Home Buyer Legal Services
Buying or selling a home can be both exciting and stressful. Having an experienced real estate lawyer on your side can make a world of difference. Our firm has invaluable relationships with local realtors and lenders. We can handle every aspect of a transaction, from the review, negotiation, and drafting of purchase and sales agreements and loan documents to advice concerning necessary inspections, engineering reports, and title insurance. Also, we work with home buyers and sellers in Seattle, Bellevue, Kirkland, Issaquah, Sammamish, Redmond, and throughout King County.
TIMELINE OF A HOME PURCHASE
- Meet with a Mortgage Professional to get “Pre-Approved.”
- Meet with a Real Estate Broker who specializes in Buyer Representation or Search For a Home On Your Own
- Locate Your New Home:
This includes reviewing any documents the seller has made available to potential buyers. This may consist of the Seller Disclosure Statement (Form 17) and Preliminary Title Report.
- Make A Written Offer To Purchase The Home:
At this point, it is recommended that a qualified real estate attorney draft the Purchase and Sale Contract. If you are working with a real estate broker, it is recommended that a qualified real estate attorney review the Purchase and Sale Contract before it is signed by the buyer. If your offer is accepted in writing by the seller, you will proceed to the next steps in the home buying process.
- Send The Signed Purchase and Sale Contract To Your Lender:
The Lender will then schedule an appraisal.
You may also be required to deposit your Earnest Money; only deposit Earnest Money with a licensed escrow firm.
- Inspect The Home:
It is crucial to inspect the home you may be purchasing. It is recommended that you attend the inspection. An inspector who only works for the buyer should provide you with an honest assessment of the home’s condition. Also, you should have the title to the property reviewed by a qualified real estate attorney to determine any issues such as encroachments, surveys, problematic easements, or building code violations.
- Negotiate Home Repairs:
As an alternative to home repairs completed by the seller, a buyer may also request a credit to be applied to the purchase price of the home If the home has too many issues, as long as there is an inspection contingency in the Purchase and Sale Contract, you have the right to withdraw and have your refundable Earnest Money returned. Nonrefundable Earnest Money is not returned to the buyer; this type of Earnest Money is not recommended.
- Work with Lender on Final Approval:
Your Purchase and Sale Contract should have a “Financing Contingency” that allows a buyer to withdraw from the purchase and receive a refund of the Earnest Money if you are unable to obtain a loan to purchase the home. Also, the Lender must approve an appraisal of the house before it is committed to loan you the funds to buy the home.
- Work with the Escrow Firm To Close The Purchase Of Your Home:
Once the Lender gives you final approval, they will send the loan documents to the Escrow Firm And will draft documents to finalize (close) the sale of your home. It is recommended that you have a qualified real estate attorney review the documents drafted by the Escrow Firm and Lender before you sign the paperwork.
You will also need to send to the Escrow Firm the funds due in order to close the purchase of the home.
- Move Into Your New Home!
Seattle Legal Services for Home Buyers and Sellers
We work directly with clients purchasing a Seattle or Eastside area home, clients selling their home, and with real estate agents requiring assistance on non-standard contracts.
In addition to guiding our clients through buying or selling their homes, we also offer a unique experience in areas of real estate law, including:
- For Sale By Owner (FSBO) transactions;
- Disclosure requirements when selling a home;
- New construction contracts;
- Navigating the escrow and title process;
- Complex financing or ownership issues; and
- Disputes regarding earnest money, contract terms, and commissions.
At Sternberg Thomson Okrent & Scher, we have assisted individuals and families in buying and selling their homes for more than 25 years. Our firm has considerable experience in all aspects of residential real estate transactions and is responsive to your individual real estate needs. We have helped countless home buyers and sellers protect their legal rights in one of the most important financial decisions most people make.
Ideally, our clients engage us at the beginning of a real estate transaction so that we can initially negotiate and structure the sale to minimize the risks and maximize the benefits to our clients. Contact our office today to schedule a consultation.
