Hiring an attorney is the next crucial step in purchasing your first home. Like your real estate agent, bank, and home inspector, you want to ensure that your attorney is local, knowledgeable, and available.
First, we recommend getting a local attorney. Usually, every area and town has local rules and laws that you may not be familiar with. A local attorney who is knowledgeable in all the local rules and regulations will be a great option.
You also want someone available. You will have many questions throughout the home buying process, and just like your real estate agent, you should be able to contact your attorney and ask questions. Be open with your attorney about your questions and concerns and allow them to give you answers and options.
Once you have gone through the previous steps of purchasing your home, you want to sign your contract as soon as possible because the home is not yours until you have a fully executed contract. If an attorney is not expressing a sense of urgency in signing the contract, that attorney may not be for you. It is important to ensure that all the terms you and the seller agreed upon are in agreement. If it is not in the contract, it is not in the deal. For example, make sure your purchase price and the loan amount are correct.
If the seller is leaving anything behind, like the refrigerator or washer/dryer, make sure it is listed in the contract. It is important to have legal standing if the contract terms were not abided by the seller.
Once you sign the contract, you are legally obligated to purchase the home. You will also deposit up to 10% of the purchase price into the attorney’s escrow account, which is subject to you getting a mortgage and a clear title of the home. When you and the seller have signed the contract you are ready for the next steps.
Like we always say, the home buying experience is different for every buyer. To get a customized, comprehensive consultation, contact us at firstname.lastname@example.org or follow us on Instagram at Martino Realty Group.