The role of sales in many European countries is of a notary public, in the USA is run by a lawyer who provides for the Closing. The lawyer chosen by the buyer and the seller verifies the property and inspects the existence of gradients in the payment of back taxes, mortgages, liens, etc.. Once you find the right property and agreed the price with the seller, the purchase is formalized through the signing of the contract of sale. (Contract of sale).

In the sales contract will be decided in detail all aspects of negotiation: the payment of costs, time, manner, the assurances given to the buyer and the conditions precedent and resolutive as obtaining a mortgage. The buyer's attorney must check the "regularity" of the documentation produced by the seller.

The contract of sale is usually accompanied by an advance payment by the buyer (usually 10% of the agreed purchase price) as a deposit. This amount is not delivered to the seller, but is paid in a trust account (Trust / Escrow Account), managed by his lawyer, who in turn deliver it to the seller at the time of the transfer of the deed; and only if that the purchase is completed without problems.

 

 

When you buy a new property from a construction company, the lawyer should consider offering plan (the official document that describes the property is from a legal standpoint and a technical architecture), originally presented by the manufacturer to the Attorney General (a senior government official to act as security and power of certification, a kind of notary public), which happens to have the supporting documentation for the habitability of housing, size fractionation and The lawyer will also check the exact amount of common expenses (service charges) and Real Estate Taxes (property taxes).

 

 

When you buy in the private sector, the next step of signing the contract of sale is the filing of the application by the purchaser (literally 'question') to the condominium. By law, all buildings have the right of first refusal on the sale of a building on the condo (the right of first refusal, although it exists in theory, in practice almost never exercised).

 

Before completing the purchase process, the final step is the recovery of the title. In the United States, ownership of a property is certified by the title. After performing a title search ends with the title insurance written by a leading insurance company With this system, the buyer gets a double guarantee: a certified title insurance company assure the buyer the full ownership of the seller without no restrictions, liens and mortgages; and after purchase, the title insurance has the obligation to pay the buyer if some irregularities show up in the future.