Real Estate Transaction

Once Purchaser and Seller sign a contract, the contract is sent to the parties’ attorneys for negotiation of the contract terms and conditions called “attorney review.”

In general, Purchaser’s attorney sends a review letter/Purchaser’s rider to the Seller’s attorney, amending the terms and conditions of the contract following contract execution.

Purchaser conducts an inspection, and the inspector sends an inspection report to Purchaser’s attorney. Thereafter, Purchaser’s attorney negotiates with Seller’s attorney for repairs or replacements of defective items.

Seller applies for Certificate of Occupancy (CO) or Certificate of Continued Occupancy (CCO) with the town.

Purchaser’s attorney orders and reviews a title commitment, and contact Seller’s attorney if there is any title defects or other title related issues.

(If purchaser is obtaining a loan): Upon the agreement between the parties on inspection related matter, Purchaser should contact his/her lender or mortgage broker and start a mortgage application.

Purchaser conducts final inspection usually immediately before the Closing to make sure that the condition of the property is satisfactory.

Once the title is clear (meaning there is no legal issue with the title of the subject property) and Purchaser’s lender approves the mortgage (if Purchaser is obtaining a loan), the parties execute closing documents and exchange money, keys to the property, etc.