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A Bankruptcy Trustee may not recover payments made to a landlord concerning commercial rent arrears or to a supplier, on or after March 13, 2020, resulting from workouts before the bankruptcy filing,  under new Section 547(j) of the Bankruptcy Code.   These changes were made pursuant to the Consolidated Appropriations Act of 2021.  Congress made these changes to the bankruptcy code in an effort to encourage commercial landlords and suppliers to engage in workouts with tenants and customers due to the pandemic, by mandating that these payments would not be deemed preferential, if they were made after March 13, 2020.  The new law will remain in effect for two years, ending on December 27, 2022.  These changes to the law will prevent Chapter 7 bankruptcy trustees from commencing preference actions against commercial tenants or suppliers that meet the above requirements of the law. My Law Firm has been involved in many workouts where our clients have raised the issue of whether accommodations given to debtor(s) can be recovered by bankruptcy trustees if those debtors later file for Chapter 7 bankruptcy.  Although the bankruptcy code did provide defenses before the law change, such as the ordinary course of business and/or the new value exception to a preference, these law changes now provide certainty against preference actions in these types of workouts. If you have questions regarding preference actions, you should contact Jim Shenwick at (212) 541-6224 or [email protected]to discuss the facts or strategies involved in those cases. 

In prison?  If You Are Going to File Bankruptcy, You Must Follow the Rules – No Exception.

In re Harrell, BAP No. EC-20-1091-BTL (9th Cir BAP, 3-20-21) Harrell is incarcerated at Folsom State Prison in California. He filed a “skeletal” chapter 7 bankruptcy case on March 2, 2020. Later that day, the  clerk issued a Notice of Incomplete Filing (“Notice”), instructing Harrell to file by March 9 a Statement of SSN (Form 121) and Verification and Master Address List, and to file by March 16 the Statement of Monthly Income, Schedules A-J, Statement of Financial Affairs, and Summary of Assets and Liabilities. The Notice stated that if two filing dates were shown, each date must be timely satisfied as to the documents governed by that date.
On March 10, Harrell filed all of the documents listed in the Notice, with the exception of the Verification and Master Address List, which was due March 9. On March 11, Harrell requested, and the bankruptcy court granted, an extension of time to file missing documents. Harrell was given until March 30 to file them.
On March 26, Harrell filed a “Request for Assistance Giving Notice to Creditors.” Harrell stated that he was unable to provide notice of his case to creditors, because he filed his only copy of his bankruptcy documents on March 10 and Folsom was on lockdown due to the COVID-19 pandemic. On March 31, the clerk issued an Order Dismissing Case for Failure to Timely File Documents, stating that the case was dismissed for failure to comply with the Notice.
The Appellate Court affirmed the bankruptcy court’s decision, which means Mr. Harrell’s case stays dismissed.  But stated “Harrell is free to file another chapter 7 case if he so chooses.”

.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:980px) {.fusion-title.fusion-title-1{margin-top:15px!important; margin-right:0px!important;margin-bottom:0px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important; margin-right:0px!important;margin-bottom:10px!important; margin-left:0px!important;}}MUSINGS BY DIANE:To follow the rules, first you must know the rules. 
Bankruptcy is not a game.  If you file bankruptcy you must follow the rules, even if you are in prison.  This debtor wanted the Bankruptcy Court to help him file his list of creditors (a requirement to stay in bankruptcy).  The Court said “ah, no.  That is your responsibility, not the court’s”. 
I understand that people want to make their lives better and filing for bankruptcy protection may be one of those options.  But, if you are going to jump off the bankruptcy cliff, no one is there to catch you.  It is possible you will find hungry sharks in the dark waters below.  It is possible you will be forced to give up assets that are not exempt.  Understand that your family may be sued in order to take back the monies you paid them while you were not paying other debts.  These are just a few of the nightmares that could be waiting for you if you file bankruptcy without understanding the rules. 
Mr. Harrell does not know it, but now he has a bankruptcy on his credit, despite the bankruptcy being dismissed. Yes, he can file another bankruptcy, but then he will have two bankruptcies on his credit.  Oh, another surprise – there are rules about filing multiple bankruptcies.

