What is Required in Pre-Closing of a Property?
Orlando FL real estate lawyers are frequently asked what are the pre-closing requirements on a real estate property. By and large, buyers are overwhelmingly encouraged to consult with and retain the services of an experienced attorney such as Nishad Khan if they are considering buying or selling a home.
There are many reasons for this advice. First, a real estate transaction is a business transaction that requires you to review and sign a contract. That contract contains terms and conditions as well as rights and remedies that apply to both the buyer and seller. Along those lines, you should never execute a contract before consulting with an experienced attorney.
The pre-closing process begins with the execution of the contract. From there, the buyer will conduct a home inspection, apply for the mortgage and order a title report. These are very complicated steps that attorneys will routinely explain to their clients so that they may go about them in the most efficient manner possible.
A home inspection will reveal any conditions in the home that the seller will be required to address prior to closing. The buyer may ask the seller to reduce the price in consideration for certain structural defects or may require that the seller cure the conditions by way of remediation prior to closing.
The Buyer is required to apply for the mortgage at the time the contract is signed and to pursue the issuance of a mortgage commitment with good faith and diligence. Failure to do so may result in the buyer forfeiting their escrow deposit. As you can see, this is a very serious issue and the buyers should only undertake such measures after consulting with Orlando FL real estate lawyers who have experience such as Nishad Khan.
The title report will reveal any liens or encumbrances upon the property or judgments against the sellers which must be cleared prior to closing. Again, this is a very complicated aspect of a real estate transaction that only an attorney should be trusted to handle.
In all, there are any number of aspects of a real estate transaction that can go sideways if an attorney is not retained at the outset. From the time the contract is signed up for the time the mortgage commitment is issued, the transaction may wind up in peril as a result of home inspection issues, title issues or if the issuance of the mortgage commitment is delayed for any reason. The seller may aggressively attempt to withhold the escrow deposit of the buyer if they are not represented by an attorney.
If you are seeking to purchase a home or if you are listing your home for sale, it is in your best interest to consult with and retain the services of an experienced Orlando FL real estate lawyer such as Nishad Khan.