FAQs

The process of purchasing or selling property can be very confusing and complicated whether you are a first-time purchaser or even if have been through it several times before. Obviously, every transaction is unique so the information below is simply meant to be an outline of the major points of a residential real estate transaction.

A real estate transaction is a very complicated and confusing process for an individual. An attorney is essential to make sure the contract is accurate and protects your rights. Attorneys also review title to the property to make sure no encumbrances or liens exist against the property, review/draft the closing documents to ensure the terms and conditions are correct and review the survey and inspection for any potential issues. Proceeding without an attorney can end up being very costly, and in some cases, even result in opening you up to lawsuits.

Because we have handled so many transactions, we have streamlined and perfected the process of real estate transactions. We promise to provide you with top quality representations and excellent service throughout the entire process.

For our low flat fee, we will handle every aspect of your transaction from contract review through attending the actual closing. We will also answer all of your questions and offer open communication throughout the whole process for no additional charge.

Typically, a real estate transaction will last about 6-8 weeks from the contract execution through the closing, when the purchaser takes possession of the property. Obviously, there are many factors that can affect this timeline such as whether there is a mortgage involved, how long the review periods last, and whether certain issues arise prior to closing.

Earnest money is a “good-faith” payment made by the purchaser to the seller upon execution of the original contract to be held in excrow. The reason for this payment is to prove to the seller that the purchaser is serious about his offer and provides the seller with at least something to recover should the purchaser breach the contract. If the transaction does not occur without a breach occurring, this money is typically returned to the purchaser.

The easy answer is maybe. If the seller realizes a profit from the sale, he/she may be eligible to keep that money tax-free if the following conditions are met:

• The residence was the seller’s primary residence

• The seller did not claim any part of his/her property as a business expense

• The seller did not obtain a profit more than $250,000 for an individual or $500,000 for a couple

• The seller has not used this exemption at any point in the last two years