Real estate transactions can be a rollercoaster of emotions until you finally get the keys to your new home. Despite all the running around trying to get everything done on time, there are some things you can do that can reduce the chances of something going wrong before the closing date.
One of the best ways to protect yourself during such an important transaction is to ensure that you partner with the right real estate lawyers – like the ones at Axess Law. You need an experienced and reputable real estate lawyer as you are trusting them to protect a significant portion of your life savings, and they have a long list of happy customers who will vouch for their services.
Here are some other ways you can protect yourself when buying or selling a home.
Get a Copy of the Agreement of Purchase and Sale to Your Lawyer as Soon as Possible
The more time you give your lawyer to review the APS, the better protected you will be. An Agreement of Purchase and Sale is a legal contract, and because real estate lawyers are experts in both contract and real estate law, they are best equipped to advise you about the risks involved regarding any conditions to the sale.
Should you decide to waive or fulfil conditions in the APS before sending a copy to your lawyer, let them know as soon as possible and don’t wait for your real estate agent to send them a copy of the APS – forward it yourself. Real estate agents can get extremely busy, and this is a time-sensitive issue.
Don’t Wait Until the Last Minute to Get Insurance
When buying a home, there is so much on your mind that it’s not uncommon for something to get missed – like forgetting to provide proof of homeowner’s insurance to your lawyer early, so they can ensure the mortgage funds will be released on closing day. Getting that out of the way as quickly as possible protects you from having the closing delayed.
Avoid Buying and Selling on the Same Day
Buying and selling on the same day means that your lawyer must wait for the buyer of your home to come through and finalize the purchase of your old home before they can begin the process of closing the purchase of your new home. When buying and selling on the same day, you also risk selling your home before an unforeseen event delays the purchase of your new home, leaving you without a home until the issue causing the delay has been resolved.
Don’t Schedule Moving Day on Closing Day
In fact, it’s best not to schedule anything else on your closing day. The rule of thumb is to expect that the closing will take the entire day. There is any number of possible sources of delay on a closing day, so don’t leave yourself stranded or add unnecessary closing costs by paying extra for a moving van or a moving company to sit and wait in a parking lot.