Posted on: 8 October 2019Share
A real estate transaction includes a number of steps that must be followed in order to properly transfer a property from one owner to another. A real estate attorney can represent the buyer or the seller, but not both. A closing attorney makes sure that every element of the purchase and sale of the property is satisfied. They draw up the closing documents, make sure there are no liens on the property being sold, and get both parties together to sign documents and complete the sale. As a buyer, your real estate attorney will negotiate the finer points of the real estate contract for you. When you are the seller, your attorney checks the deed and makes sure your documents are correct.
Why the Closing Process Can Take Months
There's more to the real estate closing process than simply making an offer and having it accepted. The title of the home has to be researched. If there are any problems with the title, these must be addressed before the property can be transferred to a new owner. If there are issues during inspection, repairs might need to be negotiated before the sale of the home goes through. Document preparation is necessary, as well as figuring out who needs to be paid off from the proceeds of the sale.
As the Buyer of a Property
When you are buying a new home, you want to make sure that you know everything there is to know about a property. if there are easements, or if there are issues uncovered during the inspection, you may need to renegotiate with the seller. Once the title is clear, your attorney will make sure that anything you sign is above board and transfers the property legally to you. Your attorney looks over your insurance policy for the property and your financing documents to make sure everything is in order.
Closing on a Property
Once closing documents have been created, all parties involved come together and discuss the contract, the title, and any issues that were uncovered. Once you reach the closing stage, it is generally about finalizing the sale and moving on from the real estate transaction. Any problems are negotiated before the signing date, and the transaction is complete when the paperwork is signed.
A real estate attorney makes sure that the process of buying and selling a property is smooth. Documents are carefully prepared, and any issues are negotiated prior to the date of the closing.