Bushman Law Group Property & Real Estate Law

Real Estate

Welcome to the Bushman Law Group Real Estate Section. Real Estate is a major field in people’s private and public lives. Here, at the Bushman Law Group, we will handle your real estate needs. Real estate closings include drafting and reviewing the bargain and sale contract, lenders papers, and releasing any encumbrances on the property. We will disburse on payoffs and preside at the closing to ensure smooth transactions.

See our Tip section for Buyer's.

See our Tip Section for Seller's.

There have been many changes in the past year to buying and selling a house. For buyer's the process may have gotten easier. The U.S. government has made changes at very important parts of a real estate transaction that involve a loan that will be backed by Fannie Mae or Freddie Mac. Before examining those changes, lets understand the real estate transaction parts.

First, a seller will decide to sell his house. The seller will then contact a real estate agent who will list the house, or the seller will attempt to sell the house himself.

Second, a buyer will come to like a certain location that she no longer wants to rent as her correct residence, but she will desire a place of her own. The buyer will hire a real estate agent who will help her find a house or the buyer may, and in fact will, search for a house herself. Usually, the buyer will also pre qualify at a bank with a lender, at this point in the time line, so she knows how much she may be able to borrow to buy a house or condo.

Third, the buyer finds a house she wants to buy and through herself or her real estate agent drafts a contract, puts down a down payment and sends the contract to the seller or his agent.

Fourth, if the terms of the contract are agreeable to the buyer, then the buyer will sign the contract. The contract will include the price of the property, how the property will be paid, when the property will close, when the seller will leave the property and buyer can enter the property, what constitutes a breach of the contract, what constitutes a default in the contract, what remedies exists if either party breaches or defaults, and importantly who will be the buyer's closing agent.

Fifth, the buyer will go to the bank and see the mortgage lender, The mortgage lender will give a good faith estimate (GFE) of the costs to closing the real estate transaction.

The GFE will state the origination charge: these charges are the bank's processing fee, application fee, administration fee, underwriting fee, document preparation fees, wire fees, broker fee, lender inspection fee, yield spread premium, and similar charges.

The Bank may also select companies that can do for you the appraisal, credit report, flood certification, title company, closing attorney or closing agent.

The bank will also tell you services they require, but your allowed to shop around for: these services can be the closing attorney, the survey, the home warranty, termite inspection and a couple others.

The GFE will also inform you of your state and local recordation taxes, transfer taxes, initial deposit for your escrow, daily interest charge, and homowners's insurance (hazard, flood, earthquake).

Six, the buyer can take this GFE from the lender, and the lender must give you a GFE within three business days, and go to any other lender and compare the costs that each lender has (origination costs) as well as the costs for the services that the lender suggested to the buyer. the GFE will state how long these terms are open, and if the buyer accepts the GFE within that time period and the services suggested, then the government will ensure that origination costs, credit for the interest rate chose, adjusted origination charges, and transfer taxes will not change. However, some costs can change by up to 10%, such as the services they suggested and you approved, title's services and lender's titles insurance (if lender selected them OR you choose a company they identified), owner's title insurance, and government recording charges.

Seven, the buyer picks the lender. The lender wires or transmits the money to the closing attorney. The closing attorney drafts the deed and any other legal documents needed to complete the closing. The closing attorney checks to see if there are any judgments or liens against the property and that there is a marketable title. The attorney checks for easements or other irregularities with the property. The parties arrive at the settlement attorney's office. The seller signs the deed conveying the property to the buyer. The buyer signs all the paperwork that the bank requires. At this moment the buyer will be given a HUD-1 statement (a financial statement detailing the costs of the entire transaction), which will compare the costs as they were quoted on the GFE to how the actual costs occurred. If costs change that were not supposed to change or changed more than they were allowed to change, then the lender must pay the buyer for the difference.

Eight, the settlement attorney will take the deed down to the courthouse where most land recorder's offices' are located. The attorney will search the land records to make sure the seller has not conveyed the property to anyone else, received any new judgments or liens. If no surprises the attorney will record the deed with the land records clerk.

What were the new changes? The new changes are in the GFE, the GFE now is a better estimate of what the transaction will cost and how much it can fluctuate. Before many buyers would experience several thousands of dollars difference between the time they recieved the GFE and went to closing.

Why choose an attorney to settle over a closing agent? An attorney is licensed professional registered with the Virginia State Bar and subject to its disciplinary action. The attorney should have mal-practice insurance and ask them to make sure. The attorney not only spent time to understand the law, but attorneys can give legal advice. Legal advice that you can count on or sue them for mal-practice. Do you want to know if your property has an easement and what type of easement, then only an attorney can identify it in the Commonwealth of Virginia. What does "Joint Tenancy" or "with the common law right of survivership" mean? anyone can look this up for herself, but if a third party tells you what that means in Virginia then they are engaging in the unauthorized practice of law which is a class one misdeamnor, and your helping them do it.

Real Estate law is not confined to real estate closings. The Bushman Law Group will assist you with easement or recordation problems. Also, the Bushman Law Group, will draw up deeds to place your property in trusts or corporations, as well as, deeds of gifts for those generous clients. If you have a legal problem concerning this area, please call 703-524-0700.

Licensed in Virginia and the district of columbia