Real estate closing is not an easy job and requires a lot of expertise to keep legal as well as financial hassles at bay. If you are thinking on the lines of buying a house, you will need to know and consider a lot of things. You must know that the day of final settlement is ideally the consummation of complete process which is usually referred to as the “closing” in legal scenario. In short, this is the day when the buyer meets the seller at the office of Real Estate Lawyers India and has to sign on a lot of papers, make the payment for the house and get the keys to it after officially finalizing every loose end.
The promises made
If you are diligent, know your job and perform your duties ahead of time, then everything will go on smoothly till the end. However, in most of the times it does not happen that way. A lot of disputes arise during the proceedings which may even warrant for the Property Dispute Lawyers India for getting it settled. Usually, disputes arise due to the promises that are made before the purchases are usually not kept. Once the settlement is complete with or without the disputes resolved, things that were promised to you in the purchase agreement will be no longer applicable. Ideally, it is not unusual that the purchase contract will skip a few of the promises made by the seller to the buyer.
Enforcing the covenants
It is difficult to enforce the promises or “covenants” as long as the purchase contract is in effect. It is because once the sale deed is prepared and delivered to you by the seller, it is said that the contract is “consummated.” It will cease to exist as per the law and it usually merge with the terms and conditions mentioned in the warranty deed. That means the seller will be no more obligated to do anything or keep the promises made in the contract once the closing is completed successfully. However, you can find a legal way out if there is a survival clause included in the contract. A few contracts may include it but most do not. Consult with reputed Property Dispute Lawyers to make sure yours does.
Checking the documents
It is highly likely that you will not be provided with all the papers on which you are asked to sign to have a look at it till the time you do not sit with the closing attorney. However, reviewing the documents is highly important to avoid future disputes and since such purchases involves a huge amount of cash and a lifetime involvement, such disputes if any will stay for a long, long time. It is therefore necessary to get these issues resolved taking help of a proficient Property dispute lawyer. Reviewing the documents is even more important because lenders often promise to get a loan approval in a very short period of time to stay competitive.
Follow the advice
You must follow the advice and tips of experts and a Real estate dispute lawyer to stay away from legal issues. You may be advised to gently badger the lender on a daily basis preferably so that you get it on time and as desired. As a result of a slowdown you may get the loan only on the day of closing. Sometimes you may even receive it after your arrival. You may tell the loan officer that if the documents are not completed at least a day before the closing, you may refuse to close. The best process to represent you is to bring your own attorney.