot of people just to get the right place for the right amount.
Next up, of course, you have to hire an Attorney, such as Mr. Rousso who is experienced with the real estate process.. An attorney will help you draft the Purchase and Sale Agreement, assist you with navigating the negotiations with the seller and understand the intricacies and nuances of financing your purchase.
Following through with protocol. The events that follow the first three steps have more to do with protocol than anything else.
After having a fully executed contract, a buyer will usually bring in a professional inspector to verify the conditions of the property. The inspector then will summarize his findings in a report. The report will detail everything that was inspected and state the condition of the different aspects of the home, remaining useful life of components like the air conditioning and will also detail anything that needs repair. The report is then provided to the Seller and depending on the type of agreement between the parties the Seller may or may not have an obligation to make the repairs.
Assuming the parties come to an agreement on what if anything will be done, it should be memorialized in an addendum to the contract that will be prepared and negotiated by the attorneys.
Between this period and the actual closing date the Seller will make whatever repairs it has agreed to make and Buyer will have the right to reinspect said repairs.
The Real Estate Transaction or “Closing”
The Closing is the culmination of this process at which time the Seller conveys title to the Buyer of the property and the Buyer pays the Seller for the property. The attorney for the Seller will prepare documents referred to as Seller’s documents and the buyer’s attorney will review same to ensure everything is in proper order. If the buyer has obtained financing for the purchase then the buyer will also sign a mortgage in favor of the lender along with other documents.The buyer will usually obtain Title insurance which ensures marketable title to the property is vested in the seller and sets out any and all encumbrances on the property.
While this article gives you a bird’s eye view of what transpires, it is important for you to consult with an attorney as each closing has its own particularities. Attorney Mark Rousso offers a free initial consultation to anyone needing assistance with the purchase or sale of a home.
Rousso Law PA provides services in two main areas. It offers Representation for Buyers and Sellers in real estate transactions and offers an array of services within Corporate Law.