Buying a home is a monumental moment in an individual’s life. It is a huge accomplishment that people wait and prepare for a long time to do. People save and invest hundreds of thousands of dollars for the home of their dreams. Sometimes, they even save millions. This investment is not something that should be taken lightly. Once a bid is put in for a house and approved, there is a long process that takes place before the deal can be considered closed. It is important to make sure the proper process is being followed while leading up to purchasing a home. This is why an individual should have the legal support of an experienced attorney to guide them through buying property.
The Process of Buying a Home
When people find the perfect house for them, they must put in a bid or offer for the house. If the bid is approved, they can begin the process to close the deal. This process takes place over a period of time to ensure the house is prepared to be sold to the individual. There are several steps that must be met:
- The contract: When an individual wishes to purchase a house, there is a real estate contract that binds them to the purchase. Like all other contracts, a real estate contract is an agreement between parties. This contract holds the terms of the arrangement that meets both parties’ needs. It is important that this contract is reviewed before signing to ensure the buyer’s rights and interests are satisfied. Once the contract is signed, the buyer’s offer is accepted by the seller.
- The home inspection: Part of the process of purchasing a house is inspecting it. This usually takes place within a few weeks of signing the contract. The inspection is typically carried out by a professional to ensure there are no problems with the house that have not been previously addressed. If any issues arise, a buyer may be able to request repairs or negotiate the price of the house.
- Title inspection: During the inspection, an attorney will determine the condition of the title and conduct a title search. This search works to determine if the seller benefits from the sale, if there are any restrictions on the land, and if there are any liens against the property.
- Mortgage contingency: Once the contract is signed, the individual buying the property may need to access the finances in order to do so. If the buyer needs a mortgage to do so, they must be approved for one. If they cannot get approved, this can break the deal and terminate the transaction.
- Closing: Once all inspections and approvals are completed, both parties can prepare to close the deal. This may consist of a final walk-through to ensure the house is in the same condition it was during the inspection. Once this is completed and the funds are exchanged, the buyer may receive the keys to the house.
Contact our Firm
If you or someone you know is looking to purchase residential property in New York, contact The Lauterbach Law Firm today.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.
