By accepting our offer, the seller is legally bound to the terms of the agreement of purchase and sale. Same goes for us. The contract will indicate the rights and obligations of both parties. It will contain special clauses that must be executed or waived in order to close the deal. Although a signed contract is a good indication that you are on your “final approach” of getting this home, there may be a number of issues that can still disrupt the process or even prevent a deal to go through. Also, a signed contract doesn’t mean that you are stuck with this home and there is no way out in case we discover any issues with it. For instance, in case a house or a condo apartment does not pass an inspection to your satisfaction, or a mortgage financing does not go through, the contract may be canceled and the deal is off as long as the buyer acts in a good faith and your agent had included all the right clauses in the contract when preparing it.
We will explain and go over every aspect before signing a contract as many times as needed. We will discuss the necessary clauses that we must include in the contract to have proper legal protection for our clients. As we mentioned before, we are always present during home inspections, mortgage broker’s meetings, lawyer’s meetings, etc. It is always better to know and prevent small deficiencies before they grow into bigger problems– water leaks, cracks in a swimming pool, outdated electrical panels, A/C systems, leaking roofs, termites, foundations cracks, the list goes on forever. We picked a few things along the way and will do all it takes to protect the interests of our clients.
Once we receive final mortgage documents, insurance binder, a satisfactory Home Inspection Report and the rest of our conditions are fulfilled, we will provide the seller’s agent with waivers. All the paperwork will be forwarded to your closing agent.
Also, a title agent will check the title of the property for outstanding registered liens, taxes, unpaid HOA fees, service bills, etc. Also, a property may have registered easements that are not visible to an eye but you as a future owner will be responsible to exercise caution and due care. Your real estate lawyer will go over everything with us. In cases where a deficiencies are found, we can either choose to terminate the agreement or ask the seller to fix problems and then proceed with final arrangements of closing. Once the title is cleared, the seller will execute a deed through his or her lawyer and sign it. On our end, your mortgage broker will forward the funds via lawyers’ escrow accounts to a seller and that would conclude the deal. At that moment You will become a happy and proud homeowner!
As we mentioned before, home buying is a complicated process with many elements involved that can make the process unpredictable and stressful. Our job is to exercise our fiduciary duties owed to you with professionalism and great care! My “no-stress” approach offers our clients superb and like no other reliable service where most of these “hiccups” are avoided. Please call or email us for a free consultation and we would love to discuss best options available for you!
*Please note, that Realtors may prepare certain types of real estate contracts but in no shape or form may advice on legal matters. Information provided herein is only for educational purposes. If you have any legal questions pertaining contract law and other issues, please consult your lawyer.
