So you’re selling your house and upgrading! Or perhaps you’re ready to ditch the cold and move down south? Then you definitely don’t want any roadblocks slowing down the closing process. An experienced real estate attorney will help you address these common concerns should they arise during the closing process for the Seller.
•Most buyers finance a substantial portion of the purchase price for a home with a mortgage loan from a Bank or Mortgage Company. Your attorney will make sure that the sales agreement contains a carefully worded provision that holds the buyer’s to the contract once Buyer obtains a commitment for loan financing and that it doesn’t slow down the closing process.
•With so many kinds of mortgages out there, such as Conventional, FHA, VA, USDA, the sales agreement needs to be clear as to the type of loan the buyer will try and get approved for. Your attorney will explain why the type of loan the buyer wants does matter to a seller.
• Even if the sales agreement is a standard form, problems can arise when the agreement is not properly completed. Its terms will be explained to the you, and possibly revised by your attorney as needed.
• To a seller, the tax consequences of the sale are critically important. The income tax consequences of a sale may be considerable if the seller makes a large profit, for instance. Your lawyer can answer the critical questions about the tax consequences of the transaction.
• Your attorney will advise whether you can take advantage of tax provisions allowing for exclusion of capital gains in certain circumstances.
•A lawyer will help with making sure that a seller is able to clear up any title issues which is the seller’s responsibility under a contract of sale.
•Your attorney will help you address any issues revealed during an inspection of the property that the Buyer will have done, such as hazardous waste, asbestos or termites or mold.
Whether you’re the buyer or the seller, it’s important to be represented by a lawyer who can address conflicting interests should the buyer’s and seller’s interests be at odds with each other. The broker generally serves the seller, and the lender is has its own attorney. The Broker and the Lender want the deal go through, but neither can provide legal counsel. That’s where your attorney comes in! The professionals at Rosenstein Orapello, PLLC are trained and committed to serving only their clients’ best interests, from the time you begin the process of selling or buying a house, until the actual closing. Contact us today!