Finances are confusing and everyone needs to take time to determine the best way to find a solution that works in the long run, not just today. Never rely on the Internet for advice – there is more bad advice than good. Always seek advice from at least two people who are experienced in the area you need help. Once armed with good information, then use your common sense to decide what is best for you.
@media only screen and (max-width:980px) {.fusion-title.fusion-title-2{margin-top:0px!important; margin-right:0px!important;margin-bottom:6px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-2{margin-top:10px!important; margin-right:0px!important;margin-bottom:10px!important; margin-left:0px!important;}}– Diane L. Drain.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 30px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 45px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}.fusion-button.button-1 {border-radius:10px;}.fusion-button.button-1.button-3d{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}.button-1.button-3d:active{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}Click here for steps to your free bankruptcy consultation
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• Transferring Assets Before Bankruptcy
• 10 Things You Need to Know Before Filing Bankruptcy
• Nothing is More Expensive Than Hiring a Cheap Attorney
• The Nightmare of Hiring the Wrong Attorney Based on Price

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The post Even if You Are in Prison – File Required Bankruptcy Documents or Your Case Will Be Dismissed. appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.

Bankruptcy Related Changes Under the CARES Act and the Consolidated Appropriations Act of 2021
February 9, 2021 By Andreozzi Bluestein LLP  By: Daniel F. Brown, Esq. (provided here for educational purposes only).

The Consolidated Appropriations Act of 2021
The Consolidated Appropriations Act of 2021 (the “Appropriations Act”) was passed by Congress and became law on December 27th, 2020, and addressed a number of specific bankruptcy issues which had not been addressed as a part of either the original Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) legislation or subsequent amendments or supplements to that Act.
A Quick Review of Bankruptcy Changes Under Original CARES Act
The original CARES Act provided for $1,200 stimulus payments to most individuals.   In Chapter 7 filings, the CARES Act also amended the definition of “income” to exclude coronavirus-related payments from the federal government.  It also excluded the coronavirus-related payments from “disposable income”.  The practical effect of these provisions was to prevent the stimulus payments from affecting a debtor’s eligibility to file under either chapter.
The CARES Act also provided relief to Chapter 13 debtors operating under a confirmed plan, as of the March 27, 2020 effective date.  The CARES Act allowed a debtor to request modification of a plan if the debtor is experiencing or has experienced a material financial hardship due, directly or indirectly, to the COVID-19 pandemic.  Further, debtors may extend plan payments under the plan for up to seven years after the initial plan payment was due.  These changes apply to any case for which a plan was confirmed before the enactment of the CARES Act.
Both the income definition changes and the Chapter 13 Plan modification and extension provisions of the CARES Act will expire on March 27, 2021, so anyone needing to modify and extend a Chapter 13 plan because of COVID-19 must do so quickly.
The CARES Act also modified provisions of the Small Business Reorganization Act (SBRA), which became effective in February, 2020 and which enacted a new Chapter 11 Subchapter V that was intended to allow small businesses to reorganize more quickly and less expensively.  As originally enacted, a business’s debts must be less than $2,725,625 in order to be eligible to file a case under Subchapter V.  This debt limit was increased to $7.5 million under the CARES Act, but that increased debt limit will expire and eligibility will return to its original dollar limit on March 27, 2021.
Changes Under the Consolidated Appropriations Act of 2021
The Appropriations Act became law on December 27, 2020.  That statute made a number of additional temporary changes to the Bankruptcy Code, all of which, by their terms, expire either one year or two years after the changes became effective.

