Montgomery, Kelley, & McKinnon, P.L.C.

Real Estate Law

If you are interested in selling your home or another property, Montgomery, Kelley, & McKinnon, P.L.C can aid you in a seamless sales transaction. During the basic sale process, we will assist you with the following:

  • Check title to ensure proper transfer of property and conveyance of clear and marketable title to the purchaser
  • Preparation of Deed, necessary affidavits and filing of 1099s
  • Payoff any mortgages and existing liens
  • Review HUD-1 prior to settlement
  • Review closing figures with you
  • Review contract prior to signing
  • Disbursement of proceeds
  • Deliver funds to intermediary in 1031 exchanges
  • We also specialize in preparation of Deeds to add or remove persons from title

Purchase

The purchase of real estate is the single greatest financial investment most of us will ever make. During the closing process, Montgomery, Kelley, & McKinnon, P.L.C will perform the following:

  • Determine whether the title to the property is marketable and/or insurable by a title company
  • Acquire loan documents and requirements from your lender and coordinate the closing process with them
  • Ensure that all contract and lender requirements are complete
  • Meet with you to review and sign all closing documents (the "Closing")
  • Obtain necessary title insurance coverage
  • Record all required documents in the appropriate Clerk's Office
  • Disburse all payments and fees as required to complete closing
  • Answer all of your questions
  • Help negotiate any repair issues
  • Act as your attorney throughout the process

Once the contract is signed, and you have selected us to handle your closing, we will need a copy of the contract (usually provided to us by your real estate agent). You will also need to tell us what mortgage company and home owner's insurance company you will be using. As the closing date nears, we will assemble the final settlement figures and provide you with the amount of funds needed for closing (our goal is to provide this information to you 24-48 hours prior to closing). The last thing prior to closing is your final walk through of the property to verify that there are no changes in the condition of the property.

Please note: in order to comply with regulations, it is necessary for your closing funds to be in the form of either a certified check from your bank or a wire transfer. All funds must be made payable to Montgomery, Kelley, & and McKinnon, P.L.C. State law prohibits us from accepting personal checks for real estate closings.

Refinance / Line of Credit

Whether obtaining a new mortgage to payoff an existing one or tapping into the equity of your home, these closings allow homeowners several options to pay off personal debts, consolidate loans, complete projects around the house or lower your interest rate. Montgomery, Kelley, & McKinnon, P.L.C will work with lender to:

  • Payoff current mortgage or any debts required by lender for closing
  • Update mortgage clause on HOI
  • Loan consolidation - going from two or more loans down to one
  • Obtain new lenders title insurance policy
  • Preparation of any deeds required to add/remove persons from title
  • The available interest rate on a new loan may be lower than your existing loan
  • A way to draw on the equity in your home to free up money for other things

Reverse Mortgage

Montgomery, Kelley, & McKinnon, P.L.C. can assist you on the closing of your reverse mortgage. Reverse mortgages are an alternative method of refinancing for homeowners who are 62 years and older. It allows seniors to use the equity they have accumulated in their homes to achieve greater financial security and continue their independent lifestyle.

Montgomery, Kelley, & McKinnon, P.L.C. will provide the following on reverse mortgage closings:

  • Coordinate with your lender to get required documentation including title commitment and homeowners insurance
  • Payoff your existing mortgage and any other liens required by the lender
  • Disburse the first cash pay out to you from closing

You must meet specific criteria to qualify for these types of loans, but the benefits are tenfold as the funds can be used towards home repairs, medical expenses, long-term care insurance, and a source to assist grandchildren and other loved ones. Monthly mortgage payments are eliminated and you are allowed to stay in your home. Contact a reverse mortgage specialist to discuss this loan option and see if it is right for you.

Construction / Permanent Mortgage

A construction/Permanent or C/P mortgage allows home buyers to purchase a home site, finance the construction of your home and provide permanent financing with only one closing. C/P mortgages have numerous advantages over traditional construction financing, including reduced closing costs, extended rate locks, the security of knowing permanent financing is in place, and additional tax savings for most purchasers. C/P mortgages also allow people to use their land as the down payment on a new home. If you are planning on building a new home, ask your loan officer about a construction/permanent mortgage.

  • Work with builder - coordinate with lender to obtain required documents
  • Serve as MLA throughout the entire process to ensure payments are being made to subcontractors before money is disbursed
  • Prepare final affidavits to be signed by builder upon completion of construction

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