Contracts
Contracts for real estate in Georgia are usually negotiated by the real estate agents representing the respective Buyers and Sellers. The Georgia Real Estate Commission has a “standard” contract form used by agents in writing the contract, which enables the parties to produce a legally binding contract.
At Wyndham & Associates, we like to review contracts after they have been drafted but before they are signed to insure that the clients are aware of their legal obligations as set forth in the terms of the contract. Once signed, negotiations end and the contract is binding on the parties.
When a contract is reviewed prior to its execution, Wyndham & Associates can suggest counter offers that can assist the client. The entire contract is under review and any terms can be changed or modified prior to signing. When an attorney is asked to review a contract that has already been executed (signed), all the attorney can do is detail the obligations to which the client has already become committed. No counter offers can be made at that point.
The firm of Wyndham & Associates also has experience in drafting contracts for a Buyer or Seller in a “For Sale By Owner” transaction where there are no agents involved. It is essential and necessary to have a contract especially when there are no real estate agents. Individuals need to understand their legal and financial obligations, and the best way to do that is to have a written contract.
Mortgages
Most people in this country finance the purchase of their home with a mortgage. Few people are prepared for dealing with the mortgage process, especially in days of economic stress.
It is a good idea to consult with an attorney before beginning the mortgage process. Statistics show that the national average for home ownership is seven years for each house purchase, and the mortgage process can change quite a lot in those few years.
Having an established relationship with a real estate attorney before starting the house search can only be a plus for the buyer. Real estate attorneys deal with mortgage companies on a daily basis and can frequently offer many insights into this process.
Wyndham & Associates stands ready to guide you through the mortgage maze. If you are in the market for a new home, give us a call.
Covenants and Restrictions
In the mountains of North Georgia, many counties do not have zoning. There is a general belief that the government shouldn’t tell someone what they can do with their land. That philosophy has been the guiding principle when local governments have debated the use of property.
Therefore in order to have some control over the development of a tract of land that later may become a subdivision, land owners have recorded Covenants and Restrictions on their property. Covenants and Restrictions set rules and regulations that must be followed by all future owners of the property. Long after the original owner has sold off all the tracts in the subdivision, the Covenants and Restrictions still control the use of the property.
Covenants and Restrictions usually establish Home Owners Associations to enforce the rules. There are usually annual dues collected by the Association. It is a good idea to learn about the Association, it’s policies and it’s dues PRIOR to signing a contract.
Covenants and Restrictions have some standard requirements though they can vary from subdivision to subdivision. Some require that all homes in the subdivision be log homes or have log siding, that all lots be used only for residential purposes, no businesses can operate out of any home, or that no farm animals be allowed in the subdivision-there can only be cats and dogs. You can see by that list of rules, that it is important to have these Covenants and Restrictions since they address issues that are taken for granted in cities or counties that have zoning.
Wyndham & Associates has represented many subdivision Home Owners Associations. We have drafted many Covenants and Restrictions for subdivisions, sought to enforce the requirements of the Covenants and Restrictions, or sometimes battled against the Association when they step outside the authority granted them by the Covenants and Restrictions. We have attended Association meetings to assist the formation of an Association where none existed before.
If Wyndham & Associates can assist you or your Home Owners Association, feel free to contact us. Often, the only action required is a consultation to understand the Covenants and Restrictions and how they work. The requirements set forth by these documents can be confusing and full of legal “loopholes”. We are here to help.
Preparing for Closing
As the Sellers:
Prior to closing, you will receive a Seller information sheet. It will ask for information that our office will need to prepare for a smooth closing. Some of this information is required by law. You may also be contacted by our office to clear up questions as they may arise in the closing preparation process.
If you have an agent, we will also be working with your agent to answer any questions we may have.
Information we will need include:
*Payoff Information
If you have loans against the property, we will need a payoff from your lender. This will require certain information from you and possibly your assistance.
*Social Security Number
This is required by law so that our office can issue a 1099. It is also usually necessary to have a social security number in order to obtain a payoff.
**Association information
If your property is subject to paying Homeowner Association dues, our will need that information at closing. It is our responsibility to insure that he dues are current and to prorate them between the parties.
**Miscellaneous information
Please let our office know if there is any matter which might affect the Seller’s ability to convey full fee simple title. These could include an estate matter that is outstanding, a past bankruptcy, a missing seller, liens, or even a marriage or a divorce. Please don’t assume that our office knows all about the title. We are only able to discover what is on the public real estate records. Probate and Bankruptcy matters are NOT part of the normal title search. We must be told about these if we are to handle this type of situation.
Real Estate Closings
Coming soon.