How to Close Standard Residential Purchase
This guide is a brief description of the role the attorney should being taking in representing a residential purchaser from a referral from a real estate agent.
Receipt of Contract/Review ProcessA) Receive Contract from Real Estate Agent
i) make sure all dates and boxes correctly checked;
ii) make sure both real estate agents listed on contract with contact information;
iii) make sure opposing counsel is listed with contact information; and
iv) make sure all necessary addendums and riders are received and fully completed and executed by all necessary parties.
B) Contact Agent to obtain client*s contact information, including cell phone numbers and emails. Discuss if there are any issues not disclosed in contract that should be addressed with the client and/or in the attorney approval letter or if addendum to contract is needed to address any issues post execution of the contract.
C) Contact client, review contract with client, explain pertinent terms, conditions and dates on the contract for client. Express that home inspection and mortgage commitment dates are hard dates but closing date is soft date.
D) Draft attorney approval letter to opposing counsel and cc both agents and client.
Home Inspection/Mortgage Commitment/Title ReviewE) Correspond with the client and real estate agent regarding date for home inspection and calendar file for results to opposing side.
F) Receive PINA and update file and verify with agent, client and opposing client, if repairs are being made and/or reduction in sale price is occurring.
G) Notify opposing counsel to order updates of search, survey and all necessary title documents.
F) Contact client and real estate agent for status of written mortgage commitment.
G) Upon receipt of written mortgage commitment, forward to opposing counsel and request title documents, if same have not been received.
H) Notify client of his/her/their homeowners insurance requirements based on the mortgage commitment and the need for a binder and paid receipt prior to scheduling closing.
I) Stay in contact with client and real estate agent on status of title documents and/or repairs required to be completed at the property. Start discussion on possible early or post occupancy if it appears one might be needed.
J) Once title documents received, prepare title insurance commitment and forward to lender attorney for review and approval, send to seller attorney for all necessary title curative*s.