Residential Real Estate
The most common residential real estate transactions involve the purchase or sale of a home or the refinancing of a client’s current mortgage. These transactions are usually the largest and most significant financial transactions an individual will be engaged in during their lifetimes.
As a client’s lawyer, when acting on a purchase or sale, our role is to insure the Agreement of Purchase and Sale by which our client has agreed to buy or sell a property is completed in accordance with the terms and conditions of the contract.
When acting on a mortgage refinancing transaction, our role is to insure that the client’s mortgage transaction is completed in a timely manner, that all requirements of the lender are complied with and that at the completion of the transaction the mortgage lender has a valid security interest in the property and that the client has received the benefit of the funds.
The vast majority of residential real estate transactions are fairly common and standardized and can be completed in accordance with a standard pricing system. Like most other law firms, we use standard base pricing for these transactions which contemplate a relatively standard set of disbursements and work to complete the transaction. Things that can effect the standard pricing would include, but not be limited to, unusual property descriptions, title defects that have to be corrected, similar name writs and numerous payouts on closing of the transaction. Should any items arise that will result in additional costs we will contact you to discuss same.
Should you have any questions related to your residential real estate transaction, please feel free to contact us.