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Frequently Asked Questions

Get answers to some common questions relating to Buyers and Sellers:

Buyers

What does a real estate attorney do for me?

Not all attorneys are created equal. Some attorneys only spend a small fraction of their practice in real estate. With The Real Estate Law Firm in your corner, you can rest assured you are with a team of professionals who concentrate entirely on real estate transaction. We will work with you to:  
  • Review the Contract
  • Negotiate proposed Contract modifications and inspection repair requests
  • Negotiate proposed closing cost credits and debits
  • Monitor contingency deadlines
  • Prepare all necessary closing documents
  • Schedule and attend your closing

What does a realtor do?

A great realtor is worth their weight in gold. They can help the attorney keep a deal on track and assist in smoothing out any bumps down the road. Some of the things they do include coordinating showings and inspections, negotiate offers and counter-offers, and use their expertise of local markets to help you find the perfect home.

What does FSBO mean?

FSBO mean For Sale By Owner. This is when a Seller decides to try to sell their home without the expertise of a licensed realtor.

What is a contingency?

A contingency is a specific date in the purchase contract by which a specific things needs to be done. One example is the “professional inspection” contingency. This is the date by which the inspection needs to be completed and any repair requests need to be submitted in writing to the Seller

What is debt-to-income ratio?

This is the ratio of all of your current debt balanced against your all of your current income. It is a tool widely used by lenders to determine whether or not a potential borrow will be able to pay back a loan.

What is the Multiple Listing Service?

Otherwise known as the MLS, this is a service that realtors use not only to list, but to find properties for sale.

What is a homeowner’s association?

Otherwise known as a H.O.A., it is a group of homeowners who have decided to form an association which can govern everything from whether or not renting out properties is allowed to the color of the façade.

What is title insurance?

Title insurance insures against a past event rather than a future event. It is incredibly important to have title insurance when buying or selling a home. It is your tool to make sure you purchase the property free and clear and get what you pay for.

What are closing costs?

These are the costs incurred by the Buyer and Seller to transfer ownership of the property. Some of these include the costs to originate the loan, perform an appraisal, run your credit, attorney’s fees, title fees, and recording fees.

Sellers

What does a real estate attorney do for me?

Not all attorneys are created equal. Some attorneys only spend a small fraction of their practice in real estate. With The Real Estate Law Firm in your corner, you can rest assured you are with a team of professionals who concentrate entirely on real estate transaction. We will work with you to:  

  • Review the Contract
  • Negotiate proposed Contract modifications and inspection repair requests
  • Negotiate proposed closing cost credits and debits
  • Monitor contingency deadlines
  • Order the title commitment, survey, mortgage payoff statements, homeowner’s association resale documents, sanitary district letters
  • Prepare all necessary closing documents
  • Schedule and attend your closing

When is the best time to put my home on the market?

As you know, every home is different and every market is different. That is why this very important decision should be made with the careful guidance of an experienced, licensed realtor.

What are comparables, otherwise known as comps?

These are similar properties in the same general area. While none will be exactly the same, they will provide valuable insight into the value of your home. With this information, you can accurately price your home to both satisfy you and draw as many potential buyers as possible.

Do I have to accept the first offer?

No, you do not! You can wait to compare several offers to determine which will be best for you. The highest offer is not always the best. Your licensed realtor and real estate attorney can help you weigh the strengths of individual offers based upon the offer amount, the type of offer, and other factors that matter to you.

What is a counter-offer?

When a Buyer makes an offer on a home, the Seller may come back with a different amount. This is called a counter-offer.

What happens after I accept an offer?

Once you accept an offer, there are several important contingencies in the purchase contract which begin to run. That is why it is very important to have good communication with your real estate attorney and licensed realtor from day one.

Why should I use a realtor?

A licensed realtor will use their expertise, knowledge, and experience in a given area to help you find the strongest buyers and help you step-by-step, along with your attorney, through the entire process from listing to closing.

Still Have Questions?  We’re here to help.

Contact us at 630-687-1070 for a free consultation.