Acquisitions - Contract Execution and Beyond
As a real estate professional, you’re likely aware that the acquisition process can take quite some time, and it can take up all of your time.
You begin with the valuation of a property to ensure that the real estate is going to be beneficial to the new owner. Without completing comprehensive and documented due diligence, your acquisition could result in having a negative impact, which is opposite of what you want.
Even still, these moving parts that comprise the beginning of property acquisition can create quite a headache to keep things on track.
The Purchase Contract Execution
Paperwork circulates among different hands during real estate transactions. Once the agreement of sale has been signed obligating the transfer of ownership in exchange for the purchase price, the purchase contract execution follows.
For a contract to be executed, both parties have obligations to fulfill, and until that happens, the agreement is only considered executory. There must be mutual consent where both the seller and buyer agree to the terms that include a legal description of the property, financing, deadlines, commitments, and any other special requirements.
To reach an agreement, sometimes negotiation is involved, which can prolong the process. Relotz takes care of this process by handling the negotiation on your behalf, so you avoid the hassle altogether.
The Title Exam
Title examination is crucial to successful property acquisition. To conduct an exam, you’ll need to ensure a thorough review of public records that affect the property’s title.
Records include wills, trusts, past deeds, and other documentation to verify that real estate titles have passed appropriately to each subsequent owner proving that all liens, judgments, and mortgages have been fully paid.
Should the title be found to be defective, it could cause issues for the seller and the buyer like complications to title rights and damage liability. Our team at Relotz prevents these issues should they arise by being thorough and proactive.
The HUD Statement Review
The HUD settlement statement is yet another document that must be reviewed before closing. In it, you’ll find an itemized list of all costs that are related to the transaction.
Like all other documents, this can be edited, corrected, and updated until closing, and is another way Relotz ensures that your property acquisition goes off without a hitch.
Real estate professionals know all of these steps and procedures can be highly stressful throughout property acquisition. Complex documentation results in plenty of time and management over every detail.
Relotz to the rescue as we handle all of the procedural formalities to guarantee all parties are satisfied when seated at the closing table. With the best attorneys, we’ll make sure that everyone leaves the table happy – that’s our promise to you.
Time and consistency
Submitting, negotiating, and signing a contract can be quite the process. Our team at Relotz provides you the services to help you make the best decisions for you and your financial future.