1. Tailoring the contract
The contract needs to be accurate and should address the Buyers’ needs. Mistakes in the timing of deadlines, loan terms, or other provisions can cause problems. Inappropriate tax prorations can inadvertently shortchange Buyers. A careful review can prevent these types of pitfalls.
Buyers have a lot to do to get ready for closing. There is an inspection of the property, one or more deadlines for mortgage applications, and timing for review of any condominium or homeowner association disclosures. A real estate attorney will monitor the deadlines relevant to the transaction, and make sure the Buyers are informed of the steps to take and the timing to meet them. This can alleviate the stress of the transaction so that Buyers can focus on preparing for closing, arranging the move, and maintaining their professional and personal lives.
3. What to look for in HOA disclosures
The concept of condominium and homeowner associations is that the association as a whole provides more than what would be available to the unit owners individually for a comparable price. Buyers need to make sure that this will be true for the unit they intend to purchase, and that the rules of the association are compatible for how the Buyers intend to use the property. A real estate attorney can assist the Buyers in reading and understanding the association disclosures, so that they can make their determination with confidence.
4. Check for underlying legal problems with the property
Most of the time, Buyers do not want to take on pre-existing legal problems with the property. To the extent that code violations, title problems, and unpaid taxes can be uncovered early in the transaction, they can be dealt with, or if insurmountable, the transaction brought to a quick conclusion without wasting time and resources.
Not all mortgage loans are the same. Not all lenders are alike, either in terms of the types of loans or their risk tolerance. When Buyers need financing, their experience with the loan application process will often depend on whether their type of transaction is a good fit for their lender. A real estate attorney often can assist Buyers in identifying suitable lenders – thereby providing a smoother path to closing.