Real Estate Law

WOLFE LAW OFFICES

Key Issues that are Addressed in the Contract of Sale

• Attorney review

• Deposit/liquidated damages

• Mortgage Contingency

• Inspection Contingency

• Oil tank/Septic/Radon tests/Mold tests

• Hazard Insurance/Flood insurance

• Title work

• Survey/ Survey Certificate/Elevation Certificate

• Certificate of Occupancy/Fire Certification

• Closing Costs: tax escrows, hazard insurance escrows, mortgage insurance escrows, flood certification, title insurance, survey, hazard insurance, attorney’s fee,recording fees, other bank fees, adjustments for water, sewer and tax, Association fees, realty transfer fee and overnight mail fees.

• Use and Occupancy Agreement

• Short Sale Contingency

The Contract of Sale is the key to any Real Estate transaction. It is the critical document which establishes the rights  and obligations of both the Buyer(s) and Seller(s) from the time it is signed through the closing of title, and sometimes thereafter. It is therefore critical that you seek legal advice during the 3 day attorney review period to address the areas of concern listed above.