Part 1
Introduction
Overview
Condominium

Part  2
Type of Purchase
Questions & Answers

Part  3
Financing
Bank Requirements

Part 4
Using a Broker
Broker Agreement

Part 5
Purchase Contract

Part 6
Purchase process

Part 7
Cost of Purchase

Part 8
Time to Close

 

After the contract is signed, your attorney will examine title to the property and advise the parties of any objections to the seller's ownership; a survey is prepared to reveal the existence of any encroachments onto or from the property and compliance with setback requirements. Building inspectors perform inspections of the structural integrity, operation of systems and the presence of termites and other harmful insects. In a commercial transaction, appraisals of value, examinations of zoning compliance, environmental audits, tenant interviews and confirmations of income and expenses also are performed as a part of the purchaser's inspections ( due diligence). 

Your attorney will determine from the local public records whether the seller owns proper title to the property. This involves reviewing all of the deeds, mortgages and other documents filed in the courthouse to discover if anyone other than the seller claims an interest in the property. Without such an examination, the purchaser might pay the full purchase price and then be required to pay thousands of dollars in addition to the price to pay off a mortgage-holder which the seller failed to disclose. Other claims against the land may exist. If work has been performed on the property, the contractor has the right to make a claim if he is not paid. The United States government has the right to file claims for unpaid taxes.

Local governments have the right to file claims for unpaid property taxes. All of these claims may result in great additional expense to a purchaser if they are not resolved prior to closing of the sale. In connection with your purchase, your attorney will obtain for you a single-premium insurance policy which will insure against claims on the property which may have been omitted from the local public records. 

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