What a First-Time Home Buyer Needs to Know
First-time home buyers are purchasing their biggest investment. They’re excited, but at the same time, they’ve never been through anything like this before, so they’re nervous too.
In the experience of the home attorneys in Orlando Florida at Nishad Khan P.L., many people don’t realize that when they sign off on a purchase and sale agreement, they’re entering into a complicated agreement with many terms and conditions. Time is of the essence in these agreements. It’s important to notify your real estate agent well ahead of time if paperwork is delayed, otherwise you might not meet a deadline.
Along with a quality real estate agent, buyers will also want an experienced residential real estate lawyer. Your agent will likely encourage you to have your contract to purchase reviewed and approved by such an attorney. Note that the time frame to have it reviewed is short. Next, your agent may suggest an inspection, which is recommended even with new construction.
After that, your attorney will review a title search report of the property. He or she will be looking for any claims, liens, clouds or encumbrances on the property’s title. This is critical for purposes of the seller being able to convey marketable title.
Depending on your lender, you might not know the amount of your cash to close figure until hours before your closing. Funds should be in the form of a wire transfer to the title insurance company where you’re closing. Please ensure you verbally confirm wire instructions to avoid wire fraud.
The details at closing will make your vision blurry, but they’re all necessary. Between a quality agent and an experienced attorney, your closing might seem hectic, but to them it will be smooth. You’ll do well by contacting the home attorneys in Orlando Florida at Nishad Khan P.L. They know how to organize the chaos so that you can feel more secure in your investment.