The Legal Line

The Legal Line

You may find these Frequently Asked Questions helpful. The answers have been provided by Howard W. Goldson, an attorney specializing in real estate.

Q. When should I hire an attorney?

When you decide to sell, it's a good time to start looking for an attorney to represent you in the sale. Look for an attorney who specializes in real estate, and has been doing so in your community for some time. This will help eliminate any problems or confusion that can delay the sale at crucial early stages. Don't wait until after you have found a buyer. At that time it's too late to look around and find someone you are comfortable with. If you wait too long, you'll simply be scrambling to get someone who can respond fast. Take your time. Get recommendations from friends who have recently purchased a home and had a fairly trouble-free experience.

Talk to your counselor in advance. Ask him or her what you will need to know and obtain any forms for disclosure that you may need.

Q. What personal papers and information do I need?

You'll need to gather up the following:

All certificates of occupancy (C/O's), Certificates of Completion for all improvements, current taxes without exemptions, information on any toxic or hazardous conditions that may affect your property or the neighborhood in which it's located, copy of your deed, your mortgage papers, and survey. You must also identify those defects and adverse conditions which you will have to disclose to the buyer. If you are engaging the services of a Realtor®, they can assist you in locating tax documents and disclosure forms. Your lawyer can explain the legal effect of these documents.

Q. What happens if I can't move on the closing date?

If you do not vacate the house when you are required to, the purchaser can have you evicted and recover their damages caused by your failure to move.

Q. What happens if my house doesn't appraise?

The buyers may be able to cancel the contract and have their downpayment refunded. You may have to reduce your purchase price to let the sale go through. It is important to price your house in accordance with market values.

Q. When do I have to move?

Normally, you are required to deliver a vacant house to the purchaser at the closing. That means you must move before that date. However, possession agreements are often negotiated which allow you to move shortly after the closing.

Q. How do I coordinate the purchase of the new house with the sale of my current one?

This is often a difficult task. If you commit to a new house before the sale of your present home is a sure thing, you could run the risk of owning and carrying two houses. If you wait until the sale of your home is firm, you must act quickly to find a new home. It is a real help to negotiate time for you to relocate as part of the purchase and sale negotiations.

Q. What happens if the buyer doesn't get a mortgage?

Usually, the buyer has the right to cancel the deal if they do not get a mortgage, and have their downpayment refunded. You then have to start selling your house again. It is therefore extremely important for you to make sure the buyer is mortgage qualified before you enter into a Contract of Sale.

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