Real Estate Client Intake Form [pdf]

Real Estate Closing Time Line

Attorneys Retained
Buyer's Offer signed by Seller = Contract
Attorney Review Period: 5-7 days
If no agreement: Contract null and void
Earnest Money => Buyer
Seller's Counsel reviews Contract...

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Real Estate Closings: Who's Who

Name: Purchaser
Role: The prospective buyer and owner of the property

Name: Seller
Role: The current owner and prospective seller of the property

Name: Insurance Agent
Role: Despite what most of us think, when we buy property we are really buying it for the bank that holds our mortgage. The reaason for that is simple: until our mortgage is paid, the property belongs to the bank; so much so, in fact, that the bank always requires insurance on their collateral (e.g. the property). Enter your friendly insurance agent, who can sell and issue homeowners' insurance at the Closing to take effect immediately thereafter.

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Real Estate Closings: Events to Know

Event: Inspection
Description: If the parties can't agree on what constitutes an acceptable condition for the Property, then any changes to be made or any discounts to be given must be agreed upon within a set time frame or the Contract is void and earnest money is returned to the Buyer.

Event: Mortgage
Description: If the Buyer cannot secure a mortgage on the conditions set forth in the Contract then the Contract may be come void OR the Seller may have the opportunity to secure a loan on the Buyer's behalf.

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Real Estate Closings: Know Your Terms

Term: Assessments
Definition: These are the monthly payments made to a Homeowners' or Condominium Association - they are made by the owner of a particular property (the Seller before the Closing date, and the Buyer thereafter). Property cannot be transferred until the Homeowners' or Condominium Owners' Association

Term: Earnest Money
Definition: Good faith deposit by Buyer: generally 1% of Purchase Price at signing of Contract followed by an additional deposit within a certain number of days bringing the total to 5% of Purchase Price

Term: Home Owner's Insurance
Definition: Needed to assure lender that their collateral will be replaced or paid for in the event of insurable event

Term: Mortgage Broker's Commission
Definition: The amount paid to the Buyer's mortgage broker, if Buyer used one, upon closing their loan.

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