Final Walkthrough

As a buyer, make sure everything is in acceptable condition during the final walkthrough of the property.  This would be your last change to raise any final issues or revisit inspection items that have not been completed.  Once the closing takes place, you lose your leverage and authority to raise these issues.

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Attorney Review Period

Before signing a contract, make sure there is an Attorney Review period in the contract in order to protect yourself.  This will allow your real estate attorney to propose any modifications or clarifications, in addition to being able to terminate the contract if you so choose.

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Post Possession Agreements

Post-possession agreements allow the Seller to stay in possession of a property after closing. We generally advise against them for buyers, but if necessary, we recommend an adequate escrow holding to protect against damages in addition to a daily per diem.

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Down Payment Assistance

When a buyer is receiving financial assistance with their down payment for closing, many lenders will require a gift letter and verification of funds prior to closing.  Make sure you check with your lender if you will be receiving assistance.  Feel free to contact a real estate lawyer with our office with any questions.

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Dual-Agency for Real Estate Brokers

We generally recommend that clients do not use a realtor as a dual agent, meaning they represent both parties. There is an inherent conflict of interest as they are trying to get the highest price possible for the seller and the lowest price possible for the buyer.

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Sellers Provide Title Insurance

Sellers provide title insurance at closing.  Title companies' charges for this will be within $100 of each other, and can range from $900-$1600 or more depending on the sales price.

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Real Estate Contract Dates

The most important date on your contract is the Acceptance Date.  That is when many of the time periods begin running, such as the Attorney Review and Inspection Period.

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