Your Complete Guide to Handling Real Estate Transactions
Oct. 19, 2017
Completing a real estate transaction is complicated and stressful for even the most experienced of buyers. If you are new to buying property, you likely have no idea about what the process entails. Here are the steps involved in closing the deal and making the house yours.
As soon as you are sure that you love the property and are ready to buy it, you will step into the legally-binding process of writing up a purchase offer and signing a real estate contract. Before you sign this, you will negotiate with the seller to outline the terms and contingencies of the contract. Pittsburgh real estate guidance will make sure you sign the contract with full knowledge of its conditions, and help make sure that the terms are in your best interest.
After signing the contract, you will open escrow. Escrow is an account held by a neutral third party, to make sure that neither the seller nor the buyer end up “ripped off.” This account will hold all documents and funds involved in the real estate purchase, and these documents and funds will be released according to the sales agreement. You will also make a deposit into escrow to show the seller know that you are serious about buying the property and so they will take the property off the market.
Find an Attorney
Next, you should hire a trustworthy and experienced lawyer, if you haven’t already. A Pittsburgh real estate attorney will look out for your best interests and provide peace of mind through this stressful time. A lawyer will provide advice on issues that come up, such as property defects and future obstacles, while representing you at closing and making sure that you are educated about the terms of the documents.
Hire a title agent to search records and make sure that there are no claims or debts attached to the property. If there is a third-party claim associated with your property, it could undermine your ownership later.
Inspections aren’t required but they are absolutely in your best interest. If a home or pest inspector finds a serious problem that wasn’t disclosed in the contract, you will have the option to back out of the deal or ask the seller to have it fixed. If your contract did not contain an inspection contingency, the seller won’t be legally obligated to pay for any problems. On the other hand, an attorney may help you negotiate a better price, if you forgo an inspection. Again, this is something to discuss with an experienced real estate attorney.
Go through a reputable lender to secure an interest rate you can afford. Interest rates fluctuate multiple times a day, so you should lock one in when you find one that is affordable and reasonable according to current market conditions. Since interest rates depend on other variables, such as your credit score and your location, make sure you have included securing an affordable interest rate as a real estate contract contingency.
Sign the Papers
The last and most important step in completing a real estate transaction is signing the closing papers. A Pittsburgh PA real estate lawyer will look over the dozens of documents with you to analyze the fine print that will ultimately have a major influence on your life.
Having the right guidance during this confusing time can often make all the difference. Make sure you are properly prepared to handle any of your real estate transaction needs with help from the real estate attorneys at Allegheny Attorneys at Law. Whether you’re negotiating terms on the purchase of a new home, or drafting an agreement for the sale or rental of your property, get in touch with the lawyers at Allegheny Attorneys at Law and discover how they can help guide you through your real estate transaction.