On the Dotted Line: Why You Need a Real Estate Lawyer
Whether you are buying or selling your home, your ideal team of professional advisers should include a trained real estate closing attorney. Real estate closings are complex matters and require an in-depth knowledge of the law, so it is crucial that a practiced and well-informed real estate lawyer guides you through every step of the closing process.
The Benefits of a Closing Lawyer
The real estate attorney can handle time-consuming tasks when preparing for a closing, which consists of document review, examination of the title, contract drafting and negotiation, completion and explanation of legal documents, and resolution of any potential title difficulties. A qualified real estate attorney guides you through the process so that you are not dazed by inspections, loan documents, paperwork, disclosures, title insurance and affidavits, and unplanned issues that can quickly turn a sure sale into a disaster.
Negotiating and Drafting of the Contract of Sale
Since real estate attorneys have detailed experience with various types of real estate transactions, a buyer or seller should request their real estate lawyer negotiate the conditions and terms of their deal. Once the negotiations are completed, the real estate attorney will draft the contract, which will incorporate the terms of the transaction. There are many other documents involved with a real estate closing, and it can be difficult to review and understand all of them. Missing even a single clause can alter an entire legal document, but a trained real estate attorney can ensure nothing is skipped and everything is done in your best interest.
A real estate attorney scrutinizes the title records for judgments, easements, prior conveyances, unpaid mortgages, liens, and other burdens and clouds on title. They verify that the seller has the right to convey a good title to the property and that no problems are present in the deeds in the chain of title.
The Closing Documents
When it’s time to close the deal, a real estate attorney readies all relevant information into one cohesive set of documents. A closing statement should be organized prior to the closing, signifying the debits and credits to the seller and the buyer. An attorney is a can explain the nature, amount, and fairness of closing costs. If the attorney is there representing a seller, the attorney should also prepare the deed and transfer tax documents. At the closing, the attorney provides thorough explanations of the documents to ensure that the parties appreciate all issues involved in the transaction and the payment of the funds.
Are you looking for sound legal advice for your organization, business or corporation? Contact KGPC LLP today.