Taking the Plunge - Buying a Property

So you've identified your property, got your survey and appraisal - you now need an attorney who specialises in Real Estate.I have bought 10 properties and used the same attorney for all the transactions, both in Buffalo and Rochester. This has been the one side of my experience in WNY that has worked really well! My attorneys are Christopher J and Mariella Mikienis from Williamsville. As each of my purchases was less than $40000, no mortgage was involved and I have in fact financed the properties through a facility I have in the UK.
The procedure is that the Sellers Attorney forwards all the necessary title work to the purchasers attorney for review.the purchaser wires the necessary funds to his Attorney at times requested and these are held in a Trust account.
The Attorney reviews the title and the next you here is when he sends you a Closing Statement, which is basically his Final Invoice and a request for funds and also informs you of the Closing Date upon which ownership will transfer from the Seller to the Purchaser.
This Statement details the Contract Price and adjusts it for taxes and water bills either paid by the Seller in advance or owing by the Seller. It will also include the transfer of any security deposits or rents paid in advance by any tenant. The tax is usually a fairly large addition and the rent a similar deduction.
There is then a list of the Disbursements that the seller owes and will be settled and deducted from the sale proceeds. This is nothing to do with the purchaser but is an interesting insight into disposal costs.
The attorney then lists his costs which are added to the amount you owe to him and which must be settled before Closing.
These include:-
The sum from the closing statement
A wire fee for the transfer of money
Recording Fees
An overnight fee
His quoted attorney Fee
Title Insurance
A certified check fee
and postage for sending the documents to you.
These costs and fees in my case totalled approximately $1300.
You are then informed when the Closing meeting has been held and the deed recorded.
The property is then yours and the interesting part begins!