In Davenport, IA real estate buyers require adequate protection when they begin a real estate transaction. They need to know their rights during each step of the process. These buyers face real estate agents who want to complete a sale. They contend with a seller who wants to unload their product. Who is looking out for their interests? A real estate lawyer in Davenport, IA helps these buyers enforce their rights when buying a home.
Reviewing the Appraised Value
The real estate agent completes an appraisal for the property. The appraisal is based on a market assessment, which reflects a value based on the price at which similar properties sold. It doesn’t reflect the exact value of the property. An attorney could help buyers acquire a more accurate appraisal of the property.
The Title Search
Real estate attorneys conduct title searches to examine the transfer of ownership each time it was sold to a new owner, and determine if each transfer was completed appropriately. Any errors could prove that the seller isn’t the rightful owner, and they must be corrected before the property sells. Title insurance gives the buyer a refund of their down payment and earnest money if the seller isn’t the rightful owner.
Mortgage Loan Options
The buyer should never sign the mortgage loan contract without an attorney’s assessment. The loan officer provides the borrower with a complete copy of the contract. They have the right to bring the contract to their attorney before it is finalized. Attorneys identify any predatory lending practices present in the contract.
Attending the Closing
The closing finalizes the sale of the property, so all requirements must be met before it starts. The buyer’s attorney reviews all documentation presented during the closing in order to prevent any party from taking advantage of the buyer.
In Davenport IA, real estate buyers need help during a real estate transaction. They should never approach these transactions blindly, as it could present serious issues that lead to foreclosure later. An attorney prevents any obstacle that could present these issues for the buyer. Buyers who wish to hire a real estate lawyer in Davenport IA should Contact David J Franks Attorney-at-Law for more information today.
