WHAT TO DO IF YOUR SPOUSE CAN’T COME TO THE CLOSING

Article courtesy of Robin Gronsky of Gronsky Law

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It’s almost time for the closing and you discover that your spouse will need to be on a business trip during the time that you are supposed to close on your house purchase.  What do you do?

You can ask the sellers if they would be willing to move the closing to a date that would allow your spouse to be at the closing.  The date that is set in the contract as the “Closing Date” is not set in stone.  It can be pushed forward or back, depending on the needs of the parties.  But, the sellers are not required to agree to a change of the Closing Date.

There is another solution.  Your spouse can sign a Power of Attorney that will allow you to sign on his/her behalf.  The Power of Attorney is prepared by your lawyer and must be approved by your lender and your title agency.  There are specific clauses that must be in the Power of Attorney so it is not a do-it-yourself job.

Once the Power of Attorney has been approved, you will have the ability to sign any document on behalf of your spouse that concerns the purchase of your new home.  It does mean that you will be signing each document twice (and that is a lot of signing).  But it allows you to close on your home without totally inconveniencing everyone.  So, don’t worry if one of you can’t come to the closing.  There are always solutions.

Email Robin Gronsky at Rgronsky@Gronskylaw.com to find out how she can become your trusted legal advisor, helping you when you buy or sell real estate.

Robin M. Gronsky
Attorney at Law
315 North Pleasant Avenue
Ridgewood, New Jersey  07450
RGronsky@GronskyLaw.com
(201) 251-8001

 

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HOW TO ACHIEVE A SUCCESSFUL CLOSING

Article is courtesy of Thomas W. Randall, Managing Partner at Randall and Randall LLP

As a real estate attorney who also manages a litigation practice, I can attest to the positive and negative trends which have emerged from the real estate market. On the positive side of the ledger there is some optimism that the real estate market has started to turn the corner, with stable prices and predictions of modest growth.

Unfortunately, there is an uptick in litigation. This is not surprising given some buyer’s remorse from the past market and tighter lending conditions. To be proactive, a buyer and seller should follow these steps to help achieve a successful closing:

  • Retain an experienced real estate attorney. Buying or selling a home is a legal transaction and significant financial investment. Retaining a family attorney friend who doesn’t know the difference between a deed and a divorce may create problems resulting in costly litigation later should problems arise. Be certain to retain the services of an attorney who practices real estate law and who can properly guide you through the transaction.
  • Communicate your concerns and goals up front. Many pitfalls can be avoided through proper drafting of the contract of sale. Provide your attorney with essential information to ensure that the final contract documents contain the necessary inspections, contingencies, deadlines, representations, and other protections.
  • Be financially prepared and disclose. If you are buying, be ready to proceed with inspections and financing to meet closing and lending requirements. For sellers, full disclosure of material defects that are known by the seller is critical.

Thomas W. Randall may be reached at:

Randall and Randall LLP
287 Kinderkamack Road Westwood, NJ
rrslaw@aol.com
(201) 664-0505

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