With all the excitement of buying a home: finding the right house, getting approved for a mortgage, and daydreaming about life in your new abode, it’s easy to overlook one of the most important components of the process: finding a lawyer or a notary to actually complete the transaction.
How will you determine ownership? If you assumed you and your spouse would automatically own it together, you definitely need an attorney to guide you, it’s a decision you have to make.
Most couples are “joint tenants” in a property, which means each owns half. Should one party predecease the other, the ownership automatically transfers to the survivor, but outside the will. The other option, which is not common among families, is a “tenants in common” ownership status. Each owner has a fixed percentage of the property, and if one owner dies, they determine the disposition of their percentage under the will.
Even with a new house, there is chain of ownership that must be determined, to ensure that the seller actually has the right to sell you the property with a clear title. A defect in the title must be remedied before you can close on your loan. Even if you aren’t financing, you want a clear title to the home, so ensure you really own it.
This is a balance sheet that tracks all the money you’re spending. You’ll see an accounting of the purchase price, down payment, property taxes, unmetered utilities, fuel, and other miscellaneous expenses.
There is a great deal of paperwork involved with a closing, not only the mortgage forms, but the title transfer documents, and checks to be drawn from their trust account. Your deposit, remaining down payment, amount financed go into the law firm’s trust account and they pay the seller and any vendors out of those funds, on your behalf.
A real estate closing is a legal transaction, and a lawyer or a notary, experienced in managing this kind of proceeding, is a key partner in making sure your closing is hassle-free.
A mortgage broker with expertise in guiding you through this and the finance process is another key partner. Many customers choose us because of our solid experience and a commitment to customer service. Our team is ready to speak with you about your home purchase.