In the typical residential real estate sales transaction, a buyer offers to purchase property from a seller. After negotiating the price and terms, the buyer and seller sign an offer to purchase and contract, and the buyer gives the seller (or the seller’s broker) an earnest money deposit to show good faith in the transaction.
Depending on the market, the buyer may also give the seller a “due diligence fee.” This provides the buyer time to conduct due diligence, including any inspections, loan applications, and appraisals, for a negotiated period of time (the “due diligence period”). Prior to the expiration of the due diligence period, the buyer may terminate the contract for any reason. After the expiration of the due diligence period, the buyer’s right to terminate is severely limited.
A real estate “closing” is the final step in the transaction. At closing, the buyer pays the purchase price to the seller (usually with the proceeds from a loan), and the seller gives the buyer a deed transferring title to the property to the buyer. Also, funds are paid to an appraiser, home inspector, and/or other service providers, and to pay off banks or others who may have claims against the property.
We verify and search title, order survey, manage the closing process, comply with lender instructions, assist with preparation of the closing disclosure, complete the closing documents, schedule and conduct closing, update title, record & disburse, and complete all post-closing activities.
All closings at Winslow, McCurry & MacCormac, PLLC take place with one of our skilled attorneys. If you need a residential closing and/or need documents and the expertise to make a closing happen quickly on your home, townhome, or condo, call us at (804) 423-1382.
