As noted by all, get on your attorney ASAP. Your second deposit is not due yet even though there is a "date" for this to be presented. It should be on hold until the attorney review process is complete.
My concern is why the delay in attorney reviews? What questions are causing a delay in the process? Your attorney should be responding to your inquires. This is your home purchase and the attorney works for you, by all means call 5 times a day until your questions are answered.
If you look to withdraw your offer due to the deposit, it seems to me that you are really not interested in this house. During the attorney review period you may withdraw your offer at any time, In todays market I would bet the attorney would charge something for his/her time for work that has been done.
So, break chops.. make calls, get copies of what is going on in the attorney review process, you need to be informed of what is happening this is YOUR home purchase.... more
Purchasing a property is a process that involves much documentation verification on both the seller and buyer side that ultimately leads to the transfer of title from the seller to the buyer. That final step, when the deed and HUD are signed marks the closing. A HUD-1 is a federal form required for any transfer of property when there is a government sponsored or secured loan involved in the sale. Many settlement agents (attorney or Title Company in NJ, sometimes an escrow agent in other states) use a HUD-1 even when not required, such as a cash sale.
Closings can go very smoothly, or there can be several open items that can cause delays and sometimes disagreements need to be resolved.
The purchase process involves several layers of documentation for both sides. Inspections can evoke discussions about needed repairs. Once the parties reach agreement and repairs or credits meet the approval of the parties, another item is checked of the 'to do' list and the parties are one-step closer to closing. Repeat the same for level two inspections, survey, title, mortgage, etc. Each process that is completed brings the parties further along in the closing process.
Just prior to closing, the buyers will do a walk through of the property. If any items were removed from the property that the buyer expected to stay or any repairs not made or not acceptable to the buyer, these will be addressed.
The buyers will sign all of their mortgage documents, and that pile keeps getting thicker. (Some of the docs are almost amusing, and I wonder who was paid to create such a document. I recently saw one that required the buyer to acknowledge that the mortgage company was not responsible for repairs to the driveway. It was a newer home in excellent condition with a picture perfect driveway. Moreover, whoever heard of a mortgage company doing repairs to a driveway?)
The buyer has more documents to sign than the seller at closing. If questions arise about the papers in the closing packet, those must be addressed to the satisfaction of the buyer.
Occasionally, a delayed wire, or a last minute question from the lender can hold up a closing an hour, two, or longer.
In NJ, a CofO is required by most towns, and that must be presented at closing, if not previously submitted.
Many closings go smoothly. If all documents are in order, the wire hits timely, and the walk through is smooth, the document signing, funds disbursement and key transfer can be completed within an hour. Tips to a smooth closing include working with a team who work well together and communicate often. The transactions that go the smoothest happen when a lender, attorney and Realtor effectively communicate well and often. This avoids unnecessary complications and aids in the resolution of obstacles that need to be addressed.
When all is in order, with no additonal questions, the buyer signs mortgage docs, seller signs the deed, both sign the HUD-1. The settlement agent (title company or attorney) will issue several checks to ensure each party is paying the proper amount to all parties, proceed checks are given to the seller, and keys and deed are presented to the buyer.... more