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Q:Who prepares the real estate contract or offer to purchase property?
A:
Generally, when buyers/sellers have Realtors, the Realtor will prepare the offer. One must be very aware that Realtor is not an attorney and cannot give legal advice. All that can be done by a Realtor is fill out the form contract. At Grimaldi Law Firm, we are happy to review the offer before it is signed to ensure that the buyer or seller is protected. This is a service that is included in the closing fee and provided at no additional cost.
Occasionally, when there are no Realtors and the property is being sold "By Owner", a Real Estate Attorney can assist with preparing the offer.
5 years ago
A:
Normally, your agent does.
CCraig Bresnahan
5 years ago
Q:What is Title Insurance and do I really need it?
A:
Title Insurance is a form of indemnity insurance, which insures an owner or lender against financial loss from title defects, liens, encumbrances or other problems with the title of real property. It also covers losses and damages suffered if the title is unmarketable (or unsellable) or if there is no right of access to the land. The amount of coverage of your policy is usually the sale price of the property. Although most insurance policies are a contract where the insurer indemnifies or reimburses another party against possible specific types of loss at a future date (such as an accident or death), title insurance generally insures against losses caused by title problems that have occurred in past events.
If you are purchasing with a loan, a lender title policy is required. Although an owner's policy is not required, it is HIGHLY recommended. The cost to add an owner's policy is very minimal.
5 years ago
Q:Should Sellers have their own representation at closing?
A:
Yes. Sellers should have their own representation. A seller's attorney will prepare the transfer documents, ensure the closing agent correctly prepare the closing statement, negotiate any amendments to the contract, and enforce the contract and deadlines for the seller to ensure the seller's interest is protected.
5 years ago
Q:What is the difference between a law firm and a title company when purchasing a property?
A:
Although both Title Company and Law Firms may act as a title agent, escrow agent and closing agent in a transaction, a Law Firm may represent the buyer or seller that hires them. A Law Firm can negotiate on behalf of that party and ensure that party is protected throughout the process rather being required to remain a neutral party when issues arise.
5 years ago
Q:What is title insurance?
A:
Title Insurance is a form of indemnity insurance, which insures an owner or lender against financial loss from title defects, liens, encumbrances or other problems with the title of real property. It also covers losses and damages suffered if the title is unmarketable (or unsellable) or if there is no right of access to the land. The amount of coverage of your policy is usually the sale price of the property. Although most insurance policies are a contract where the insurer indemnifies or reimburses another party against possible specific types of loss at a future date (such as an accident or death), title insurance generally insures against losses caused by title problems that have occurred in past events. Title insurance is issued by a title insurance company.
