Will My Real Estate Attorney Draft A Buy-Sell Agreement When Buying A Condo?
I draft real estate sales and purchase agreements for both residential and commercial sales and purchases. When it comes to residential purchases, the standard agreement that is used is the one that has been approved by the Florida Bar and the Florida Association of Realtors. There can be changes made to that by the attorney who is preparing the document. With an HOA or a Condo, typically you use the same type of sales and purchase agreement that you would use with the purchase of a home outside of those types of associations, with one difference. There are attachments or addendums to the contract either for an HOA or a Condominium Association that explains that there are governing documents you need to review and that there will be certain assessments required.
Will My Attorney Review The Agreement Prior To Buying a Home Or A Condo?
If a client brings me either a standard or a non-standard form, it should be reviewed prior to signing. Typically, a person thinks that they can do that on their own or with the help of a real estate agent. The fact of the matter is that if you retain an attorney before you sign an agreement, regardless of whether you are the buyer or the seller, it doesn’t cost a whole lot of money, especially if you weigh that against the amount of risk that’s involved. For most people, buying a home is the single most expensive item that they will purchase in their life. Spending the money to have an attorney review the contract prior to signing is a very wise investment.
What Happens After A Buy-Sell Agreement Is Signed By Both Parties?
Typically, the purchaser will be required to place some sort of deposit down on the property, so that it gives the purchaser some incentive to follow through with the contract. Unless there is a legal reason for the purchaser to back out and not lose their deposit, that deposit will go to the seller for taking the property off the market. Also, that money should be held in an escrow account either by an attorney, a realtor, or a title company. Once that escrow is made, there are all kinds of matters that may take place under the contract prior to closing.
Typically, a lot of that is due diligence on the part of the purchaser. They may want to do certain types of inspections, do warranty insurance on the home, or get financing. A lot of contracts are contingent upon financing. Whoever is doing the title search is the agent who is going to underwrite the title or it is underwritten by their company that they work with. Then, they have to search for encumbrances on the property to make sure that a clean title is issued for the prospective purchaser.
Do I Have To Attend The Real Estate Closing Of My Property?
Most of the time, the buyer and seller both appear in person at the closing. Their attorneys can appear in person with them. Sometimes, the realtors appear. It can also be done remotely. Paperwork can be signed prior to closing and be held in escrow. The closing documents can be held in escrow until the other party performs so that you make sure that he is signing over and executing the deed. It doesn’t get recorded until everything else is satisfied on the purchaser’s side, especially payment that would be due to the seller. A lot of times, the attorneys can appear remotely to review the documents prior to the closing and give their blessing or indicate that there is some type of problem. Attendance is required but it can be done remotely.
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