Buying a house involves more than simply making a purchase; it also involves the legitimate transfer of property from one person or organisation to another. Because the legal aspects of this transaction may be so complicated, it is not uncommon for house buyers or sellers to find it beneficial (or even necessary) to work with an attorney who can watch out for their best interests given the legal complexities involved. Having a lawyer can be an expense that ultimately ends up paying for itself, even though you will probably already be dealing with a multitude of costs as you work to close on your house and probably aren’t eager to add another.
However, having a lawyer on your side can be an asset that ends up paying for itself. A real estate attorney is a person who is licenced to practise real estate law, which means they have the knowledge & experience to advise parties involved in a real estates transaction, like the sale of a home or a short sale. Someone who is licenced to practise real estate law is also known as a real estate lawyer.
What Services Does a Real Estate Lawyer Provide?
Attorneys who specialise in real estate are qualified and permitted under the law to draught and evaluate papers and contracts that are associated with the selling and buying of residential property. It’s possible that your closing may be handled by the same real estate attorney that represented you throughout the transaction.
When buying or selling a house, either party involved in the transaction can retain legal counsel to look out for their best interests throughout the whole process. Or, if a house is being acquired with the help of a mortgage loan, the attorney who is supervising the closing may in fact be working on behalf of the title company or the mortgage lender.
According to Bruce Ailion, who is both an attorney and a Realtor with RE/MAX Town & Country in Atlanta, a real estate lawyer has various tasks to fulfil in order to be successful in this endeavour.
Some examples of these services are as follows:
Confirming that the seller of the home is the rightful owner of the property; Locating and working to clear any unpaid loans, liens, litigation, or other claims against the property; Locating and working to clear any deed restrictions and covenants; Locating and working to clear any breaks in the chain of title; Confirming that the seller is the rightful owner of the property;
Making preparations for purchasing title insurance
- The process of negotiating and going over the real estate contract in order to figure out how the money will be divided up.
- Preparing the deed, disclosures, mortgage or note to secure financing following the mortgage lender’s instructions and presenting the conditions to their customer the process of looking for responsibilities, such as taxes, utility payments, and homeowners association fees, and then prorating them based on how they were distributed in the contract.
- Putting together a settlement statement that details the money that came from the buyer (or was provided on the buyer’s behalf) as well as the costs that were incurred by all of the parties involved, including things like agent commissions, attorney’s fees, underwriting fees, taxes, title search fees, loan discount points, and more.
- ensuring that the closure goes well and, if necessary, providing space for the seller and the buyer to sign paperwork and present official identification
- Confirming that all duties outlined in the contract have been met by the relevant parties while also providing assistance with conflict resolution