Home Buying Process And The Role Of A Real Estate Lawyer
You have decided you"re ready to buy a house, then now what? After you have been pre-approved for a mortgage, the next step is to see houses. It is important to work with a real estate lawyer who can explain to you every step of the process.
When you found the house of your dreams, you are ready to make the offer. You will have to sign several legal documents. One of the most important documents is the purchase contract. The contract will identify the property, who is the buyer, who is the seller, the price you want to offer, guarantee money, and several other details. With the help of your agent, you can determine what price is fair to your offer. What will your agent advice depends on how long the house was on sale, the condition of the house, and your motivation for purchase. A real estate lawyer in Tempe can help you go through the process.
When the seller accepted your offer, the next step is to make inspections. In the state of Arizona, housing inspections are not required but are encouraged to do them. One can learn a lot about a house during inspections. If all goes well with inspections, the following is expected. During this time, the lender will contact you to verify that everything you said about your finances remains the same. Any drastic change can change your mortgage, perhaps even completely disqualify you. It is important to follow the advice of your agent and your lender while the purchase is processed. That is why it is important to hire a real estate lawyer in Tempe.
The other important step occurs when your offer is accepted. You have to send all documents and guarantee money to the title company. The title company is responsible for verifying that all is well with the title for the closing day. This will let you take possession of the house without any problems. The title company will also take care that when you go to sign the final documents at the same time sign the documents for your loan. After you sign and title company and lender verify that all documents are in order, then you can close the transaction. So your real estate agent, your lender, title company and work together for you to complete your purchase.