There are many aspects of the closing process that can be confusing for both the buyer and the seller. One of them is the contract preparation & review process. This aspect is particularly tricky because who is responsible (the buyer or the seller) for the contract can change depending on the circumstances of the sale. For example, usually it’s the buyer’s real estate agent who creates the contract, but it can also be created by an attorney.
Contract Preparation & Review Process
During the closing process, the home purchase agreement is the contract that outlines many specific details about how the sale is going to commence. These details include things like the agreed-upon price of the home, identification of the parties, description of the property; the essential details, rights, and obligations of the contract, contingencies or conditions that must be met before the sale is complete, condition of the property, specifics about what fixtures and appliances are included or not included, amount of the deposit, closing costs and who is responsible for paying each of them, prospective date of closing, signatures of each party, and the terms of possession. This document can also be known as an agreement of sale, a purchase contract, or a sale contract. The contract might also specify dates for which the buyer has to apply for a mortgage, obtain pre-qualification, pre-approval, final approval, and close of the purchase. If the buyer misses any of the dates outlined in the contract they risk being “out of contract” and could lose the property or have to close under unfavorable terms.
When both parties sign the purchase contract, it is a binding agreement that states they each party has the legal capacity to make the purchase, exchange, or other conveyance of the property. When the buyer signs the purchase contract they must place down an earnest money deposit. This money is held in escrow and is a credit towards the final negotiated purchase price of the home and is specified in the contract.
The purchase contract must be in writing or it is not considered enforceable. If the homeowner has decided to forgo using a real estate agent, the burden of the purchase agreement can fall on the buyer. When the homeowner chooses to sell their house without the assistance of an agent it is known as an FSBO or For Sale By Owner. Whether you have some experience or none at all with this situation, it is highly recommended that you obtain the help of an experienced attorney like Robin Mathis.
Benefits of Hiring Mathis Title Company
Hiring Robin Mathis, Esq. for assistance with your contract preparation & review process will ensure that everything runs smoothly and is done correctly. Robin Mathis will assist you in creating and reviewing the purchase agreement. When it comes to dealing with something as big as buying your dream home, you don’t want to take any chances and risk losing out on the sale. She will help make sure that your purchase agreement is legally sound and outlines all of the important details.
Mathis Title Company is unique in the way that it is a title company alongside a law firm with the legal experience of attorney Robin Mathis. If you chose to go with other Northern Virginia title companies that lack this advantage, you can find yourself limited in what they can do to protect you. Title companies that lack attorneys can only provide basic form documents and can not be used to create purchase agreements because they cannot provide legal advice. These issues could include things that relate to the specific parties involved, title requirements, or the transaction in general. However, because of Robin Mathis’ legal background, she has the knowledge about how to deal with these things and any other discrepancies that could arise. Her expert knowledge can be invaluable in helping you buy your dream home. Be sure to reach out to Robin Mathis, Esq. at Mathis Title Company for more information or assistance with the contract preparation & review process.