First Time Home Buyers
An attorney is required by law to close your loan. While an attorney may be provided by your lender, it is highly encouraged that you seek your own counsel. In the majority of cases your lender will allow your lawyer to close your loan and act as your personal counsel. This allows for all of your interests to be properly represented. It also ensures that any and all questions and concerns you may have are dealt with throughout the process. As an added bonus to working with us, we do not charge any extra fees for buyer representation when we close your loan.
The earlier the better. A good real estate lawyer can help guide you through every stage of the home buying process and minimize mistakes and exposure. Your attorney also has a strong network of real estate professionals you can trust and rely on to make your experience as smooth and risk free as possible.
Most of the time your attorney is also allowed to close your loan with your lender. When this is the case, our representation is included in your closing costs and Stinson Law does not charge any extra fees to represent you throughout the rest of the process. This means that the negotiation of your Purchase and Sale Agreement, answers to any questions throughout the process, and resolution of all disputes during the transaction are all covered in your traditional closing fee. Attorney fees at closing can range from $500 to $2,500. At Stinson Law, we charge a flat fee of $650.
The Purchase and Sale Agreement, or P&S, is the final contract between the buyer and the seller. It includes all of the terms, which will guide the transaction through closing. After your offer is accepted by a seller, you have a set amount of time (usually 10 days) to negotiate the P&S. The accepted offer is a binding contract and is contingent on a signed P&S.
The offer typically identifies the following information:
- The buyer
- The seller
- Property Address
- Purchase Price
- Projected Closing Date
- P&S Signing Date
- Mortgage Amount
- Mortgage Commitment Date
- Any Additional Terms (To be included in the P&S)
The P&S includes all of the information found in the offer along with all additional terms negotiated between the parties after an inspection of the property. The offer is usually contingent on an inspection of the home so the P&S negotiation period offers buyers the opportunity to negotiate to have items repaired in the home or money (in the form of a credit on the purchase price) to fix the issues yourself.
It is critical that every issue be thoroughly discussed and negotiated prior to the signing of the P&S. Once the P&S is signed by both parties it is final and no changes can be made to the document without both parties’ agreement.