- Make sure that the contract has correct names. The names on the contract should be exactly the same as the names the Purchaser uses to apply for a loan. Full legal names may not always be used, but there should be no nicknames, and be sure to pay attention to the spelling, the suffixes, and the middle initial.
- If the Purchaser has questions regarding contract language, call a real estate attorney to get legal advice to help with drafting. The VAR basic contract provides an excellent foundation but may need to be tweaked or amended for special circumstances.
- Ask the listing agent for copies of the Seller's title insurance policy and physical survey, if available. These may save money for the Purchaser and will help prevent possible title problems.
- Instruct the client to shop for Homeowner's insurance and to include car insurance, as discounts may be available. Remember this is a closing expense which will be paid every year the Purchaser owns the house.
Stay tuned for more practical tips that will ensure a smoother closing for your Purchaser!
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions. Thank you for allowing us to send you this email.
William D. Tucker, III