What’s the difference between a real estate lawyer and a closing attorney?
Saturday, October 9th, 2010 | Real estate
What’s the difference between a real estate lawyer and a closing attorney? A closing attorney is a real estate lawyer who specializes in closing a property transaction. Closing attorneys examine the title to a property and resolve any issues before the close. The closing attorney will review and explain all the documents that you will be signing at the closing and make sure they are accurate. Real estate closings bring all interested parties together. While this may seem like a simple process, conducting a real estate closing is a complicated matter and requires a thorough knowledge of the law. This attorney should be experienced in all matters pertaining to real estate, and have a good working knowledge of the procedures and requirements of mortgage lenders in your area. The closing attorneys primary function is to ensure that good title” to the property is being transferred. This involves title research wherein the attorney will examine probate records, surveys, plats, and other legal documents. Conversely, if defects in the title exist, your closing attorney will attempt to correct the errors, so that a good title can be transferred. Should problems develop during the title examination, the attorney will contact the involved parties as soon as possible, so as to avoid any delay in the scheduled closing date.
Buying real estate is one of the largest purchases youll ever make, maybe even a life savings investment. As weve seen in recent years, real estate deals gone wrong can be devastating. You should always have skilled legal counsel for your real estate needs. There is really no reason not to. You are going to pay for the services whether it is your own attorney or the one that the other party or bank chooses.
The most important phase of purchasing or selling real property is the preparation of the initial contract. The real estate contract puts into writing the agreement between the home owner Seller and the home buyer Purchaser outlining the price, mortgage terms, closing date, possession date and other agreements. If a party has forgotten to add or subtract something from the contract, his/her last chance to correct the agreement before signing is during an attorney review. The typical first deadline is a contract review by respective attorneys and time for the buyer to obtain an inspection. The next deadline outlined in most real estate contracts is the time by which the purchaser has to obtain the mortgage financing approval.
Earnest money is an amount paid by the Purchaser to guarantee and confirm that the Purchaser will close on the purchase or lose the money which is held in escrow by the real estate agent or by the sellers attorney.
During the closing the Purchaser signs all his/her mortgage documents, the seller signs all his/her documents transferring ownership and makes sure all the documents meet the requirements of the lender and the title insurance company. The Sellers attorney prepares documents for the closing, according to the requirements of the contract. The Sellers attorney prepares documents for the closing, according to the requirements of the contract.
Whether you are a first time home buyer or have been involved in numerous real estate transactions, our attorneys have the experience to assure a smooth transaction. If you are selling your home, it is important to retain an attorney. Having an attorney to provide necessary advice can be critical in complex legal and financial matters. In every real estate transaction, there are complexities that could give rise to errors. At the closing, when everyone is ready to sign the papers necessary to finalize the deal, there exists the possibility of a problem. At worst, a closing mistake could give rise to title problems that will not be discovered for several months or years. A closing is more than just a formality, and needs to be approached with the same level of professional care as any other part of a real estate transaction. They involve the execution and delivery of all necessary documents simultaneously with the payment of the purchase price and the settlement costs of the transaction. Accordingly, sellers and purchasers often turn to lawyers. If you fail to retain your own legal counsel, the attorney for the other party or the attorney for the bank will charge you to prepare the documents on your behalf but will not afford you legal counsel to protect your rights and interests.
Let us provide you with affordable legal services in a comfortable, relaxed setting. We understand that every client has different concerns and we individualize our services based on the needs and goals of each client. I represent both buyers and sellers of residential property. I will review the offered contract or develop a new contract for you, review the title work to ensure you have clear title to the property, go over the sale procedures with you, and advise you every step of the way.
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