Residential Real Estate

Residential Real Estate

Residential real estate is among the most viable investment opportunities propelling the United States economy forward. This can be an awesome investment especially if you factor in useful investing strategies. Here is what you need to know beforehand.

Purchasing Residential Property

Purchasing a residential property will need you to have sufficient funds to complete the transaction. If you are planning to finance the purchase with a loan, you should contact your bank in advance in order to have the funds readily available.

You must ensure that you sign all the relevant application forms and provide all the information required to ensure approval of the loan.

There are legal issues involved during the purchase of a residential property. Only one party is involved in drafting the sale agreement contract. The buyer therefore needs to engage a law firm to help in the handling of the legal issues.

Zapicchi & Liller will help you to review the contract’s terms and conditions. This will ensure the protection of your interests. Make sure that you receive the title to the property that you negotiated to buy and as identified in the contract. We will also send routine queries to government department to ensure that the property has no adverse government notices that are likely to affect the purchased property.

We also lodge a caveat against the title of the property to notify the public your valid interest on the property. We liaise with your financing bank, if you are using a loan to fund the purchase, to prepare the mortgage, to secure the loan and help you successfully complete the residential property purchase.

Purchasing Residential Property

Residential Real Estate Purchase Process

The residential real estate purchase involves a series of evaluations and decision making step-by-step process. The purchase process includes:

  • Finding the necessary funds to finance the purchase
  • Doing a pre-purchase property inspections to avoid problems and extra costs after purchase
  • Making an offer depending on the pre-purchase property inspection
  • The seller of a residential property sells the property to another buyer at a higher price than the price you offered. In this case, there is no legal binding between you and the seller when you only agreed on the price orally.
  • Negotiating the contract terms, exchanging contracts and paying a deposit before you finally complete the sale
Residential Real Estate Purchasing Process
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Residential Real Estate Closing Process

Once the purchase process is complete, you will need to attend settlement or closing before you can finally move in to your new home.

The residential real estate closing process involves the legal requirement of transfer of ownership of a residential estate from a seller to buyer.

Settlement regulations vary from state to state but the following aspects are always the same no matter where you buy the house:

  • Your contract should allow you to have a walk-through of the property 24 hours before the closing. The seller needs to vacate the residence before the closing unless you have arranged to rent back the property to the seller. The condition of the house should be as stated in the contract. If there is a problem revealed from the walk through, then you can delay the closing and ask for money to use to address the issue from the seller.
  • You have the right to review the HUD-1 statement and compare it to the Good Faith Estimate 24 hours before your closing.  Zapicchi & Liller will help you determine any discrepancy in the HUD-1 statement and the Good Faith Estimate before the closing.
Residential Real Estate Closing Process

Residential Real Estate Investing

Residential real estate investing involves selection of properties, funding the investment, acquiring the property, tracking the gains from the property and selling the property when ready.

To gain from the real estate investing, you need to involve a legal law firm to help you engage in legal contracts from the real estate industry.

Our legal firm will help you through your residential real estate purchase process and other legal issues related to residential real estate.

Residential Real Estate Investing
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