Questions for Real Estate Attorney (property, townhome, contract, lender)

[brandy76]

I'm going to my real estate attorney for the 1st review of the purchase contract. What are the questions I should ask?

[checking out]

Ask if anything was discovered that causes a cloud on the title. Also ask for the property plat so that you can review this to see if it matches the property. Depending on the property and State legal requirements you may want to have the property surveyed so that the boundary is located.

Ask about title insurance. Lender coverage protects the lender but ask about buyer's coverage and determine whether it is a good idea to purchase this coverage. Understand that most buyer coverage terminates should you refinance in the future, and that lender coverage is usually required again when you refinance.

Ask about tax ramifications pertaining to the transaction, to determine if there are filing obligations and any benefits that you can take on your return.

You might do better to describe the type of property so better insight can be offerred.

No legal advice is being provided by this response, this is merely general information. Any legal inquiries should be directed to an attorney along with the facts specific to your issue.

[brandy76]

Thanks!! Me & my boyfriend are 1st time homebuyers. This is for a townhome in Northern NJ.