During a real estate transaction, an attorney is assigned to conduct the property closing. The attorney offers unbiased services that ensure that all necessary steps are followed. While the attorney plays an essential role, their purpose isn’t to look out for the interests of a specific client.
The Sales Contract
Real estate agents act as the liaison between the seller and the buyer. In terms of the contract, they negotiate to help the buyer achieve the most affordable price possible. Nonetheless, the agent earns a commission from the sale of the property.
Buyers should consult a Real Estate Law Firm before signing the sales contract. A real estate attorney reviews this contract to determine if the buyer’s interests are protected. They review the calculations for the agent’s commission and examine the terms to ensure that they are fair to the buyer.
Conducting a Title Search
The title search is one of the most vital parts of the closing. It dictates whether or not the seller has the right to sell the property. The attorney searches through title transfers for up to twenty years. The attorney could offer title insurance. This insurance assures the buyer that their down payment or earnest money is refunded if the seller isn’t the lawful owner.
Identifying Property Liens
During these transactions, a Real Estate Law Firm determines if there is a lien against the property. The seller is responsible for settling the property lien at the closing. In most instances, the funds are transferred by the buyer’s lender as the funds are released to the seller. After the lien is removed, a new title is created for the buyer.
Full Disclosure About the Property
Real estate laws require property owners to disclose information about lead-based paint and asbestos to the seller. If the property contains these materials, the seller has a legal obligation to inform the seller since they are dangerous substances. A failure to provide this information could lead to litigation.
Real estate transactions require an attorney to officiate the process. While an attorney isn’t required for the buyer specifically, a legal representative protects their interests. To learn more about these transactions, contact Robert S. Cutrona Esq.
