BUYER'S CORNER
Choosing your Attorney
The attorney you choose to represent you for the negotiation of the purchase of your home (or investment property) is one of the few professionals involved in the transaction who will be working solely for your benefit. A summary of some of the functions the Buyer’s attorney performs are:
- Recommends ways conduct an effective due diligence on the house, property, and neighborhood.
- Review and negotiate the Contract of Sale with the Seller’s attorney, while coordinating timing issues with your mortgage broker or banker.
- Order a title report.
- Ensure that the terms and conditions of the Contract of Sale are complied with.
- Review the title report and deal with any outstanding title issues.
- Calculate closing apportionments and your closing costs.
- Coordinate the closing of title with the Seller and the mortgage loan with your lender.
Buyer’s Closing Costs
Bank Related Expenses.These are expenses incurred in obtaining a mortgage. Keep in mind that the amount of the bank loan is not usually the amount the bank brings to closing. The bank deducts its fees and brings “net” funds to the Closing, for example:
- Points
- Bank Attorney fee
- Tax Escrow
- Initial Interest
- Homeowner’s Insurance
- Misc. fees
When talking to a lender or mortgage broker, ask for estimates of their fees.
Title Related Expenses may include but not be limited to:
- Title Policy
- Mortgage Policy
- Municipal Search
- Bankruptcy Search
- Patriot Act Search
- Mortgage Tax
- Recording Fees (deed, mortgage)
- Escrow fees