When buying or selling a home, it is extremely important that everything is done legally. This helps ensure that the sale goes smoothly without any unforeseen legal consequences. For this reason, many buyers and sellers prefer to hire an attorney to oversee these large financial transactions. These are some benefits of hiring a real estate attorney involved when purchasing or selling a home.
When Buying A Home
When buying a home, a real estate attorney can help you understand the purchase contract and how you will take ownership of the home, check to make sure there are no liens, easements or other pre-existing issues registered against the home or property and prepare and register all legal documents.
A real estate attorney will also verify the terms of your mortgage with a bank and work to get them modified if needed. The attorney can also find out if there are any prior taxes owed on the home or outstanding utility bills that might need to be paid before the title can be put into your name. It is also a good idea to have the attorney to arrange title insurance protection in case there are defects in the title that you are unaware of.
When Selling A Home
When selling a home, a real estate attorney can review and prepare the purchase and sale agreement and negotiate any terms necessary between you and the buyer. He can also prepare the deed and a power of attorney if it is needed. If any issues with the title occur that the buyer does not agree with, the real estate attorney can work to correct them so that both the buyer and the seller are better satisfied.
When Closing The Sale
The closing of a sale of a home is one of the most important times that a real estate attorney is needed. The attorney can review the deed, the purchase agreement and all documents for utility inspections, pest inspections and homeowner's insurance policies.
The attorney will also prepare all closing documents, schedule a time for them to be signed and have them recorded properly after both the seller and buyer have signed them. Each party will receive copies of these documents as well as proof of payment from the buyer to the seller.
Many lenders require that a real estate attorney is used before they will agree to finance a home. Therefore, even if you are the seller, there will most likely be an attorney hired by the buyer who can help ensure that everything is done legally and that both parties are satisfied with the sale.
To learn more, contact a law firm like Valentine & Valentine PC.