Attorney for Buyer in a Residential Real Estate Transaction

1. Discuss the impact of entering into a contract.

2. Discuss the type of property.

3. Discuss present living arrangements.

4. Discuss the documents signed.

5. Discuss the Attorney's Modification or Attorney's Review clause.

6. Discuss the financing.

7. Discuss other necessary elements of transaction (necessity of attending the closing, method of holding title, for married couples the requirements to utilize Tenancy by the Entirety and the benefits involved, possibility of using a trust, lender's reaction to use of trust, Banking Act requirements regarding title-holding trusts, etc.).

8. Discuss the marital status of multiple buyers; discuss estate planning concerns for non-related joint owners.

9. Discuss the attorney's fee.

10. Discuss the services of real estate agents, home inspectors, mortgage loan officers, etc. as necessary.

11. Discuss arrangements regarding taking possession of the premises; determine when possession will be surrendered (at "moment" of closing, same day, etc.) and whether Post-Closing Possession Agreement will be necessary or desirable.

12. Review Offer (Contract and all Riders) if available and review with client. Draft offer if needed. Review Seller's Real Property Disclosure Report when and if available.

13. Obtain name, address, telephone numbers and facsimile number of clients, other attorney,' all real estate agents, and mortgage loan officer and loan processor, if any.

14. Discuss the earnest money.

15. Discuss whether contract is subject to review, modification or approval by attorney and tailor response accordingly.

16. Discuss the contingency regarding property inspection, determine whether a professional inspection and/or written report is required, determine manner of delivering notice of deficiencies, whether copy of report needs to be delivered and to whom, determine and/or negotiate the areas, subject matter and aggregate minimum repair costs covered by the rider or contingency; advise when it would be necessary or desirable to obtain written estimates for repair of alleged deficiencies.

17. Conduct negotiations regarding issues raised under property inspection rider or contingency; send copies of correspondence to client and others interested.

18. Discuss the necessity or desirability of obtaining repairs vs. credits, and any potential objections to credits by a lending institution.

19. If repairs are negotiated, determine completion date and method of reinspection. Prepare any required notice of non-compliance.' Draft Repair Escrow Agreement if necessary.

20. Discuss the dates for preclosing contingencies and obligations (especially financing and sale of other real property).

21. Discuss the lender's requirements for title insurance and attempt to avoid duplicative items; review title invoice to avoid excessive expenses to client.

22. Discuss the financing clause extension notice(s) and other contract contingency extension requests (e.g., sale of other real property) if necessary.

23. Obtain and review commitment for title insurance; discuss unusual title concerns with counsel prior to closing.

24. Determine method for obtaining municipal transfer stamps when necessary.

25. Draft rider or letter agreement regarding items negotiated after contract signed; send copy to client and others interested.

26. Discuss the survey if available prior to closing; determine that survey will satisfy title company regarding type of title insurance coverage requested.

27. Determine and evaluate ability of closing agent; be prepared to propose alternate closing agent if necessary; determine whether closing agent was selected in accordance with requirements of RESPA.

28. Provide letter to client setting forth procedure for closing, documents (if any) required, time, date and place of closing, type of funds required, conditions to be satisfied, manner of identification, etc.

29. Discuss the procedure for obtaining required funds and necessary lead time for Money Market withdrawals, wire transfers, etc. Contact closing agent in advance if using wire transfer.

30. Review seller's and lender's figures for accuracy; attempt to make corrections prior to closing. advise buyer of amount needed to close. Draft real estate tax reproration agreement if necessary.

31. Clarify possession arrangements; draft pre-closing or post-closing possession agreements as needed.

32. Discuss the procedure for pre-closing inspection, coordinate if necessary; prepare notice of deficiency, if necessary; send copy to client and others interested.

33. Draft and serve Demand for Closing if necessary; verify that client is ready, willing and able to close.

34. Advise seller as to the manner in which the buyer will take
title, if other than as set forth in the contract or in prior correspondence.