Selecting a Lawyer
Not all lawyers are the same, trust me on this one. Lawyers do a lot at the end that make it look simply but if something goes south at the 11th hour you want a good lawyer to help you. Most of the time things go smooth but nothing is more stressful than a challenging closing so if you don't have a good lawyer than can problem solve and negotiate should there be a last-minute problem that could delay or even collapse your purchase. One time I did a walk through the morning of possession only to find a foot of water in the basement. It was minus 30 outside but inside a pipe had burst so we had a mess on our hands. Even though it was a disaster and stressful the good lawyer we worked with negotiated a place for my clients to stay and worked out compensation from the seller's insurance company. It's very important to walk through the property just before the money transfers, you don't want to find out about any issues after the money has been sent to the seller's lawyer. If you discover an issue either minor or major, you have a little leverage since the money hasn't been sent. Even though this is rare, one time the seller tried to switch out the nice expensive fridge with an older one, but we caught them before the money had transferred so we were able to resolve the issue. The most common issues we come across involve Real Property Reports. The main issues are the seller didn't order the RPR in time for closing or an encroachment is discovered. This usually won't delay the closing but sometimes there are situations where delaying is less risk. Possession day can be very stressful if something goes wrong. It's rare we don't get to the finish line but when it's the largest purchase of your life things can heat up quickly if there are problems so don't underestimate the value of a good lawyer.
Home Owners/Fire Insurance
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