1. The Appropriations Act amends the Bankruptcy Code to expressly provide that stimulus payments are not property of a debtor’s bankruptcy estate. This provision expires December 27, 2021.
2. The Appropriations Act amends the Bankruptcy Code to provide that no person may be denied relief under three enumerated CARES Act provisions solely because the person is or was a debtor in a bankruptcy case. The three CARES Act provisions are: (a) the foreclosure moratorium and right to request forbearance, (b) the forbearance of mortgage payments for multifamily properties, and (c) the temporary moratorium on eviction filings.  This provision expires on December 27, 2021.
3. The Appropriations Act amends the Bankruptcy Code to give the bankruptcy court discretion to grant a discharge to a Chapter 13 debtor even though the debtor defaulted on or after March 13, 2020 in not more than three monthly payments under a residential mortgage because of a material COVID-19 related financial hardship. Furthermore, the court can also grant a discharge to a debtor whose confirmed plan provides for curing defaults on a residential mortgage and the debtor has entered into a qualifying loan modification or forbearance agreement with the lender.  This does not mean the debtor will be discharged of the mortgage debt, but a debtor will be eligible to receive a plan discharge of other debts even though the debtor did not pay all mortgage payments when due under the plan.  This provision expires December 27, 2021.
4. Under the CARES Act, borrowers under federally-backed residential and multifamily mortgages can request payment forbearance because of COVID-19 hardships. In the case of federally-backed residential mortgage, the forbearance period can be as long as 12 months.  At the end of the forbearance periods, the borrower must pay the deferred mortgage payments in a lump-sum.  These deferred mortgage payments caused significant procedural and administrative complications in Chapter 13 cases.  To remedy these complications, the Appropriations Act allows qualified servicers to file a proof of claim for the deferred payments, even if the claims bar date has passed.  The Appropriations Act also authorizes debtors to modify a confirmed Chapter 13 plan to address the deferred payment plan.  If the debtor fails to modify his plan, the bankruptcy court (on its own motion), the U.S. Trustee’s office, the Chapter 13 Trustee and/or any party in interest may move for such a modification.  These changes expire on December 27, 2021.
5. Ordinarily, a Chapter 11 debtor is obligated to timely make all post-petition payments and to perform all post-petition obligations under an unexpired lease of non-residential real property. The Appropriations Act amends the Bankruptcy Code to allow the court to extend a Subchapter V small business debtor’s time to perform under an unexpired lease of non-residential real property if the debtor is experiencing or has experienced a material financial hardship due, directly or indirectly, to COVID-19.  These changes apply only to cases commenced under Chapter 11 Subchapter V and they expire December 27, 2022.
6. The Appropriations Act also amends the Bankruptcy Code in cases under all chapters of the Bankruptcy Code to give the debtor (or trustee) 210 days after the order for relief to assume an unexpired non-residential real property lease. Existing law had provided Debtors or Trustees 120 days to assume or reject an unexpired non-residential real property lease.  This change expires on December 27, 2022.
7. The Appropriations Act also amends the Bankruptcy Code to prohibit a debtor or trustee from avoiding payments made by a debtor during the preference period for “covered rental arrearages” and “covered supplier arrearages.” To qualify for the exemption, (a) the debtor and the counterparty must have entered into a lease or executory contract before the filing, (b) they must have amended the lease or contract after March 13, 2020, and (c) the amendment must have deferred or postponed payments otherwise due under the lease or contract.  This provision expires on December 27, 2022.
8. The Appropriations Act also addresses the much litigated issue of the eligibility of bankruptcy debtors to obtain PPP loans, but regrettably only adds to the uncertainty. The CARES Act,  created the Paycheck Protection Program (the “PPP”), the now-familiar potentially forgivable loan program administered by the Small Business Administration (“SBA”).  Since the passage of the CARES Act, the SBA has taken the position that companies in bankruptcy are not eligible for PPP loans.  The SBA has consistently denied PPP loans for debtors, and the case law around the country has been inconsistent.  The SBA has doubled down on position in its January 6, 2021 interim rules, which are also supposed to cover PPP Round 2 loans.  The Appropriations Act amends the Bankruptcy Code to permit PPP loans to debtors in Chapter 11, 12 and 13 cases.  It also discusses how claims for such loans are to be paid, as a part of a debtor’s plan, if they are not forgiven.

However, the statute also says such PPP loans will be available only if the SBA Administrator sends a letter to the Director of the Executive Office for United States Trustee acquiescing to PPP loans in bankruptcy.  Therefore, the new statute seemingly delegates to the SBA administrator the discretion whether to approve PPP loans during bankruptcy, so we do not yet know whether these PPP loans will be available.
Assuming the SBA Administrator acquiesces to PPP loans in bankruptcy, the loans will be available: (a) only in cases pending on or filed on or after the date the SBA sends the aforementioned letter to the Office of the United States Trustee, and (b) only to certain types of debtors, namely, Chapter 11 Subchapter V small business debtors (regular Chapter 11 debtors are not eligible), Chapter 12 family farmer debtors, and self-employed Chapter 13 debtors.  This provision, if it becomes effective, will expire on December 27, 2022.
The bankruptcy changes brought about through the CARES & Appropriations Acts provide debtors a window of opportunity that may significantly impact the resolution of their bankruptcies, but that window may be rapidly closing.  The attorneys at Andreozzi Bluestein are well versed in how the CARES & Appropriations Acts can impact debtors in all forms of bankruptcy.  If you or a client need clarification on how these changes may impact your specific situation, call us today for a no obligation consultation.
(click here for the original article)

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My advice – never rely on advice from the Internet or your neighbor.   Understand that the “law” changes regularly, so a good answer today can be a bad answer next year.  Seek advice from at least two people who are experienced in the area you need help. Once armed with good information, then use your common sense to decide what is best for you. 
Lastly, never look for the easy out.  For instance, if you can pay your rent or mortgage, then do so.  In the long run, don’t assume you are going to get a free place to live.

