For most people, closing on a home is the largest personal transaction that they will ever enter into. That purchase involves both the law of contracts and the law of real property.
The Contract Aspect
A real estate transaction isn’t done on a handshake. Any agreement between a buyer and a seller of real estate must be in writing. A real estate agent will typically prepare a standard form contract. Nearly all such contracts have a five day attorney approval provision. The contract will likely have a home inspection contingency and language as to when a mortgage commitment must be obtained by. It will outline the type and amount of the mortgage and the interest rate. It will also set a closing date. Always remember that time is of the essence in any contract to buy real estate. If there are issues that arise prior to closing, a qualified and experienced real estate lawyer in Moline, IL, is prepared to work through those issues with you in order to close your transaction.
Closing the Deal
Sellers have obligations under the contract that they must fulfill too. Residential real estate contracts typically call for merchantable title to be conveyed by a warranty deed that is free from any liens, clouds or encumbrances. A commitment for title insurance must be ordered along with a survey of the property. A payoff of the seller’s mortgage must be arranges too. Any outstanding issues on the commitment for title insurance must be cleared before or at the time of closing. The attorney for the seller ordinarily attends to these and other seller’s obligations under the contract.
There is no such thing as a routine real estate transaction. Each one has its own legal wrinkles. The attorneys on both sides of the deal work to iron those out on behalf of their clients. Retaining a real estate lawyer in Moline, IL, is going to facilitate your transaction during a seemingly chaotic interval in your life. Don’t forget that time is of the essence.
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