As your buyer representation attorney, it’s my job to ensure the legal transfer of property from the Seller to you, the Buyer. I’ll handle tasks such as preparing and negotiating your Purchase and Sale Agreement (P&S), reviewing condominium documents, ensuring that your property title is clear, and facilitating the transfer of ownership and associated monetary funds.
Drafting Your P&S: What’s Involved
The Purchase and Sale Agreement is a binding legal document that spells out the terms of the sale, along with the conditions required for the purchase to go through.
At a minimum, your P&S will state:
- The final price for the house
- The purchase terms, as negotiated between the Buyer (s) and Seller (s).
- A list of contingencies or conditions, that if not met, void the agreement.
Terms include logistical matters such as how much of a deposit you’re making, the timeline for when you’ll have your mortgage approval, and of course, the closing date of the transaction. There may be other terms, including Seller credits and agreed-upon fixtures that will remain with the property or be taken by the Seller (s).
The most common contingencies include the following:
Home Inspection Contingency, whereby you, the Buyer, coordinate and pay for a home inspection to gain insight and details into the property, and what future repairs you may need to consider.
Mortgage Contingency: For a financed property purchase, a mortgage contingency states a timeframe for a Buyer to secure a mortgage loan for a home. If the Buyer cannot obtain a loan, they can terminate the P&S contract, walk away without legal repercussions, and the Seller must return their earnest money deposit.
Condominium Document and Budget Review Contingency: Known generally as a “condo doc review,” this contingency allows for the review of a condo’s organizational documents, rules and regulations, and financials within a specified period. See more info below in the “Condominium Document Review” section.
Your Title Exam: What is it, and Why is it Important?
Simply put, Title refers to property ownership, and a Title Exam ensures that no one but you will hold an ownership interest in your home once your Deed is recorded with the appropriate Registry of Deeds.
Our office will conduct a title search covering at least 50 years of ownership transfers, validate that prior mortgages were or will be discharged correctly, and no tax or other liens exist on the property. Our office will communicate any issues with the Seller to resolve before your closing date.
A note about Title Insurance: What is it, and why do I need it?
Title insurance involves a one-time fee and offers extra protection for unforeseen circumstances such as forged or defective instruments in the chain of title, misrepresented property boundary lines, encroachments, and unregistered easements on your property.
While these scenarios are rare, they do happen. Title insurance provides protection for these exceptional circumstances and remains in effect for as long as you own the property, or in the case of title insurance for your lender, as long as the loan remains outstanding.
Condominium Document Review
A condominium purchase is different than buying a single-family home in that you’ll be sharing certain common area living space with one or more owners. As such, condos are governed by organizational documents that spell out rules such as pet policies, the ability to rent or lease the unit to other parties, and what is considered shared space vs. owner space.
Another element of condo doc review involves a review of the condominium association’s financials. Condo living involves monthly condo fees on top of your mortgage and tax payments. These fees are allocated proportionately toward maintenance, repair and general operating costs and improvements to the property.
Our office conducts a condo doc review with your lender to ensure financial solvency to protect your property investment.
Real Estate Closing Services
At The Closing Table: The day you’ve been waiting for! We’ll meet in-person to sign closing documents – Closing Disclosure, Mortgage, Promissory Note and many other documents, all required by your lender – and then our office will record all pertinent documentation with the Registry of Deeds.
Once the Registry has confirmed that all documents are on record, you’ll receive the keys to your new home.
Fees and Services for Buyer Representation: We offer a flat-fee service arrangement covering all of the services outlined above.