Paperwork Avalanche: Keeping Up With Real Estate Documents

Law Blog

Purchasing a home is a momentous occasion, and with it comes a mountain of tasks to attend to and a seemingly never-ending avalanche of paperwork. For many, this housing purchase will likely be the most money they will ever spend, so the details and paperwork can be vitally important. While your real estate agent will be there to assist you with many tasks, the services of a professional real estate attorney may be needed to help you deal with all that paperwork. Read on to learn how important it is to have an attorney by your side throughout this exciting process.

The Agreement to Purchase

Once you have found your dream home, (or as close as you can get to it), you must put in an offer before someone else nabs it. The agreement to purchase (or purchase agreement) makes clear your desire to buy the home at a given price, if accepted by the seller. While pre-printed forms are commonly available, some don't really address every issue, such as:

  • How the agreement will be canceled if the financing doesn't come through.
  • How the agreement to purchase is contingent upon a home inspection. Home inspections can typically point out certain very expensive-to-fix problems with homes, such as: termites, roof leaks, structural problems, and other major systems issues. A provision for a price reduction, repair or other concessions should be added to the agreement.
  • Are any added additions, such as decks, up to code and if not the solution?
  • What happens to the earnest money if something goes wrong with the contract to purchase?

Your real estate attorney can create a custom-made agreement to address any particular contingencies that are needed.

The Mortgage

Your real estate attorney should take a good look at your loan application to ensure that everything is accurate and complete. Obtaining financing for your home is stressful enough without having to deal with confusing and complicated loan papers. Just having someone to explain what you are signing in layman's terms is invaluable.

The Closing Documents

The closing is the big day, when the home officially becomes "your home". This meeting can be very intimidating, however, so be sure to have a legal advocate by your side for any last-minute issues that often arise. The stack of paperwork you will be asked to sign can be daunting, but having a real estate attorney there to assist you can go a long way toward ensuring that the day is joyful and not stressful.

Make sure that you relieve yourself of some of the burdens of the home-buying process by consulting with a real estate attorney (like those at Souders Law Group).


18 August 2016

Improving My Life With A Great Lawyer

Although many people don't think of having legal counsel as improving their life, I have found that it has really helped me to feel empowered as a business owner. Without my lawyer, it was really difficult to figure out what I could say and what I couldn't say, and it really made things hard when I was out and about trying to make business deals. Fortunately, after I found the right lawyer, things became a lot more straightforward. This blog is all about improving your life and streamlining your business with the help of a great lawyer. After all, you never know when you will find yourself in court.