REAL ESTATE TRANSACATION

Co-op Purchase:

• Obtain Offering Plan, Obtain the Latest Three (3) Years of Financial Statement, Review Contract
• Have Client to Sign the Contract, Pay 50% Attorney Fee (Not Refundable)
• Once Fully Executed Contract Returns, notify client to 1) Start their Board Application Form as soon as possible. 2) Start to apply for loan as soon as possible (If Applicable)
• Once client have Board Approval; Have Commitment Letter (Loan Letter), Order Lien Search
• Once lien search comes back, Purchaser Attorney reviews it, find potential problems. If it’s clear, then check various parties to schedule closing
• Check various parties to see if they have clearance to set a closing date
• Once a closing has been schedule, provide Closing Confirmation and Closing Statement for clients and purchaser attorney.

Co-op Sale:

• Issue Contract, Seller Attorney will review the contract before delivering to Purchaser’s Attorney
• Provide the Latest Three (3) Year of Financial Statement and Offering Plan to the Purchaser
• Wait for Executed Contract to come back
• Once Executed Contract returns, call client to office to explain the changes to the contract (If Applicable), then have client sign contract and return two (2) fully executed contract to Purchaser’s attorney’s office
• Wait for Purchaser’s Board Approval Notice (If Applicable), Commitment Letter (If Applicable) and Lien Search Report
• Once Purchaser have been approve, and have Commitment Letter, Order Payoff (If Applicable)
• Once Lien Search Report is clear, wait for Purchaser’s Attorney to Schedule Closing
• Once Closing Date is set, order E-Tax
• Prepare Closing Statement for Closing

Condo Purchase:

• Obtain Condo Book, Obtain the Latest Three (3) Years of Financial Statement, Review Contract
• Have Client to Sign the Contract, Pay 50% Attorney Fee (Not Refundable)
• Once Fully Executed Contract Returns, notify client to 1) Start to apply for loan as soon as possible (If Applicable)
• Once client have Commitment Letter (Loan Letter), Order Title Search
• Once lien search comes back, Purchaser Attorney reviews it, clear exceptions on Title Report (If Applicable)
• Check various parties to see if they have clearance to set a closing date
• Once a closing has been schedule, provide Closing Confirmation and Closing Statement for clients and purchaser attorney.

Condo Sale:

• Issue Contract, Seller Attorney will review the contract before delivering to Purchaser’s Attorney
• Provide the Latest Three (3) Year of Financial Statement and Condo Book to the Purchaser Attorney
• Wait for Executed Contract to come back
• Once Executed Contract returns, call client to office to explain the changes to the contract (If Applicable), then have client sign contract and return two (2) fully executed contract to Purchaser’s attorney’s office
• Wait for Purchaser’s Commitment Letter (If Applicable) and Title Search Report, if there are exceptions for Seller to clear, Seller attorney have to clear exception as soon as possible
• Once Purchaser have Commitment Letter, Order Payoff (If Applicable)
• After Order Payoff, request several Condo Documents to prepare closing
• Prepare Deed for Client
• Once Title is clear, wait for Purchaser’s Attorney to Schedule Closing
• Once Closing Date is set, order E-Tax
• Prepare Closing Statement for Closing

House Purchase:

• Obtain appraisal report and Contract of Sale for client
• Instruct client to do an Inspection Report before signing contract
• Once Contract is sign, send executed contract back to seller attorney
• Once fully executed contract came back, instruct client to start his/her loan process (If applicable)
• Once client have Commitment Letter (Loan Letter), Order Title Search
• Title Search comes back, purchaser attorney view title, clear exceptions
• Once title is clear, schedule for closing
• Once closing date has been set, prepare closing confirmation and closing statement

House Sale:

• Issue Contract, Seller Attorney will review the contract before delivering to Purchaser’s Attorney
• Wait for purchaser attorney to sign contract
• Wait for Executed Contract to come back
• Once Executed Contract returns, call client to office to explain the changes to the contract (If Applicable), then have client sign contract and return two (2) fully executed contract to Purchaser’s attorney’s office
• Wait for Purchaser’s Commitment Letter (If Applicable) and Title Search Report, if there are exceptions for Seller to clear, Seller attorney have to clear exception as soon as possible
• Once Purchaser have Commitment Letter, Order Payoff (If Applicable)
• After Order Payoff, Prepare Deed & Affdiviate for Client
• Once Title is clear, wait for Purchaser’s Attorney to Schedule Closing
• Once Closing Date is set, order E-Tax
• Prepare Closing Statement for Closing