Buying or selling property in Lancaster County is a complex process with undeniable risks, which is why the Pennsylvania realtor and real estate lawyer who founded North Star Legal Services LLC has put together this helpful guide for the final stage of the transaction.
Buying or selling property is a big step for most families and businesses in Pennsylvania. Unless you are a big investment firm or a high volume landlord, chances are you will only make a handful of real estate transactions throughout your lifetime, sometimes never leaving the same area within Lancaster County.
This means that in each real estate transaction, whether you are buying or selling, you want to make sure everything is done correctly and by the book. If you do not, you run considerable risks and often incur even greater costs. To avoid both, you can work with experienced professionals at various stages of the real estate transaction, such as a real estate agent, realtor and closing attorney.
Or, if you are purchasing or selling in Lancaster County, you could work with Tom McGlaughlin, founder of North Star Legal Services LLC, who can provide all the advantages of both roles, for a smaller (and fixed) fee. Regardless of who you decide to work with, though, make sure to follow the guide below to ensure your transaction proceeds smoothly with minimal risk.
Real estate laws and practices are set up to reflect the importance of these sales and purchases. They could represent the future of your business, the place you want to raise your children, or a lifetime’s worth of savings and investment. You do not want to take risks or cut corners on such a purchase or sale, and should make sure that your transaction goes through the following crucial steps:
Once you have found a property or buyer that matches your needs and have decided to move forward with the transaction, the first step is to sign an escrow agreement. By handing over a small portion of the total price during escrow, the buyer is making their interest concrete and offering up some collateral should they back out later. In return, the seller is committing to their offer and won't be able to back out without also forfeiting the amount.
Your escrow agreement can also include specific conditions and contingencies, such as the results of inspections during the next stage of the process. Your agent or attorney can help draft this and set you up with an agreement that matches your needs, expectations and situation.
While you might be happy with what you have seen on a visit or have the buyer convinced they are making a great purchase, it is unwise to proceed as a buyer without taking certain precautions before closing. The most important of these are:
Once everything is in order and you are ready to buy or sell your Lancaster County property, it is time to proceed with the closing. This is the official exchange of the legal ownership of the property with the signatures of both parties on the closing agreement. There are a large number of documents and procedures involved, which you need to have carefully reviewed by a lawyer. This ensures that there are no mistakes, oversights, or extremely unpleasant surprises further down the road.
As you can see, there are several steps, each of which is necessary to mitigate major risks. That kind of security comes with some cost, however, especially if you work with different professionals at each stage of the process. Fortunately, when buying or selling in Lancaster County, you can get most of these vital services in one place: North Star Legal Services LLC.
North Star Legal Services LLC was founded by Lancaster County attorney Tom McGlaughlin, who has decades of experience in the practical and legal sides of the real estate business. He served as general counsel for one of the state’s most prominent builders and has helped countless families and businesses buy or sell property with confidence and security.
He knows how cumbersome and inefficient the real estate transaction process can be, which is why he set up his firm to provide all the crucial services needed for a flat fee. Unlike realtors who take a percentage cut of the transaction value, Tom’s fee is clear and transparent and fixed from the start, so you can plan and budget around it, without the need to pay an exorbitant amount later, or to lose a significant portion of the value of your sale to innumerable real estate professionals.
Simple, accessible, and affordable, North Star Legal Services LLC makes buying or selling real estate in Lancaster County that much easier and cheaper, so that you can invest even more in your future and dream home or business.
North Star Legal Services LLC| Real Estate Closing Done Right
If you want to buy or sell your real property in Lancaster County, but do not want to bounce around between a half-dozen different expensive professionals, but do want to take every precaution on your transaction, attorney Tom McGlaughlin and North Star Legal Services LLC are the team you need.
We will take you from the starting line all the way to the end zone while protecting your investment and future and minimizing your risks. Call (717) 990-7178 or reach out to us online to schedule a consultation and take the first step toward a clean and secure closing on your real estate transaction.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.
