The one thing that every Buyer and Seller has in common is the home or property under contract.
If you are BUYING a home or property, here are some things to consider.
Buying a home is not only a financial investment but an emotional experience. Finding that special place takes time and can be quite euphoric. The reality of negotiating the terms of the contract or issues that may rise from such matters such as the inspection reports, mortgage delays or occupancy issues can be grueling. You are working with time frames that need to be respected. Here are a few tips to make the process better for you:
- Read the contract carefully before you meet with your attorney. Attorney review must be initiated within three days of receipt of the contract by the parties. Make time to review the contract with the attorney as soon as possible.
- Have a list of questions and concerns that you wish to address.
- Understand your obligations particularly in regards to time frames for deposits, mortgage commitment, inspection reports and closing.
- Return promptly any forms that your attorney requests that you complete.
- Make sure a copy of the inspection report is sent to your attorney when complete.
- When you get the inspection report, draft a specific list of the items that you wish the Seller to address and send it to your attorney.
- If you become aware of a delay or a problem that impacts on any deadline notify your attorney as soon possible.
- If one of the Buyers cannot attend closing, a Power of Attorney has to be prepared well in advance of closing and approved by the mortgage company.
Notice of Settlement $20 each (1 for refinance, 2 for purchase) Mortgage $30 first page & $10 each additional page Deed $40 first page & $10 each additional page * Courier fees for Lender- $25-$50
- Tax Escrow-1/12 of Annual Taxes x 4
- Homeowner’s Insurance Escrow- ½ of Annual Premium x 4
- Payment of Tax Quarter as per Lender Instructions/Subject to Adjustment of Seller’s responsibility
- A “Millionaire’s Tax of 1% of the total consideration is assessed to buyers who are purchasing a property that is $1,000,000 or more.
If you’re SELLING a home or property, here are some things to consider.
Selling a home is just as emotional as buying a home. You may have owned it for a lengthy period of time, raised your family and/or invested quite a bit of money or time in it to make it yours. It is difficult when discussions minimize the value you believe your home has or address items that you have lived with for years. You put a “For Sale” sign on the lawn or on the internet and in some fashion you have to address the request that is made. Here are some tips to make the process better for you:
- Make sure you do not have any open permits for work on the property.
- If you have any mortgages, judgments or liens against the property or insufficient equity, make sure you advise your attorney.
- Make a list of questions and concerns that you wish to address with your attorney.
- Read the contract carefully and meet with your attorney so attorney review can begin in a timely manner.
- Return any forms that your attorney wishes you to complete quickly.
- Understand the time frames that you need to meet in responding to inspection requests or obtaining a Certificate of Occupancy or Smoke Detector/Fire Extinguisher Certification from the town.
- Make timely plans to remove your belongings to your new location and dispose of any debris that you do not want. Do not assume that the Buyer wants any of your things.
- You can make arrangements with your attorney to sign all documents in advance so it is not necessary to attend the closing and you can then be available supervise the move out.
