REAL ESTATE PRACTICE
In our real estate practice, Martin Hochberg & Cianflone, PLLP represents commercial borrowers in acquiring, constructing and financing real estate projects. We also represent buyers and sellers in connection with residential real estate transactions and represent banks and other lenders in commercial lending transactions.
Buying a home with Martin Hochberg & Cianflone, PLLP
For clients purchasing a residential property, we perform a title search, and prepare the title insurance policy required by the lender. We also acquire all real estate tax information from the tax collector, request a plot plan from the surveyor, calculate all closing adjustments, and prepare all loan closing documents. Our legal fee for these services will be disclosed ahead of time and you can expect the additional costs of the title abstract, title insurance, Municipal Lien Certificate, plot plan, recording costs and other disbursements. Occasionally, events such as unexpected title problems or the rescheduling of the closing may cause an increase in our fee. If this occurs, we will let you know.
We request your homeowner’s insurance binder or policy and a paid receipt for the premium for the first year of ownership prior to closing. The policy must be effective on or before the closing date and must name you as the insured and your bank and “its successors and/or assigns, as their interest may appear”, as the mortgage holder. The financing commitment will indicate exactly how this language should read. The insurance coverage must be for an amount equal to or greater than the amount of the mortgage loan or indicate 100 percent replacement cost on the policy.
We will schedule the date and time of the closing with you and will advise you of the amount of funds you will need, if any, to complete this transaction. Your funds must be in the form of a certified or cashier’s check made payable to you and endorsed at the closing. After the closing, we will provide you with copies of all documentation and a complete summary of the final adjustments and costs of this transaction.
You should contact all utility companies prior to the closing so that they will transfer service to you as of the date of the closing. Also, it is a usual requirement that a seller vacate the residence and that it be left broom-clean at or prior to the closing. You have the right to re-inspect the premises prior to the closing and we strongly recommend that you do so. This inspection should be done in the presence of your real estate agent. You should call your agent to schedule the inspection.
If your new house has oil heat, you will reimburse the seller at the closing for all oil in the oil tank. The standard size oil tank is 275 gallons, but some houses have two or more tanks. Please confirm this with your real estate agent if you are not sure what size tank or tanks are present at your new house. The practice is to fill the tank within a few days of the closing and credit the seller for 260 gallons of fuel at the most recent delivery price.
Buying a home with Martin Hochberg & Cianflone, PLLP
For clients purchasing a residential property, we perform a title search, and prepare the title insurance policy required by the lender. We also acquire all real estate tax information from the tax collector, request a plot plan from the surveyor, calculate all closing adjustments, and prepare all loan closing documents. Our legal fee for these services will be disclosed ahead of time and you can expect the additional costs of the title abstract, title insurance, Municipal Lien Certificate, plot plan, recording costs and other disbursements. Occasionally, events such as unexpected title problems or the rescheduling of the closing may cause an increase in our fee. If this occurs, we will let you know.
We request your homeowner’s insurance binder or policy and a paid receipt for the premium for the first year of ownership prior to closing. The policy must be effective on or before the closing date and must name you as the insured and your bank and “its successors and/or assigns, as their interest may appear”, as the mortgage holder. The financing commitment will indicate exactly how this language should read. The insurance coverage must be for an amount equal to or greater than the amount of the mortgage loan or indicate 100 percent replacement cost on the policy.
We will schedule the date and time of the closing with you and will advise you of the amount of funds you will need, if any, to complete this transaction. Your funds must be in the form of a certified or cashier’s check made payable to you and endorsed at the closing. After the closing, we will provide you with copies of all documentation and a complete summary of the final adjustments and costs of this transaction.
You should contact all utility companies prior to the closing so that they will transfer service to you as of the date of the closing. Also, it is a usual requirement that a seller vacate the residence and that it be left broom-clean at or prior to the closing. You have the right to re-inspect the premises prior to the closing and we strongly recommend that you do so. This inspection should be done in the presence of your real estate agent. You should call your agent to schedule the inspection.
If your new house has oil heat, you will reimburse the seller at the closing for all oil in the oil tank. The standard size oil tank is 275 gallons, but some houses have two or more tanks. Please confirm this with your real estate agent if you are not sure what size tank or tanks are present at your new house. The practice is to fill the tank within a few days of the closing and credit the seller for 260 gallons of fuel at the most recent delivery price.
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Contact us today to learn more about how Martin Hochberg & Cianflone, PLLP can serve your legal needs.