CONGRATULATIONS!!! Our offer has been accepted! Now let the “FUN” Part begin!
By accepting our offer, the seller is legally bound to the terms of the agreement for sale and purchase. So do we. The contract will indicate rights and obligations of both parties. It will contain special clauses that must be executed or waived in order for the contract to become enforceable. Although a signed contract is a good indication that you are on your “final approach” of getting this home, there are a number of physical and legal issues that can appear during the closing process. Also, a signed contract does not indicate that you are stuck with this home and there is no way out of the contract. In case the house or a condo unit does not pass an inspection to your satisfaction, or a mortgage broker fails to finance the deal, the contract will be canceled and the deal is off as long as the buyer acted in a good faith.
We will explain and go over every aspect before signing a contract as many times as needed. We will discuss necessary clauses that we must include in the contract in order to have a great legal protection of our clients. As we mentioned before, we are always present during home inspections, mortgage broker’s meetings, lawyer’s meetings, etc. It is always better to know and prevent small deficiencies before they grow into bigger problems– water leaks, cracks in swimming pool, outdated A/C systems, leaking roofs, termites, foundations cracks, the list goes on forever. We picked few things a long the way and will do all it takes to protect the interests of our clients.
Once we receive an approval of financing, a satisfactory Home Inspection Report, and the rest of our conditions are fulfilled, we will provide the seller’s agent with waivers, making the agreement for sale and purchase firm. All the paperwork will then go to a Real Estate Lawyer to finalize the deal. Not done yet.
A lawyer will check the title of the property. In Florida, a buyer, when purchasing a home, purchases all the previous obligations of the seller if any, such as possible outstanding loans, liens, HOA late fees, unpaid taxes, etc. Also, a property may have registered easements that are not visible to an eye. Lawyers job is to conduct a thorough title search to reveal any possible title deficiencies. In case the lawyer uncovers problems with the title, we can either choose to terminate the agreement or ask the seller to fix problems and then proceed with final arrangements of closing. Once the title is clean, the seller will execute a deed through his or her lawyer that will be signed, the funds will be transferred to a seller via lawyers’ escrow accounts which will finalize the deal and make you a happy and proud home owner.
As we mentioned before, home buying is a complicated process with many elements involved that can make it sometimes unpredictable and stressful. The Realtor’s job is to exercise their fiduciary duties owed to a client with professionalism and great care! Our no-stress technique offers my clients a better and more reliable service where most of these “hiccups” are avoided. Please call or email us for a free consultation and we would love to discuss your best options with you!