Partner
Before you can close on a property sale in Syracuse, both the buyer and the seller must agree on the terms of the sale. This involves negotiating the price, the closing date, and other conditions. After reaching an agreement, the parties put these terms into a written contract, which the buyer and the seller must both sign. This document then guides the rest of the real estate transaction and the closing process.
Due Diligence and Inspections
Conducting thorough due diligence involves performing title searches to confirm the seller legally owns the property and checking for any liens or encumbrances. Property inspections are also essential prior to closing. They involve a professional examining the property to identify any structural issues or needed repairs. The inspection gives the buyer a better understanding of the property’s condition before they finalize the purchase.
Securing Financing
Most buyers need to secure financing to purchase real estate. This usually means obtaining a mortgage from a bank or another lender. The financing process starts with the buyer submitting an application and providing their financial information. The lender then reviews this information to decide if the buyer qualifies for a loan. The approval process might include verifying the buyer’s income, credit history, and the property’s value.
Title Search and Insurance
A title search is an essential step in the real estate closing process. It involves examining public records to verify the seller’s right to transfer ownership. This search can reveal if there are any liens, unpaid taxes, or legal claims against the property. Buyers commonly purchase title insurance to protect against any undiscovered claims. This insurance provides financial protection if any covered title issues arise after buying the property.
Obtaining Necessary Approvals
In some real estate transactions, buyers must obtain approvals from various entities. For example, if the property is part of a condominium or homeowners’ association, the buyer might need approval from the association’s board. Additionally, local government bodies might need to approve certain aspects of the sale, especially if the property use is changing or if the buyer plans significant renovations.
Final Walk-Through
Just before closing, the buyer will conduct a final walk-through to inspect the property one last time. During the walk-through, they check to ensure all agreed-upon conditions and repairs are complete and that no new issues have arisen. This inspection typically occurs a day or two before the closing day.
Closing Day
On the closing day, the buyer and seller meet to finalize the sale of the property. This meeting often involves attorneys, real estate agents, and a representative from the lending institution. During this meeting, all parties sign the necessary documents, such as the deed and mortgage papers. The buyer completes the payment of the purchase price, often through a cashier’s check or wire transfer. Then, the seller hands over the keys to the property to finalize the transfer of the property’s ownership.
Post-Closing Responsibilities
After the closing, the buyer has several responsibilities. One of their primary tasks is to file the deed with the local county office. This filing officially records the buyer as the new property owner. The buyer must also transfer utilities into their name to maintain continuous service. Many new owners also rekey or change the property’s locks for added security.
The Role of a Real Estate Attorney
During the closing process, attorneys review and prepare legal documents, explain the implications of each document, and help clients understand their rights and responsibilities. They also coordinate with lenders, real estate agents, and other attorneys to ensure a smooth transaction. Having an attorney manage these details can prevent delays and allow for a quicker resolution of any issues that arise during the transaction.
Contact Our Syracuse Real Estate Closing Lawyer
If you need guidance through the real estate closing process in Syracuse, CDH Law PLLC can help. Contact us now to arrange your initial consultation and learn how we can assist you with your real estate needs.