Real Estate Closings
A word to the wise
INVOLVE YOUR ATTORNEY BEFORE YOU SIGN AN OFFER
All closings do not go smoothly. To increase the odds that yours will, use an experienced real estate attorney. They recognize problem areas and how to avoid them. They are also familiar with the terms of real estate contracts and their implications – the words used may not guaranty what they say! For example, the wording “the closing shall take place on June 1st ” does not guaranty that the closing will take place on that date.
The paperwork you sign has important implications
It is far easier to obtain a beneficial term by presenting it at the very outset of negotiations, rather than later when its addition will be highlighted. It is also important to understand that in some areas, such as New Haven County, real estate agents customarily prepare legally binding contracts for their clients to sign. If signed without any provision for attorney review, your attorney’s hands will be tied to make changes. In other locales, such as Fairfield County, realtors generally do not prepare binding contracts. Rather, they prepare binders which merely set forth proposed terms. The parties are not bound until the Seller’s attorney prepares a formal contract, Buyer’s attorney is given the opportunity to negotiate, and it is signed on both sides. Regardless of the locale, to negotiate a contract on the most favorable terms, you should discuss your upcoming transaction, in advance, with a real estate attorney.