@media only screen and (max-width:980px) {.fusion-title.fusion-title-6{margin-top:0px!important; margin-right:0px!important;margin-bottom:6px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-6{margin-top:10px!important; margin-right:0px!important;margin-bottom:10px!important; margin-left:0px!important;}}– Diane L. Drain.fusion-body .fusion-builder-column-14{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-14 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 30px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 45px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-14{width:100% !important;order : 0;}.fusion-builder-column-14 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-14{width:100% !important;order : 0;}.fusion-builder-column-14 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-10{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}.fusion-button.button-3 {border-radius:10px;}.fusion-button.button-3.button-3d{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}.button-3.button-3d:active{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}Click here for steps to your free bankruptcy consultation
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• Will You Lose Your COVID-19 Relief Funds?
• 10 Things You Need to Know Before Filing Bankruptcy
• Avoid COVID Mortgage Relief Scams
• Problems Paying Your Mortgage During COVID?

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The post Bankruptcy Related Changes Under CARES Act and Consolidated Appropriations Act appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.

Congratulations, you are almost the owner of a new home! It is an exciting time, and it is important to celebrate every step of the real estate buying process. 

Before you can move into your new home, there are a few critical steps to complete. As a buyer, it is essential to check off every requirement to avoid issues and delays at closing.

Buying a home is often the largest purchase a person makes in their life. Before signing any paperwork, you must review and understand the documents. A real estate lawyer is beneficial in explaining the complicated legal documents and inspecting the contracts. To assist with the buying process, Wisconsin real estate lawyer, Shannon Wynn, created this buying guide and buyer’s checklist to help new home buyers. This helpful guide will review the closing timeline, answer common questions, and provide a closing checklist for real estate buyers. 

Real Estate Closing Timeline for Buyers

Buying a home is generally a long, complicated process with many steps and procedural formalities. The Offer to Purchase begins the process and includes the price the buyer will pay for the property, the closing date, contingencies that must be met, and other important terms and conditions for the transaction. Once an offer is accepted, it is time to prepare for closing. The purchasing process usually takes 30-60 days from when an offer is accepted.  

Hiring an experienced real estate lawyer and realtor make the closing process significantly smoother. These professionals are valuable in assisting you through the stressful contract-to-closing period. If you are looking for a Wisconsin real estate lawyer to help you with the closing of your new home, contact Wynn at Law, LLC at 262-725-0175 or send us a message.

Home Buyers Pre-Closing Checklist

Resolve Contingencies

The initial Offer to Purchase will have contingencies that need to be met before the transaction is finalized or closed. The most common contingencies are: home inspection, appraisal, and financing. The steps below will cover these contingencies and other common transaction conditions. 

Order A Home Inspection

It is highly recommended to have a professional home inspection conducted by a licensed home inspector. The inspection is the buyer’s opportunity to identify any significant issues, known as defects, before closing. The home inspection is also a chance for a buyer to learn more about the features of the home. There are many systems and features for the inspector to check. Below is a list of items that you may want to have the inspector review: 

• Building structure and foundation
• Roof and chimney
• Plumbing
• Electrical
• Heating/cooling system (HVAC)
• Windows, doors, floors, and walls
• Land grading and drainage

Once the inspection is finished, the inspector will create a report that notes any defects that were identified during the physical inspection. 

Depending on the transaction, the Offer to Purchase may include additional tests which are separate from the home inspection, such as:  

• Septic inspection
• Radon test
• Mold test
• Well inspection
• Well water test
• Asbestos test

If the home inspection or test identifies defects in the property, it may be worthwhile to negotiate with the sellers for a credit/price reduction or for the repairs to be completed prior to closing. A Wisconsin real estate lawyer can advise buyers about inspection contingencies and prepare an Amendment to the Offer to Purchase to account for the repairs.

Order An Appraisal

Lenders require the real estate to be appraised and will not commit or approve  a loan until the appraisal is completed. For this step, an appraiser may visit the property and ensure that the purchase price is considered fair market value. The buyer must check that the appraisal value is at or above the contract price before proceeding with the closing process. 

Order A Survey

As the buyer, you may be interested in having a survey of the property conducted. If listed as a contingency in the offer, the seller will typically pay for the survey. In some cases, there may already be a recent survey on record.

