An Introduction To Real Estate
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Although most real estate contracts are considered “standard and customary”, no two properties are alike, and no two buyers and sellers are alike. It is crucial to get your real estate attorney involved as early in the process as possible.
Whether you are buying or selling a property, a huge variety of issues can arise before, during, or after your closing. Hiring a real estate attorney to represent your interests from the very beginning will help minimize the chances of issues arising that are fatal to a transaction.
The Roadmap To Obtaining A Title
- Title Attorney receives a contract and any special instructions
- Title work begins. Tax information is ordered and the transaction team begins a file.
- An abstractor begins a title search.
- History of property
- Owners of record
- Liens of record on title
- An abstractor begins a title search.
- An examiner reviews the title work
- A commitment to issue title insurance is forwarded to all parties.
- The processor works on pre-closing issues such as ordering payoffs, surveys, clearing any adjustments, etc…
- Legal and final documents are received, and all parties are advised of a closing time and location.
- Closing and funding occur. Legal documents are recorded and title insurance policies are issued.
- Take possession of the keys and ownership of the property.
5 Reasons You Should Involve A Real Estate Attorney In Your Closing
- Advocacy: Attorneys are ethically bound to act in your interests. A real estate attorney will review the contract, guide you through the process, explain the legal impact of the documents, and provide any necessary legal advice.
- Affordability: Unlike a realtor or mortgage broker who works on a percentage commission, a real estate attorney will charge a small flat fee to see you through the entire process.
- Education: There are a lot of moving parts involved in understanding and analyzing real estate titles. A real estate attorney will examine the title to the property, explain and resolve any found issues, and ensure that you understand what you are buying or selling. They do all this in addition to conducting closing the transaction and issuing the title insurance.
- Knowledge: You want someone who understands how to expertly conduct transactions. For most people, purchasing property will be one of the most significant and complex transactions of their lives. Having a trained, experienced real estate attorney to represent your best interests will be critical in ensuring that the transaction goes smoothly and successfully.
- Protection: While issuing title insurance will protect you from title defects after the purchase, a real estate attorney can also explain the legal documents and contracts between the purchaser and the lender to make sure you understand everything – and that the lender delivers on the agreement.
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