Slepkow Slepkow & Associates, Inc. has been representing clients in real estate transactions for over 83 years. Slepkow has performed over 40,000 combined residential and commercial real estate closings. Slepkow Slepkow & Associates Inc. diligently and effectively represents our clients in RI and Massachusetts property law matters including but not limited to: residential real estate closings in RI and Mass., commercial real property closings in Southeastern Massachusetts and Rhode Island, as well as easement law, life estates, partition, title law and disputes, zoning and land planning law, mortgages, commercial and residential evictions and landlord tenant law in Rhode Island. Get a top RI lawyer for your real estate closing!
Below you will find 10 frequently asked questions concerning residential real estate closing in Rhode Island.
1.) Do I need a real estate attorney representing me in a closing in a Rhode Island or MA closing?
A real estate law lawyer should be in attendance at a Rhode Island or Massachusetts real property closing to answer legal questions and to resolve disputes. Most lenders require the presence of a closing attorney at all real estate closings. At SS&A, all residential and commercial closings are always performed and conducted by a licensed and highly experienced real estate transactions lawyer. Pursuant to RI law, the real estate buyer has the right to choose the lawyers to search title to the RI real estate. A purchaser of real estate in Rhode Island should always insist on an experience property lawyer instead of a title company to perform a title search. A good real estate lawyer at Slepkow Slepkow & Associates will help to resolve the problems and title issues which arise, and will not limit our scope of work to merely searching the title.
2.) When do I get my proceeds from the sale of the real estate as a Seller in Rhode Island and Providence Plantations?
The Seller will be given the proceeds from the sale after the deed has been recorded. In our office, we always record the documents the same day if the closing occurs before noon, and within 24 hours of closing in any event, barring weekends and holidays.
3) The home that I am about to purchase is not ready for sale on the scheduled date of the real estate closing. What should be done?
If the residential home in Rhode Island or MA is not in suitable condition to move in at the time of designated and scheduled residential real estate closing, you will need to consult with a top real estate lawyer. At our firm, if we are handling the closing, we will always strive to help the buyer with the predicament. There are numerous viable options which may include postponing the time of closing, giving a buyer credit, or escrow funds from the seller until the property is in the proper and suitable physical condition.
4) Where does the closing take place?
The real estate closing will usually occur at the lawyer’s office for the buyer of the real property. Occasionally, the closing may occur at the lender’s office or a real estate agency, or even the registry of deeds in MA or in RI at the town hall but the vast majority close at the real estate attorney’s law office.
5) What form of money should I bring to the real estate closing in Rhode Island or Massachusetts?
Purchasers should bring a bank check or certified funds to real property closing. If one of these options is not available, buyers should contact their closing lawyer at Slepkow Slepkow & Associates, Inc. to make arrangements to wire funds directly to the closing lawyer at least one business day prior to the day of closing. If verifiable funds are not present at the time of closing, the recording of the documents will be delayed and the buyer may not be able to move into the new home. Personal checks or cash are acceptable in nominal amounts up to a maximum of $1000.
6) What obligations do sellers of real estate have prior to the closing?
The real estate seller is legally obligated to produce a Smoke Detector and Carbon Monoxide Detector Certificate at the time of the closing. To obtain these necessary certificates, the seller or its agent must contact the fire department for the municipality in which the property is located to conduct the duly authorized inspection.
7) At a closing in Rhode Island and Providence Plantations, will anyone give me a survey of the property I am purchasing?
No. In Rhode Island, lenders do not require surveys. Unless the buyer requests a survey, no one will physically verify the boundaries of the property. In Massachusetts, a lender may require a plot plan of the property which does not formally locate all of the property boundaries, but it does locate the house in particular vicinity within the boundary lines.
8) Am I entitled to an appraisal of the real estate at the closing?
You are always entitled to a copy of the lender’s real estate licensed appraisal if there is a lender involved on your behalf as a buyer. The appraisal is often presented at the closing, or it can be requested in writing.
9) What if the real estate I am buying is in a flood zone?
If the real estate you are purchasing in Rhode Island or Mass. is in a flood zone as depicted on the government maps, the real estate lender (bank / finance company or lender will unfortunately require you to obtain costly federal flood insurance. You should be very careful of this whenever the property is near the water as flood insurance is often quite costly.
10) Does a title search or title insurance cover or pertain in any way zoning issues?
No. Zoning determinations are completely separate from the title to the property. If you want a Rhode Island or MA real estate lawyer to verify the zoning status for you, an additional legal fee would be required.
Citation, Resources and Quotes:
“The practice area of real estate and property law deals with a variety of related issues in both commercial and residential settings. Issues may include: rights and interests in real estate and real property; sales, purchases and other transfers of real estate and real property; legal aspects of rental property and landlord issues; tenants’, renters’ and homeowners’ rights; title to real property; settlement of claims against property rights; property development; zoning and land use; related agriculture issues; home loans and foreclosures; and various other relevant topics.” Georgetown Law https://www.law.georgetown.edu/careers/career-planning/practice-areas/real-estate.cfm
Nanda, A., Clapp, J. M. and Pancak, K. A. (2015), Do Laws Influence the Cost of Real Estate Brokerage Services? A State Fixed Effects Approach. Real Estate Economics. doi: 10.1111/1540-6229.12124 http://onlinelibrary.wiley.com/doi/10.1111/1540-6229.12124/references