Buying and selling a home is often the largest single financial transaction a person will ever undertake. Careful consideration should be given to the technical difficulties involved and to the counsel retained to handle such matters.

Once the buyer and seller have agreed on the price, you may be asked to sign a contract and pay a deposit. The contract is usually prepared by the seller's real estate broker. Before signing it, you should consider seeking legal advice. Remember that once a contract has been signed, your rights and obligations are fixed concerning the transaction. Always remember to make sure that the contract contains an attorney approval clausewhich will allow your attorney to review the contract with you and make whatever changes are necessary.

The contract of purchase and sale states the parties, the purchase price and how it is to be paid, whether mortgage financing will be acquired, an adequate description of the property being sold, the deed, the seller's title to the property, personal property included in the sale, the date you are to take possession, and other clauses relating to the property condition and the parties' respective responsibilities to each other.

It is important that the contract allows the buyer to cancel the contract if he or she does not qualify for a mortgage. In such event, the contract will also provide for the return of the down payment.

A title or abstract company will conduct examination of the records and issue a certificate indicating the findings. This is a requirement in the event that the purchaser will receive a mortgage in order to pay for the property.

It is also important for the buyer of a house that is not newly constructed to inspect the condition of the house and land. The buyer should carefully look over the property and is also urged to consider hiring a home and termite inspector to perform a professional inspection, including testing of the well and septic if the property has one.

In residential transactions you will customarily receive a "Warranty Deed" This deed assures the buyer that the seller has done nothing to affect the title to the property through his or her own acts or omissions. The title is insured by a title insurance company, the buyer will look to the title insurer for protection against claims even though the buyer may make claim against the seller.

Various parties in the transaction may have an attorney representing each of their interests. An attorney representing the bank (even though you may be charged with a fee, as in the case of a bank), is not your attorney. Block, Colucci, Spellman & Peller, LLP can provide the professional advice of an attorney to protect yourself and to be sure that you get precisely what you are legally entitled to receive.

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