At Bonarigo & McCutcheon we help you navigate through Real Estate Law – branch of civil law that covers rights to possess, use, and enjoy land and the permanent manmade additions attached to it. This includes the capacity to hold interests in real property, permissible interests in real property, relations between owners, relations between owners and the community, landlord and tenant relations, the transfer of interests in real property, and real property financing, including deeds and mortgages. Real estate transactions, such as purchases, sales, and leases, are governed by a wide body of federal and state law, and the requirements established by state law often differ from state to state.
Bonarigo & McCutcheon is a trusted law firm with over 40 years of combined experience in Genesee and all of the surrounding counties. Mr. Bonarigo, Mr. McCutcheon, and their experienced, reliable staff are here to assist you through every step of your closing. Legal Services include:
- Review and approval of your real estate contract
- Ordering updates of your abstract of title and survey map
- Reviewing and resolving title issues that may arise
- Preparing or reviewing title documents
- Preparing or reviewing title insurance required by a lender
- Preparing a closing statement and scheduling a closing that works with our client´s schedules
- Explanation of each and every document and insuring that each document serves your best interests
Each and every real estate transaction is unique and presents its own situations. You can be assured that your best interests are our number one priority.
Real Estate FAQ
Even though an attorney may not be needed to negotiate the initial terms of the deal, it is often suggested that you consult with an attorney prior to signing a contract. Legal issues such as zoning, obtaining good title, pre or post closing possession of the property, tax consequences or a buyer/seller wanting to “pull out” of a deal, are just a few. There are numerous other legal issues that may arise requiring an attorney input.
An abstract is the history of your property. Generally the Seller will have this in their possession. An abstract is either prepared or updated by a commercial abstractor; usually a sixty year title search is to trace the chain of title. The abstract will show deed transfers, estate proceedings, mortgages and any other liens/encumbrances on the property.
A survey will show you what an abstract can’t. An attorney knows how to review a survey and identify possible future issues that may arise. For example: a driveway may cross over property lines, fences may have been incorrectly placed, or improvements may violate set back limits. Any recent additions to the property that may require zoning permits will also be shown.
In 2002 NYS began to require that the Seller must deliver to the Purchaser a Property Condition Disclosure Statement (PCDS) consisting of 48 questions regarding the Seller’s actual knowledge of the property condition. If the Seller refuses to deliver a PCDS to the Purchaser then they must allow a $500 credit at closing.
Even if a PCDS is delivered, a home inspection should be performed. There are many specific details that a home inspection will reveal that a PCDS can’t. In order to protect yourself against future problems or complications, such as termites, asbestos, radon or lead based paint. It is recommended that a home inspection be performed.
Once a contract has been signed and accepted by both parties, a copy of the contract should be brought to your lender and/or broker so the loan application process can start. Your lender/broker may request that a credit report be done so they can see what debts you have and check your credit history. Often required are copies of tax returns and recent pay-stubs for proof of income. The longer it takes to obtain a mortgage commitment the longer it will take to get your transaction closed.
Each party will likely be represented by an attorney. If a lender is involved, they will also have their own attorney. It is up to the lender to issue a “clear to close” on your loan. Once all the title documents have been prepared and approved by the bank attorney and all documents the lender requested from you are submitted then a “clear to close” may be issued and a closing date may be scheduled.
If yours is a cash deal and no lender is involved, you have only to wait for the title documents to be prepared and accepted. Then a closing date may be set.
It is important to remember that the anticipated closing date set forth in the contract is a target date. It is not set in stone. There are many issues that can arise to which will delay a closing. The assistance of a competent attorney can help to avoid such delays.
Whether you are a Purchaser or a Seller, it is important for you to understand the terms and conditions of your contract and how they affect you. An attorney’s advice and direction are important from the minute you decide to buy or sell a home until the closing and sometimes after.