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Buying Residential Real Estate

For many, buying a home is the most significant legal matter and financial undertaking of their lifetime. The investment of hundreds of thousands or even millions of dollars is no small feat. Finding the home of your dream can be stressful, though exciting. Once your bid is approved, it is important to have quality legal support to protect your rights and interests every step of the way. Whether this is your first home or you are a seasoned aficionado, having the right attorney is best. The Lauterbach Law Firm works with clients across Rockland County, Orange County and all of New York State. Our firm has been a legal resource to the Lower Hudson Valley for over two decades. If you need an effective attorney to help you through the real estate process, contact The Lauterbach Law Firm.

The real estate contract

Like contracts for any other situation, the real estate contract is a binding agreement between parties. The contract should hold terms that meet everyone’s needs. When a contract is signed, it means that the seller has accepted the buyer’s offer. It is always important for an attorney review the contract before it is signed in order to ensure that the buyer’s rights and interests are met. Once you sign the contract, you are well on your way to buying a home.

The home inspection

The home inspection is an important part of the process. Typically, within a few weeks of signing the contract, the buyer will hire a professional to inspect the house. Obviously, the seller is not going to have knowledge of every problem with the house, but this is the chance for the potential buyer to make sure the purchase is a sound one. Based on the home inspection, the buyer can request repairs and/or negotiate the price in response to the problems. The seller can agree to or reject the request.

Title inspection

While the buyer is conducting a home inspection, his or her attorney will establish the condition of the title. It is important that the attorney conducts a thorough title search. The title search should answer a few questions, including:

  • Does the seller benefit from the sale of the property?
  • What kind of restrictions are on the use of the land in question?
  • Are there any liens against the property?

With this information in tow, the buyer can make informed decisions.

Mortgage contingency

After the contract is signed, the buyer may need to obtain financing to purchase a home. Not all people need a mortgage, but when they do, getting financing can make or break a deal. The transaction may be terminated if the buyer is not approved for a mortgage. This can be for a number of reasons, including one’s credit to buy the home or a discrepancy between the house’s value and the amount requested to borrow. If issues arise, the contract could be voided.

The closing

If all goes well with the home inspection and the mortgage is approved, the buyer and seller can get ready to close. The buyer should conduct a final walk-through to ensure that the house is in the same condition it was seen during the inspection. Both the buyer and the seller has a choice whether to attend the closing. The closing is completed when the funds are transferred and keys are exchanged.

Contact an experienced Rockland County real estate attorney

The Lauterbach Law Firm is an experienced real estate legal team serving the Rockland County area and all of New York State. As the buyer, it is important to have quality legal support to help you make informed decisions about this significant step. Our firm works closely with clients to meet their needs and protect their rights. If you need quality legal support, contact The Lauterbach Law Firm.

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