A survey is a drawing that outlines the boundaries and features of a property. While not always required, a survey can provide valuable information and help identify potential boundary disputes or encroachments. It is always wise to obtain a survey on real property prior to its purchase.

The penalties for failing to close on a residential property can vary depending on the terms outlined in the contract. Our firm advises clients on their contractual obligations and potential consequences of failing to close, helping them avoid legal issues and financial penalties.

Buying a foreclosure property can offer potential savings but also comes with certain risks, such as hidden liens, property damage, and eviction issues.

Zoning restrictions dictate how the property can be used and developed and can vary depending on the location of the real property.

The lender provides financing for the purchase of the residential property and plays a crucial role in the closing process. Our firm works closely with lenders to facilitate the transfer of funds and ensure that all financing requirements are met for a successful closing.

Yes, remote or virtual closings are becoming increasingly common, especially in light of recent advancements in technology. Our firm offers virtual closing options to accommodate our clients’ needs and ensure a convenient and efficient closing experience.

Property tax proration involves dividing the property taxes between the buyer and seller based on the portion of the tax year each party owns the property. Our firm calculates property tax prorations accurately and ensures that our clients are not overburdened with unexpected tax liabilities during the closing process.

A contingency is a condition that must be met for the residential closing to proceed. Common contingencies include financing, home inspection, and appraisal. Our firm advises clients on including appropriate contingencies in their contracts to protect their interests and ensure a smooth closing process.

Clear title is a title free of any liens or encumbrances that could affect ownership rights. It’s crucial for a residential closing to ensure that the buyer receives clear title to the property. Our firm conducts comprehensive title searches to verify the title’s integrity and resolve any issues before the closing date.

While not required by law, a home inspection is highly recommended before the residential closing to identify any potential issues with the property. Our firm works with reputable home inspectors in Chattanooga to ensure that our clients receive thorough inspections and address any concerns before closing.