Get Final Mortgage Approval & Lock In Your Rates

Buyers usually finance their purchase with a mortgage from a bank, credit union, or other commercial lenders. Once your final contract has been signed, it is vital to provide your lender a copy. Before closing, it is beneficial to discuss the interest rate with the lender. Locking in the interest rate is important because even small fluctuations in the rate can increase your monthly payments. 

Shortly before closing, your lender will be able to provide you with a loan commitment; the commitment states that you will receive a loan from the lender in the amount necessary to purchase the real estate.  

Note: All interested home buyers should be pre-qualified for a mortgage loan before beginning a home search. Pre-qualification makes the offer to purchase and final approval process quicker.

Check The Property Title

Prior to closing, you need to conduct a full review of the property title to ensure that the seller is legally able to sell the property. A title search is an essential step in the pre-closing process. A title search verifies that the seller can legally transfer ownership of the property and that the property has no easements, disputes, or liens.

In this step, all existing records, including deeds, mortgages, paving assessments, divorce settlements, liens, and other public documents are thoroughly reviewed and examined. A property owner must fix errors, disputes, tax debts, and liens on the title prior closing. Buyers should have a real estate lawyer review the title insurance commitment for an additional layer of protection against issues with the title.      

Purchase Homeowners Insurance

All lenders require that buyers purchase homeowners insurance. This type of insurance protects the lender from a loss if the home is damaged or destroyed. Some lenders only require you to purchase homeowners insurance in the amount equal to your loan. It is recommended to have coverage equal to your property value and personal belongings replacement cost.

Conduct A Final Walk-Through Of The Home

The final walk-through allows the buyer to confirm that the condition of the property has not changed since the Offer was accepted. Typically, the final walk-through occurs in the 24 hours before the closing. This step enables buyers to check that the home is vacated, clean, and in the expected condition. During the final walk-through, take your time to verify all repairs and that all items/appliances/furniture included in the Offer to Purchase are correct. 

Review The Closing Disclosures (CD)

The Closing Disclosure is a document sent to a Buyer from their lender. This document will include important information about your mortgage, including your monthly mortgage payments, loan interest rate, length of your mortgage, and additional fees related to the closing. The buyer must sign the CD at least three business days prior to closing to ensure there are no issues.

Confirm The Closing & Move-In Dates

The closing date is set in the original Offer to Purchase. Most often, you are able to move in the same day as closing, but occupancy information is also in your Offer to Purchase.

Some additional steps may be unique to your home buying situation. Contact a local Wisconsin real estate lawyer to ensure that all legal documents, correspondence, and closing criteria are lawfully met.

Buyers Closing Day Checklist – What To Expect 

Once all the contract contingencies are met and the steps listed above have been completed, the transaction can close. At the closing, the buyer and seller will meet at the title company’s office at the agreed-upon date and time. Buyers should plan to sign numerous, complex legal documents and spend up to an hour at the closing.  

Below are some of the documents that buyers may sign at the closing: 

• Promissory note
• Closing Disclosure
• Closing Statement
• Mortgage
• Title Company Disclosure

It’s wise to have your real estate lawyer attend the closing with you to explain the documents and to answer questions. Lawyers often spot potential problems that can be fixed and will assist with unanticipated issues that may arise. 

Items Buyers Should Bring To Closing

• Photo ID (official government-issued ID, such as driver’s license or passport)
• Proof of wire transfer, escrow account information, or cashier’s check
• Checkbook 

After Closing Checklist

After closing, the property deed is recorded at the county Register of Deeds office. The deed is then returned to the buyer via mail. This filing puts the buyer’s ownership of the property on the public record. After the closing, the buyer will also receive a copy of the title insurance policy for their records. 

Congratulations – once the closing process is completed, you have purchased your new home!

Do I Need A Lawyer For The House Closing Process?

Wisconsin does not require a real estate lawyer for real estate transactions, but it is highly recommended for buyers. Your Wisconsin real estate lawyer will protect your interests and make sure all legal documents, correspondence, and closing criteria are lawfully met. 

Wynn at Law, LLC Helps Buyers Throughout The Real Estate Closing Process

Buying a home is a detailed process that takes time to complete. As the buyer in a real estate transaction, it is always better to have a real estate lawyer on your side. By law, only a real estate lawyer can provide you with legal advice during the home buying process, not a real estate agent, loan officer, or closing agent. If you need a Wisconsin real estate lawyer when buying a property, please contact Wynn at Law, LLC by phone at 262-725-0175 or send us a message on our website’s contact page. Wynn at Law, LLC has law offices located in Lake Geneva, Salem, and Delavan, Wisconsin.

Continue Reading: Real Estate Closing Checklist for Sellers

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