When an agreement is reached by the parties, the buyer puts up his escrow deposit and the inspection period begins for the buyer where he conducts any and all inspections, conducts further due diligence and applies for mortgage financing on the transaction.

1. Brian Greenspoon
Law Offices

2. When purchasing any residential property or
piece of real property, a buyer or seller should
always be competently represented by
counsel. A lawyer for a buyer will draft the
purchase and sale agreement and present it
to the seller. The document then gets
negotiated by the attorneys for both parties.
When an agreement is reached by the
parties, the buyer puts up his escrow deposit
and the inspection period begins for the buyer
where he conducts any and all inspections,
conducts further due diligence and applies for
mortgage financing on the transaction. Once
the financing contingency period expires and
the inspection period expires, the buyer’s
escrow deposit becomes non-refundable
(“goes hard”).

3. When purchasing any
residential property or piece of
real property, a buyer or seller
should always be competently
represented by counsel.

4. A lawyer for a buyer will draft
the purchase
and sale
agreement and
present it to the
seller. The
document then
gets negotiated
by the attorneys
for both parties.

5. When an agreement is reached
by the parties, the buyer puts
up his escrow deposit and the
inspection period begins for the
buyer where he conducts any
and all inspections, conducts
further due diligence and
applies for mortgage financing
on the transaction.

6. Once the financing contingency
period expires and the inspection
period expires, the buyer’s escrow
deposit becomes non-refundable
(“goes hard”).

7. A mortgage, whereby the buyer
pledges the property he is buying
as collateral for the loan he is
receiving from the lender, and a
deed, through which the seller
conveys good and marketable title
to the buyer, get drafted along with
a variety of other seller and buyer
documents.

8. Finally, a HUD-1
Closing Statement
is prepared
detailing the buyer
and seller’s
disbursement of
proceeds from the
transaction.