A residential real estate attorney assists first-time home buyers and other buyers with the real estate closing process. Generally, the real estate attorney will review and negotiate the real estate purchase agreement including amendments. Attorneys for real estate buyers negotiate the following terms into the real estate contract during the attorney-review period:
- Enable real estate buyers the opportunity to re-negotiate or void the real estate purchase agreement if the property does not appraise for the purchase price;
- Ask the sellers of real estate about whether they are aware of any claim against the homeowner’s insurance policy within the last five years;
- Whether the seller has tested the house for mold;
- Disclosures on the Residential Real estate disclosure made to Buyer(s) by the Seller will be true and accurate as of the date of closing;
- All improvements to the property have been made with proper permits and required inspections;
- Seller is not aware of any pest infestation in the property whatsoever, including without limitation, mice, ants, or cockroaches;
- In the event of default by the buyer, the Seller’s sole and exclusive remedy shall be the retention of the Buyer’s earnest money;
- Seller claims that the real estate is not in a flood zone; and/or
- Buyer shall have up to three business days to cure any default or delay.
HOME INSPECTION NEGOTIATIONS
The second role of the buyer’s real estate attorney is to negotiate any home inspection issues including repairs. The home inspection is completed by a licensed home inspection professional to disclose the condition of the house. The home inspection period of the real estate closing process is also called the “negotiation period.” The negotiation period is the period of time to ask for repairs and/or a home repair credit to fix major items deemed a problem by the home inspector. Generally, the buyer’s goal is two fold. The first goal is to get the relevant items identified on the home inspection report fixed. The second goal is to negotiate a credit for having the buyer’s responsible for fixing the items highlighted on the home inspection report.
- The Title Commitment must be received to the Buyer’s Attorney within 3 business days of closing
- The Seller(s) represent that the property is not located in a flood zone or special flood area
- The Seller(s) represent that there has not been any homeowners’ claims within five (5) years. If there has been a homeowner’s claim then the Buyers will want to know the nature and extent of damage at the single-family home
- The Buyer(s) have the ability to re-negotiate the purchase terms of the property if the home does not appraise for the purchase price
- The Seller(s) represent that all work that has been done has been done with the proper permits
HIRE A REPUTABLE AND TRUSTED REAL ESTATE ATTORNEY
At Gateville Law Firm, we understand that teams are stronger than individuals. Our team of residential real estate attorneys, paralegals, and staff provide asmooth closing process from the beginning to the end of the real estate closing. We welcome Realtor and other referrals as well. We can be reached at 630-780-1034 or via online contact.