BUYERS

Whether you are buying or selling a home, this will be one of the most important decisions you will ever make. This process comes with a lot of tiny details that can have very big legal impacts. While the process brings excitement, it can also be one of the most stressful events you partake in. Longo & Associates understands your concern and we take pride in our dedication and commitment to ensuring you experience a smooth transaction from start to finish. 

Let our experienced and professional staff help you move through this process in the most stress-free environment possible. We are a small firm with a big heart and your satisfaction is our top priority. 

Congratulations on your upcoming purchase! Whether this is your first time or you have purchased property before, let us guide you through this process seamlessly.

Delaware is an Attorney State.  This means that our state laws require real estate settlements to be conducted by an Attorney licensed to practice in this state. As a comparison, other states allow settlements to be conducted by Title Agents.  Attorneys may, and often do, conduct real estate settlements in Title States. Our staff can discuss the benefits and potential cost savings of having one of our Attorneys conduct your settlement in Pennsylvania, Maryland or New Jersey. 

What will our office provide for our Buyers?

  • Conduct the settlement and review the Closing Disclosure Forms
  • Prepare the deed which will transfer ownership to the buyer
  • Order a survey and title search for the property
  • Obtain title insurance for the property
  • Pay off all existing liens and/or judgments
  • Help resolve problems that arise during the process

What is title insurance?

Our team will ensure that title for your purchase is transferable.  It is not uncommon for lien or easement issues to arise during a title search.  When you buy a property, you purchase title insurance to ensure against any losses related to items that do not show up in the title search.  Title insurance is paid once at closing and protects the Buyer(s) for the entire time they own that property.

What are the responsibilities of the Buyer(s)?

Buyers must meet all of the deadlines stated in the Agreement of Sale.  If there is a realtor involved, they will help Buyers schedule all necessary inspections and meet those required dates.  Some inspections may include a general home inspection, pest or termite inspection, radon test, or water test, etc.  Buyers must also obtain homeowner’s insurance for the property they are buying.  Finally, buyers should contact the electric company, phone, cable and any other utilities to transfer service.  Our firm will handle the transfer of water service.

It’s the day of settlement!  What does the Buyer need to bring?

  • You must bring a valid government-issued identification, such as a driver's license or passport. Some Lenders are now requiring two (2) valid forms.  Buyers should check with our office or their Loan Officer to see if they need two valid forms.
  • Buyers will need a certified or cashier’s check for any funds needed for settlement that exceeds $1000. Funds owed under $1000 may be paid by personal check, so please be sure to bring your checkbook.  You may wire funds as well.  If this is what you would prefer, please contact our office or your paralegal for our firm’s wire instructions before your settlement date arrives.  Wired funds will need to be sent prior to the settlement.
  • All checks should be made out to Longo & Associates, LLP.
  • At this time, we do not accept Debit or Credit cards.
  • If your certified funds are more than what was required, our office will cut any difference back to you via check at the time of your settlement.
  • You may want to bring any documents related to your purchase that you have accumulated during this process. These may include your Agreement of Sale, addendums, contact information, invoices, etc.

What is Title Insurance and Why Do You Need It?

What to Expect During the Closing Process?

Why is it important to have Title Insurance?
Take a look here:
CFPB-ImportantOwnersTitle-LALLP2016
When will your file be ready to close? 
Let’s look at the new rule:

CFPB-3DayRule-LALLP2016

What is this process? 
Take a look here:

CFPB-10ThingsConsumers-LALLP2016-1

 

What are some things to ask your Lender?
Take a look here:

CFPB-10ThingsLenders-LALLP2016

 

What should real estate agents know?
Learn here:

CFPB-10ThingsRealtors-LALLP2016-1

Please fill out the contact form to send us all necessary documents: 

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BUYING A HOUSE? We simplify the purchasing process for you!