The Role of A Real Estate Attorney In Real Estate Transactions
Purchasing a home is probably going to be the most important financial transaction a person makes in their lives. Such large investments need to be protected with a solid contract and clearly defined terms and conditions.
From the moment you decide to buy a home, to the time you’re finally holding the house keys, you’ll have a series of important decisions to make—all of which of have serious legal consequences.
Here’s an overview of the main components of the transaction and how your real estate lawyer will guide you through the process.
The Real Estate Contract
The contract of the “Offer to Purchase” as it is sometimes called is one of the most essential documents you’ll sign during the transaction. It holds the purchasing price, how the payments will be paid, conditions of purchase (if there any) and a brief description of the property.
Before you sign the contract, you must read it thoroughly and consult your real estate lawyer while asking about any provisions that need clarity. Once you sign the document, you’re legally bound so it’s best to make sure you’re making the right decision.
Title Search
In the scenario that you’ve obtained a loan to buy the house, the lender will demand that a lawyer assess the relevant land records before closing.
Even if you’re not getting a loan, it’s better to have a real estate attorney evaluate the records to ensure you’re buying a property that isn’t claimed by other parties.
Your real estate lawyer will report to you and the lender along with the title insurance company.
Closing
Before you close, the lender will send instructions to your attorney, after which a survey will be conducted, pest inspections are carried out and you can take out a homeowner’s hazard insurance policy.
The real estate lawyer will prepare documentation needed for the closing; they’ll schedule a date and take all parties through the documents before getting them signed.
All concerned parties will receive physical copies related to the transaction.
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