Legal Notes

One of the most daunting decisions lending institution, i.e., a bank or lending complicated due to new federal regula more comfortable and less complicated po with the home owner. On the other hand, if the home is list realtor and have him or her contact the re plaining the nuances of a home sale and are a good guide and source of the purchasing process. and realtor and have negotiated with the home owner or through prepare a contract. A realtor, of course, will have a Contract for Purchase and Sale, a form approved these real estate contracts provided the purchase and sale. to check the rates for conventional mortgage insurance. The loan process, no matter which weeks from loan application to closing. The loan application process involves requires an appraisal of the home, an rule for the loan to be approved, the home must have an appraisal value of at least the in which the home is located to review all land and mortgage records to see if the current owner has a current deed of the seller at closing. agreed on a purchase price, submitted the loan application, had the appraisal statement that outlines all fees and costs For a cash sale, the process takes of trust is paid out of the sale proceeds; are outlined on the closing statement. due to federal regulations. You will sign disclosure statements, errors and omission statements, Patriot Act statements, in-lending statements, and a deed of trust go wrong with a loan. Closings can be overwhelming and frustrating.

MY TAKE

Lucien C. “Sam” Gwin III was admitted to the Mississippi Bar in 1981 and has been practicing many aspects of the law at the firm of Gwin, Punches & Kelley in Natchez, Mississippi, ever since.