Buying and Selling Comes with Peaks, and Valleys
Purchasing or selling a property? First time? Repeat buyer or seller? We’ve got you covered.
Residential (One-, two- and three-family homes)
Having lived in more houses than most, we know a lot about buying and selling. Packing and moving. It’s fun! Or so we tell the kids.
Most folks looking to buy or sell residential real estate deal with a single-family property. Some have multi-family properties; the concept of living in one and renting the other was attractive at some point. Yet, it may have been an investment all along.
Common timelines exist in the land of residential sales and purchases. The following is a very general road map:
- Binder (Offer) accepted
- Contract preparation by seller’s attorney
- Contract review by purchaser’s attorney
- Purchaser executes contract, issues down payment, and delivers to seller’s attorney
- Seller’s attorney reviews contract and check received, and seller countersigns
- Fully executed contract delivered to all parties (and lender, if any)
- Purchaser’s attorney orders title report and municipal search
- Purchaser works independently with lender (if any) to provide financials
- Lender orders appraisal
- Appraisal report received; Gov’t-backed loan – repairs requested addressed (if any)
- Title report received by purchaser’s attorney; disbursed to seller and lender
- Seller’s attorney addresses any issues; lender’s counsel reviews for sufficiency
- Lender issues formal commitment
- Lender and purchaser work to clear any commitment conditions
- Lender’s counsel receives “clear to close”
- Mutually convenient time scheduled for closing (often at office of lender’s attorney)
When all the pieces fall in place, the experience can (and should) be a positive one. The seller sells. The buyer buys. Keys exchange hands. And the house has a new life …
Have questions? Need help? Let us know.