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Working With Your Real Estate Attorney
Purchasing or selling a home will probably be one of your largest and most important financial transactions. Before signing a contract to purchase or sell a home, both buyer and seller should consult an attorney to assure that the real estate transaction will be handled legally and professionally. Although an attorney is not a required part of the process, particularly in many states where escrow companies will attend to all closing transaction details, an attorney can protect your interests and help you resolve any potential legal problems before entering a legally binding contract. Sometimes buyers feel the need to sign a contract quickly and don't have time to initially consult an attorney. In these cases, buyers can include language in the contract that will allow their attorney time to give final approval on the agreement - usually within three to five business days. This allows both buyers and sellers to expedite the contract process without fear of inadequate legal representation. Sellers and buyers alike should familiarize themselves with the real estate transaction process before selecting an attorney. Learning the formal steps in the transaction will help buyers and sellers choose the right attorney and proceed with confidence. Throughout the process, attorneys should attend to a variety of responsibilities, including consultation prior to the signing of the contract, preparing or approving the contract, examining documents and supervising the closing of the transaction. The attorney should be responsible for preparing or evaluating documents which may be necessary for completing transfer of the property. There are usually several documents to prepare in any real estate transaction, and the attorney can evaluate and explain each document to the buyer or seller whom he or she represents. The deed, the bill of sale, mortgage, promissory note, title commitment and the closing statement are only a few of the important documents that an attorney should review with the seller or buyer prior to the closing. One of the attorney's most important responsibilities in the real estate transaction is to determine the condition of the seller's title to the property. Through this process, the attorney will discover if the seller is the legal owner of the property and if there is an unpaid mortgage or lien which must be settled before the title to the property can be properly transferred. The attorney will also discover any restrictions or easements which are on the property and the status of any unpaid property taxes or assessments. The buyer, the seller and their attorneys usually appear together at a final meeting to review all closing documents. As this meeting, usually referred to as the "closing," the attorneys help explain, sign and exchange the documents and approve or clear up any remaining financial matters relating to the transaction. After the transaction is closed, an attorney will attend to any final details such as properly recording the deed, mortgage or other necessary documents and issuing title insurance policies. Many attorneys are specialized, and it is important that you choose one who knows real estate terminology and real estate transaction processes. Before hiring someone, you should discuss all the details of the transaction with your possible candidate, including all legal costs you will incur. The attorney's duty in any real estate transaction is to provide legal expertise. Through sound advice and thorough execution of all legal responsibilities, a good attorney will help you complete your transaction swiftly and with confidence. About The Author W. Troy Swezey is the author of "WORKING WITH YOUR REAL ESTATE ATTORNEY." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, "REAL ESTATE SECRETS EXPOSED." http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net
MORE RESOURCES: The Folly of China's Real-Estate Boom Was Easy to See, but No One Wanted to Stop It The Wall Street Journal George Lucas, Mellody Hobson double their Park Tower penthouse Crain's Chicago Business Judge Approves $418 Million Settlement That Will Change Real Estate Commissions - The New York Times Homebuyers and sellers might spend less following major real-estate settlement - Evanston RoundTable Homebuyers and sellers might spend less following major real-estate settlement Evanston RoundTable Judge approves multimillion-dollar Realtor settlement, upending the way Americans buy and sell homes CNN Former HGTV star gets jail time for real estate fraud KFOR Oklahoma City Agencies' headquarters in DC