31 Jan 2017

What will I have to Provide, so that my lawyer can close the purchase process?

Answer No. 1
For real estate projects, the purchaser will have to provide complete details to his or her lawyer. The details, to be submitted are as follows:

  • There must be a copy of the agreement signed between the parties.
  • In most cases, a mortgage agreement is signed from the end of a lender. If that has been signed, then a copy of the same has also to be submitted to the lawyer.
  • If in the due course any inspection of your property has been held, the copy of the report has to be submitted.
  • Two Photo ID proof has to be submitted, disclosing same details about the purchaser.
  • Date of birth proof has also to be submitted to the lawyer. If there is more than one purchaser, then birth proof of all individuals must be there with a lawyer.
  • Address where legal service will be enabled is also to be provided.
  • Insurance details of the property are also needed to be shared.

Answer No. 2
A lawyer will be closing the purchase process from the end of the purchaser. Hence he or she must have all the proofs, to show that he or she has been appointed by the purchaser(s) along with the closing fund. Proofs that has to be submitted includes photo id proof of all the purchasers, address of correspondence, proof related to DOB, agreement copy signed duly and Mortgage copy. With all the details and copies, the lawyer also must have the closing fund. However, the final payment will be confirmed to the purchaser, before the payment is made. Make a list of all the proofs, you need to submit, collect it and do the submission.

Answer No. 3
Your lawyer is the person who will complete the purchase process completely. So he or she must have the details for dealing the matter on behalf of the purchasers. There are two things that you will have to share with the lawyer –

  • One of them is regarding the proofs. This includes birth proof, id proof, address proof, a copy of mortgage and general purchase agreements. Make it a point that if the number of purchasers is more, then documents of all are to be submitted.

The second thing to be provided is the closing fund, that lawyer will have to pay on behalf of you.

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