RESIDENTIAL REAL ESTATE, SHORT SALE
Entering into a real estate contract, whether purchasing or selling a home, can be challenging as this involves legal considerations. For example, the right to modify or even cancel a contract must be done timely and carefully utilizing the "attorney review" provision of the contract. A purchaser usually wants to perform an inspection of the property to discover latent defects, and if timely presented to the seller, may receive repair credits, a reduction to the purchase price, or seller's covenant to fix such defects before the closing.
Most real estate transactions close through mortgage financing. Should the bank delay or deny financing, a purchaser stands to be in breach of the contract and stands to lose at least the earnest money, if certain notices are not properly and timely served on the seller.
There are title clearance issues, such as unreleased mortgages, unpaid and sold real estate property taxes, mechanics' liens, recorded judgments, boundary disputes, rights of spouses and potential heirs, and many other aspects that, if not discovered, could lead to a purchaser buying a home with clouded title, resulting in litigation and problems selling the home in the future.
For homes governed by homeowners' associations, such as condominiums, coach homes, town homes, and even sometimes single family homes, it is important to examine the association governing documents, inquire about certain rules and prohibitions, for example on pets, recreation or commercial vehicles, or even hardwood flooring. It is important to make sure assessments are paid up to date and that no special assessments for major repairs are being planned.
There is the financial side of the real estate closing, where correct pro-rations have to be calculated for real estate tax credits, monthly assessments, and sometimes even utilities.
Same goes for selling a home. The seller wants to preserve seller's right under the contract, to be protected by conveying clean title so as to be protected from future litigation. Just as importantly, seller wants to make sure all of seller's dealings with the property have ended, all accounts have been paid, such as mortgages, assessments, tax liabilities, including transfer taxes, and that seller receives the most profit at minimal closing costs.
There is also the "short sale" side of real estate transactions. Homeowners who find themselves unable to pay for the home may sell the real estate at a loss, without being held accountable for the difference. Attorney Igor Gromov handles negotiations with banks to reach a deal acceptable to the bank and the homeowner. The homeowner may often reside in the property without making mortgage payments and once the short sale occurs, the homeowner leaves the home debt-free.
Call Igor Gromov (847) 845-1779 to inquire about legal guidance in purchasing or selling a home, or for a free consultation regarding a short sale.