remained 'nearly empty' in 2023, real-estate board finds Federal News Network The Highest Paid Execs in Real Estate Mike DelPrete Alabama Realtors release March 2024 Economic and Real Estate Report Alabama Political Reporter Real-estate agent's ritzy Hamptons home used in fake Airbnb scam Business Insider Kevin Owens joins Scottsdale-based Lessen real estate company | Scottsdale Independent Daily Independent Chris Hemsworth's Homes: Inside the Marvel Star's Real Estate Portfolio Architectural Digest Recent commercial real estate transactions - 4/24/24 BizTimes Milwaukee Blackstone's Beleaguered Real-Estate Fund Stems Exodus The Wall Street Journal Reversing the Real-Estate Doom Loop Is Possible. Just Look at Detroit. The Wall Street Journal Baltimore City: See how much real estate prices increased the week of Dec. 11 - The Baltimore Banner Baltimore City: See how much real estate prices increased the week of Dec. 11 The Baltimore Banner Santander now servicing $9B NY real estate portfolio previously held by Signature Bank Long Island Business News People and Property: Real Estate and Construction News From Around NH New Hampshire Business Review reAlpha Tech Corp. Launches Claire, Real Estate's First AI-powered, Zero-Commission Smart Buyer's Agent Business Wire Real estate taxes due April 30 for Codington County property owners Watertown Public Opinion Real Estate Group Plans Anti-Transfer Tax Campaign State House News Service @properties and Christie’s International Real Estate opt to settle broker-commission lawsuits Chicago Agent magazine Rogers plans sale of data centres, other real estate as it zeroes in on debt Yahoo Canada Finance The World's Wealthiest Individuals Are Focused On Real Estate - Here's How You Can Build Your Own Real Estate ... Yahoo Finance Industry Real Estate Partners hires new vice president - Atlanta Business Chronicle The Business Journals Woman shocked to learn her Hamptons home was fraudulently listed on Airbnb after call to wire $25K New York Post FLAGSHIP COMMUNITIES REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF APPROXIMATELY US ... Yahoo Finance Housing Market Alert: Mortgage Demand Dips, Will Prices Crash? Norada Real Estate Investments Real estate group launches campaign to defeat transfer tax - Boston Business Journal The Business Journals Judge approves real estate commissions settlement Yahoo! Voices Woodsist Festival Announces 2024 Lineup Feat. Yo La Tengo, Real Estate, Jessica Pratt, & More Stereogum Fennemore renews Biltmore lease with smaller footprint amid firm's national expansion - Phoenix Business Journal Phoenix Business Journal Core equity real estate index posts another quarterly loss Pensions & Investments Earnings call: Alexandria Real Estate Equities posts strong Q1 results By Investing.com Investing.com Choice Properties Real Estate Investment Trust Reports Results for the Three Months Ended March 31, 2024 Business Wire A Look at the Real Estate Market in Milwaukee's Suburbs (2024) Milwaukee Magazine Real Estate Transactions Business West Invest DSM moving forward with The Commons at Highland Park Local 5 - weareiowa.com Forget 2008: Why Today's Housing Market in 2024 is Different? Norada Real Estate Investments Acore Capital raises $1.4bn for US real estate debt fund IPE Real Assets University of San Diego real estate team wins first place in 2024 ARGUS University Challenge Daily Commercial News Banks Believe They Are Well-Prepared for Commercial Real Estate Fallout The Wall Street Journal Who's Who in Residential Real Estate 2024: The 25 top-selling Realtors in Pittsburgh - Pittsburgh Business Times The Business Journals Woodsist Festival 2024: Yo La Tengo, Real Estate, Jessica Pratt, Bonnie 'Prince' Billy & more Brooklyn Vegan Baron Real Estate Income Fund Q1 2024 Shareholder Letter Seeking Alpha 5 Experts Dish on Philly's Real Estate Market Philadelphia Style | Modern Luxury Sponsor our real estate and development series Racine County Eye Real Estate Sales Include Two Falconer Commercial Properties Jamestown Post Journal Fort Worth Realtors group honors members' contributions Fort Worth Business Press Santa Ana real estate development is surging New Santa Ana Real estate is still moving, but a little slower Yoursun.com Is The Housing Market Going To Crash? Bankrate.com Manhattan Real Estate Update: "Embrace the Boredom" westsiderag.com Pinellas Beaches Real Estate April 11-19 The Gabber Newspaper Invesco Real Estate Buys 203,500 SQFT Warehouse in Auburn for $45MM The Registry Seattle 10 Real Estate Charts Showing What's Next for Housing: Ivy Zelman Business Insider |
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