Going 'Under Contract'

Most contracts have a built-in timeframe for attorney review.  During this period your attorney may make modifications to the contract and addendums you signed.

Since you are working with RealStar and the experts we recommend - you can relax and feel confident that you are being represented by a team of professionals.

RealStar Realty -
Bringing you home 		After reaching a 'meeting of the minds' both the Buyers and the Sellers initial and sign any modifications to the final contract and addendums. You are now Under Contract. It's time to hire an attorney. The other party will have one. You need one too. Don't worry, most real estate attorneys do not charge a fee until the property actually closes. Why you need an Attorney

Most real estate contracts have a built-in timeframe called 'Attorney Review/Modification Period'. Essentially both attorneys have 5-10 business days to make appropriate modifications to the paperwork you just signed. Since this period is built-in both the Buyers and Sellers can feel comfortable signing a contract prior to delivery to their attorney.

Whether you are a Buyer or a Seller the first thing you should do is contact an attorney. Call and talk to a 2-3. Hire the one you feel will communicate well with you. Your RealStar Sales Consultant can provide you with a list of reputable Real Estate attorneys.

Under Contract - Sellers
Pull together any important property information available including: 1) existing lender information, 2) a prior survey, 3) a list of your utilities, 4) the name and phone number of your Homeowner's Association, etc.

After a Sales Contract is completed there may be a few instances when various inspectors and/or appraisers need access to the property. Try to be as accommodating as possible.

No property is perfect. There will always be a few items that a professional inspector will mention as 'deficient' in their report. These will be summarized in a letter to your attorney. Don't take offense. Most items are not deal killers and the buyers concerns can be resolved.

Under Contract - Buyers
Schedule a property inspection right away. You are entitled to have a professional home inspector review the property with you. Do not waive this opportunity or let it slip by. RealStar always recommends using a licensed, ASHI approved inspector.

Always consider further opportunities for discovery of other potential problems, most specifically Radon. You may also want to consider tests for Lead Based Paint, Mold and more.

No property is perfect. There will always be a few items that a professional inspector will mention as 'deficient' in their report. Keep in mind that some items like torn screens, bad paint, loose trim, even small leaks are not something sellers will usually correct. Items relating to life safety (ie, electrical, plumbing, radon, etc) are items most sellers will be happy to address.  All deficiencies will be summarized in a letter to your attorney.

What's Next
Just about every inspection results in a few isuues that need to be addressed by the parties. Often times these relate to items that were not there for the discovery by a buyer. That's why they hire an expert. The most important items (and the deal killers) usually relate to life safety.

After a Sales Contract is complete your attorney will be handling your affairs. Keep in touch with your attorney's office contacting them with your legal questions.

Of course, at any time feel free to give us a call. We would be happy to answer your questions.