The team here at the Law Offices of Galanopoulos and Galgan works hard to make the real estate purchase process simple, efficient, and stress-free. Every real estate transaction is different, but here’s how the process generally looks when you work with our team:
- Contract Acceptance: Once the Buyer makes an offer, the Seller accepts and the parties work together to draw up a contract.
- Earnest Money: The Buyer furnishes a portion or all of earnest money within a few days after contract acceptance. Depending on what was agreed upon in the contract, additional earnest money may be due after the conclusion of the Attorney Review and Home Inspection period.
- Home Inspection: Unless the home inspection is waived, the Buyer has the right to have the property professionally inspected. Typically, this must be done within five business days of the acceptance of the contract. If the contract is signed “As-Is,” the Buyer has the option of moving forward or canceling the contract based on the findings of the home inspection. If the contract is not signed “As-Is,” then the Buyer may ask to have any findings addressed by the Seller or to be provided a closing cost credit. Remember, the Seller does NOT have to agree to the Buyer’s requests, and at that point, the Buyer can still choose to cancel the contract.
- Attorney Review: Generally done at the same time as the home inspection, one of our attorneys will review the terms of the contract and will draft a letter to the Seller’s attorney proposing modifications to the contract. We will coordinate the Seller’s attorney by letter until an agreement is reached or the contract is canceled because the parties cannot reach an agreement.
- Financing Contingency: Unless the Buyer is paying in cash, this is the final step that needs to be taken before closing the deal. The file cannot be scheduled until the lender provides the Buyer with a “clear to close” notice – meaning all requirements have been met by the lender and they are ready to close.
- Preparation for Closing: Once the file is ready to be scheduled, our office will send out a closing confirmation. The Buyer should make sure utilities are transferred into their name, the funds are close-ready, and they have homeowner’s insurance in place by the closing date. As the closing date approaches, the Galanopoulos and Galgan team will provide instructions on how the funds should be brought to closing and the required dollar amount.
- Final Walk-Through: The day before or the morning of closing, there is usually a “final walk-through” of the property. This is typically set up by the real estate agents, unless it is a “For Sale by Owner” and agents are not involved. This is the time for the Buyer to make sure the property is still in the same condition as it was when the contract was signed and that any agreed-upon repairs have been completed. At this time, the Seller should have the property cleared out and in “broom clean” condition.
- Closing: This is the moment you’ve been waiting for! All the documents are signed, the funds are exchanged, and the keys are handed over. Our office always has an attorney physically at the closing table to go over and explain all the documents. We will answer any questions the Buyer may have and resolve any issues that may arise.
Ready to take the first step? Get in touch with us today!