Things to know when you're buying

CONTRACT AND CHANGES TO CONTRACT
Contracts are reviewed by our office and changes are made at this time. The contract will specify an attorney review period, usually three business days. In order for us to make changes, we must have the contract in our possession within the attorney review time period. This review period only applies to contracts written by real estate agents.

INSPECTIONS: TERMITE, ENGINEER, WELL AND SEPTIC
When a contract calls for a termite and home inspection to be done, it specifies a certain time in which to do these, usually ten days. The same holds true for well and septic inspections, when applicable. The inspection MUST be done within the time period given or you may lose the right to have the seller make repairs. Please watch the dates very carefully.  THIS OFFICE DOES NOT ORDER THESE INSPECTIONS FOR YOU. Your realtor can usually give you the name of a local company. Please have copies of these reports sent to us. If there are any defects noted in the report it is your responsibility to tell us in a timely fashion so that we may protect your rights.
                                                 
MORTGAGES
The contract will state a deadline by which you must obtain a mortgage. It is your responsibility to make a good faith mortgage application and give the bank or mortgage company any documents they may require to qualify you for the loan.  Advise the bank that we represent you, so that they will send us a copy of your mortgage commitment when it is approved.

TITLE INSURANCE
All mortgage companies and banks require a title search and title insurance. It is the policy of this office, as most other attorney's offices, not to order the title work until you have received a written mortgage commitment. If the title work is ordered and your mortgage is denied, you will have to pay the title company for their charges. That is the reason it is ordered after you receive the written commitment.  Title work takes approximately two to four weeks to receive from the day it is ordered by our office.

SURVEY
If the bank requires one, we will order it for you. It is usually ordered at the time the title is ordered and will be ready about the same time as well.

THE MORTGAGE COMMITMENT
It is important that you carefully read your mortgage commitment. Very often, especially with a mortgage company, there are several requirements which must be met before the bank will allow you to close. For example, they may require a septic certification, where applicable, additional wage verification, termite certification, etc. These additional requirements often hold up closings so they must be taken care of by you as soon as possible.

CLOSING DATE
Closing dates on the contract are not mandatory dates.  They are approximations of when the closing will take place. Very often, the closing will take place shortly afterwards or if both parties agree, shortly before.
                                               
BANK REVIEW
Our office will prepare and send all legal documents that your bank requires to them. One of the required documents is your title work. Therefore, until it comes in, the closing cannot take place. All banks and mortgage companies require anywhere from five to ten days to review the entire package from us before they will allow you to close. Using this time frame it takes about five to seven weeks from date of ordering title work to the day of closing. This period could be reduced substantially if you instruct us to order the title work prior to commitment and you agree to be responsible for any charges if you do not get a mortgage commitment or buy for any other reason.

CLOSING COSTS
We will prepare a list of your closing costs immediately prior to closing. We cannot tell you the final amount of the check you will need at the closing until your bank or mortgage company gives us their costs. The banks inform us of their final figures usually the day before closing. This is frustrating for you and us, but we have no control over their standard procedures.

DAY OF CLOSING
Do a final inspection of the home. This is arranged with your real estate agent. This is your responsibility. Your final check for the closing must be certified or a bank check. Our state attorney rules prohibit us from taking personal checks to cover your closing costs.

Be smart.  Get the facts.  Know the law.