A real estate title company researches the property’s chain of ownership, looking for claims, liens, and outstanding mortgages. They will also order a property survey, verifying that the home’s legal description matches its physical boundaries and addresses issues like shared yards, rights of way, and easements.
Legal Advice
Whether you’re buying or selling property, real estate attorneys are crucial to ensure that your real estate transaction proceeds smoothly. They can interpret your contract and advise you of any issues arising during the process.
A real estate attorney managed title company performs a complete search of public records to ensure that a property is free and clear of any claims or encumbrances. This includes liens, judgments, and unpaid taxes. The search also looks for easements, restrictions, and leases that may affect ownership. Once the search is complete, the title company prepares a commitment to share with all parties in the transaction. The commitment contains a list of exceptions the title insurance policy does not cover.
A home is typically the most expensive thing that most people will ever buy in their lifetimes. A significant investment should be handled with care and legal oversight. Using a trusted title company and working with a real estate attorney can help avoid unnecessary problems.
Document Preparation
Whether buying or selling, you must complete complicated legal paperwork and mortgage conditions. An expert real estate attorney will ensure all paperwork is completed correctly and on time. This can prevent costly mistakes that could jeopardize your deal or cost you money.
The attorney will also ensure that all contractual concerns are taken into account. This is particularly important in commercial transactions, which often have much different terms than residential ones.
It’s also essential to hire an attorney early in the process before you sign a purchase contract. If you wait too long, you might be obligated by unfavorable contract terms that the attorney could have helped you negotiate. It’s also essential to determine what the attorney charges for their services and how they bill—by the hour or a flat fee. And how available will they be throughout the process? They must be available to answer your questions and explain complex legal documents.
Negotiation
In many states, real estate attorneys can negotiate the terms of a contract of sale. This includes negotiating the price of a property, whether closing is contingent upon the buyer getting a mortgage, and what personal property will be included or excluded in the sale.
In addition to ensuring the title is clear, a real estate attorney can review the contract to ensure it meets state law and doesn’t include clauses that could be interpreted as unlawful. For example, a seller may try to use a clause in the contract that requires the buyer to pay for a new home inspection, but a lawyer can prevent this by ensuring the language is clear and understandable.
A real estate attorney can also help if you have a complicated transaction, such as a property purchase from a corporation or trust. Using an attorney is often the best way to complete a real estate transaction and can save you money in the long run.
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Closing
A real estate attorney brings legal expertise to the closing table. They can help ensure all contractual stipulations are met and assist if problems arise during the transaction.
They will also perform a title search, which provides insight into the property’s ownership. They can check to see if people other than the seller own or have rights to the property and whether there are any liens on the title.
The title company typically manages the closing on the property, which is often referred to as “settlement.” They will appoint a signing representative or real estate counsel to review the final settlement documents and ensure all financial transactions are completed, and the deed and title are correctly transferred. They will also oversee the escrow account, which safeguards upfront funds like earnest money and down payments. They will then disperse the funds at the closing according to the contract terms. They will also review legal documents for compliance with Title Insurance guidelines.
