TIPS ON BUYING A HOME

1.  Before you incur any expense of inspections or mortgage applications, check with this office to verify that all parties have signed the contract and any addendum.  Tell me of any agreements between you and the sellers regarding personal property, repairs, change of closing dates or any other matters not contained in the contract.

2.  Diary all contingency dates, such as:  Termite, Home Inspection, Septic Inspection, Well Inspection and Mortgage contingency dates.  Communicate with your real estate agent regarding the scheduling of all inspections and mortgage applications.  If any of the dates cannot be met, contact this office immediately so that we may request an extension.  Failure to meet these deadlines may result in a waiver of the contingency.

3.  If any of the inspections reveal defects, communicate with this office immediately.  Attempt to obtain written estimates for repair of the defective condition.  Your realtor may be helpful in obtaining estimates.  Promptly submit these written estimates to this office so that I may communicate them to the seller’s attorney and attempt to resolve whom and how much is to be contributed by each party.  Your realtor can assist you in negotiating disputed repairs.

4.  Prior to closing make arrangements through the realtor to establish utilities in your name.

5.  Prior to closing, you must obtain a homeowner’s insurance policy and supply this office and the mortgage lender with a copy. The legal name and correct address for the lending institution and yourself must appear on the policy.  The amount of insurance must be at least equal to the purchase price or fair market value, whichever is greater.  Discuss with your insurance agent additional insurance for your personal property, domestic help and other insurance needs.  Contact this office for exact instructions on the homeowner’s insurance requirements. (This provision does not usually apply if you are purchasing a condominium or townhouse property).

6.  Do not make repairs or move property into your new home until after closing.

7.  One day before closing contact this office for the amount of funds you will require at the closing. You must deposit, via wire, certified, cashier’s or treasurer’s checks made payable to the Gerald R. Della Torre, Esq. Attorney Trust Account, the day prior to closing.

8.  You must make arrangements through the realtor to conduct a walk-through inspection on the day of the closing.  At the time of the walk-through inspection, check all heating, electrical, plumbing and septic systems, as well as appliances.  After the closing you cannot complain of defects.

9.  Any disputes arising after the closing, which requires the services of this office, will be billed at an hourly basis consistent with my current rates for civil matters.

10.  On the day of your closing, you may have to either pick up the final closing package from your mortgage company or pay an extra fee for a courier to pick up the package and bring it to my office.  Check with me when your closing date is set to confirm these arrangements.

11.  In the event your performance under the Contract of Sale is contingent upon your obtaining satisfactory mortgage financing, the above referenced fee quote is based upon the presumption that such mortgage financing will be what is commonly known as “conventional”.  In the event you are applying for FHA or VA mortgage financing, please note that the legal fee to be charged may exceed the fee quote given so as to offset the costs of various recording charges, overnight mail and other miscellaneous expenses which cannot be directly charged to you in conjunction with such mortgage financing.

12.  In the event your performance under the Contract of Sale is contingent upon your obtaining mortgage financing, it is customary for this office to refrain from ordering required items such as title insurance, survey or survey certificates, etc., until such time as you have received a firm and unconditional mortgage commitment from your lender.  In the event you wish to have these items ordered on your behalf prior to our receipt of firm approval from your mortgage company, please note that you may still be charged for the full cost of these services in the event your application for mortgage financing is ultimately denied by your lender.

13.  Be prepared for unanticipated delays in closing.  Also, do not make any arrangements concerning the termination of your present residential lease agreement, the delivery of furniture to your new home, the scheduling of a moving company to transport your personal property to your new home, or other such matters until you confirm the scheduling of a firm closing date with this office.

Have more questions? Be sure to Contact Us.