Real Estate Law Questions
If you are buying or selling real estate, you may be curious about how you are going to go about it. Here are some real estate law questions answered by our experienced attorney.
Real Estate Law Questions | Do I Have to Be out of the House When It Is Closed?
Standard contracts typically state that the buyer is entitled to occupancy at the time of settlement. If you are going to have any difficulty in vacating the property by the date that is set forth in the contract, you need to let your attorney know immediately. Our office is sometimes able to work out a post-occupancy arrangement, which can allow you to stay in the house a handful of days or even a couple of weeks after the closing to accommodate your situation.
Real Estate Law Questions | How Long Does the Closing on a House Usually Take?
You can expect that a closing will occur within 60 days of the time at which you entered into a contract of sale. The contract of sale itself has a period by which the buyer is to acquire the financing, and this period is usually between four and six weeks after the contract is signed. Keep in mind that the date set in the contract for closing is only a target date for closing; you should not make arrangements early in the process to move out on that date, to turn off your homeowner’s insurance, or to transfer the utilities because that target date may not be reached.
Real Estate Law Questions | How Does a Real Estate Agreement of Sales Protects the Buyer?
The buyer is protected in that the seller has to provide a Property Condition Disclosure Statement at the onset of the proceeding. That Property Condition Disclosure Statement is part of the contract, and it is enforceable. If you find out after closing that you have been misled, you have recourse against the seller. In addition, there are documents that need to be provided from a title perspective; and our firm will examine these documents to make certain that you are receiving the title to the premises. If you have any questions, please call our Buffalo real estate lawyer, Randy Gugino, today for a free consultation.