What are the Steps in a Residential Real Estate Transaction?
- Consultation with Client. Kenny & Stinson will discuss the necessary steps in the closing process so we can understand your goals and any particular issues you believe may arise during the course of the transaction.
- Drafting of and/or revisions to the Real Estate Contract. Most times, your real estate agent will present you with a form Contract to sign. Upon signing, the "Attorney Review" period starts, and it is essential that you contact Kenny & Stinson to review the form Contract to make those necessary revisions that reflect your wishes, including issues that may not have occurred when you initially signed the Contract.
- Contract negotiations and modifications. The Contract negotiations may last few days, ultimately resulting in an agreement satisfactory to both the Buyer and Seller.
- Due Diligence. During the time between the finalization of the contract and the closing of the transaction, there will be a home inspection, mortgage application and other items, all of which have time periods for completion set forth in the Contract. These various contingencies must be monitored by our office.
- Title Report Review. The report of title from the title insurance company will contain terms and conditions that must be satisfied in order to transfer clear title to the property.
- Mortgage Lender Compliance. The lender will have a multitude of conditions that must be satisfied before approving financing for the new residence.
- Closing of Title and Closing of Mortgage. We will appear at the closing and insure that all necessary conditions have been met and that all papers are properly prepared, signed and filed with the appropriate parties.
What Types of Residential Real Estate Matter Do We Handle?
Buying or Selling a Home
Kenny & Stinson will work diligently and efficiently to ensure that your interests are protected and things go smoothly throughout the entire process.
As your attorney, we will:
- Review every document, contract, rider, and addendum to make sure you are being protected
- Prepare and draft the necessary legal forms and documentation
- Skillfully negotiate with all parties involved so that you receive the maximum benefit
- Coordinate with attorneys, lenders, title agents, and other real estate professionals to ensure things proceed without a hitch.
Refinancing a home
Homeowners will often seek new financing to replace their existing mortgage financing. Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan or helps you build equity more quickly. When used carefully, it can also be a valuable tool in getting your debt under control. A Refinance will replace your existing first mortgage.
There are many reasons a homeowner may choose to refinance. These include the desire to:
- Obtain a lower interest rate
- Shorten the term of the mortgage
- Convert an adjustable rate mortgage (ARM) to a lower fixed rate
- Tap into a home's equity in order to finance a large purchase
- Consolidate debt
As general rule, you should refinance only if doing so will decrease your interest rate by at least one percent. However, as it can cost you 3% to 6% of the principal of the loan and also involves paying for an appraisal, title search, and application fees, it is important for a homeowner to carefully determine whether refinancing offers a true benefit.