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TESTIMONIALS
–Annie, a Client in EB-5 Investment Immigration (2024)
–Ms. Liu, a Client in Real Estate (2023)
–Mr. Zhang, a client in China Practice (2023)
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Buying Condo (you are the buyer)
- Buyer signed binder with broker/real estate agent after gathering information with the premises;
- Buyer retains an attorney on his/her behalf for the transaction;
- Buyer’s attorney receives and reviews the contract prepared by Seller’s Attorney and reviews the offering plan and two year financial statements of the condo; make changes of the contract terms, if necessary;
- Buyer signs four copies of the contract after going over the contract with buyer’s attorney and pay contract down payment (usually 10% of the contract price; personal check okay) to Seller’s Attorney as escrowee; the contract is delivered to Seller’s Attorney for seller’s signature;
- After receiving the signed contract from Seller’s Attorney, buyer shall do the following,
- prepare loan application, if required and as per the contract; get loan commitment letter from the bank (do not lock the rate unless consulting with your attorney)
- Order title search report from title company via buyer’s attorney;
- Contact the Seller / Seller’s attorney if there is defect in the title report and resolve it;
- Buying insurance if required.
- Buyer, after locking the rate and scheduled the closing date, shall:
- Do final inspection of the premises with broker and seller, and report problems to buyer’s attorney immediately, if nay
- Prepare certifies and/ or bank check for payment according to buyer attorney’s instruction
- Closing. Buyer shall be present at the closing table;
- On the scheduled time, all the parties whose names on the contract shall attend the closing unless a proper Power Of Attorney (POA) is used;;
- With Proper ID;
- Sign the documents, do adjustment which may include real estate tax, maintenance charges, tenant’s rent, if any, and pay the balance;
- Receive closing documents including deed, title insurance, mortgage documents if applicable, etc.
- After closing, the property is officially transferred from the seller to the Purchaser.