The real estate closing process can be long and arduous. In some instances, it can be legally complex as well. If you’re new to it, you need to know some key information to ensure that you come out of the process with your investment and property secure. This article looks at three of the most important real estate closing steps you should know.
Open an Escrow Account
Escrow is an account held by a third party on behalf of the two principal parties involved in a transaction. Since home sale involves multiple steps which take time that can span weeks, the best way to mitigate the risk of either the seller or the buyer getting ripped off is to have a neutral third party hold all the money and documents related to the transaction until everything has been settled. Once all procedural formalities are over, the money and documents are moved from the custody of the escrow account to the seller and buyer, thereby guaranteeing a secure transaction. Read more at Investopedia…
Even before you decide on the property you will purchase, open an escrow account. Real estate deals can go south very quickly, and you might find yourself losing a lot of money. An escrow acts as a buffer, keeping all the funds for the transaction safe. In case a deal goes sour, you can recover your money from the third party.
Hire a Reliable and Experienced Attorney
While optional, hiring an attorney to represent you in a real estate deal is a luxury few should do without. If for nothing else, hiring an attorney that specializes in real estate transactions will provide you with a peace of mind that can’t be underestimated. In hiring someone that is well-versed in these types of deals, you can rest assured that all of the closing documents are in order and where they need to be. What’s more, a trained eye will be able to identify any potential problems and meet them head on. Don’t let paperwork prevent you from closing on the deal of your dreams; hire a trained professional to represent your side of the deal. Read more at ThanMerrill…
Signing the Contract
Signing the contract is not as easy as pulling out your pen and literally signing your name. Before that happens, you and the seller have to agree on the price. Plus, you and the seller have to agree on the terms of the sale.
Ideally, you should have a lawyer or a real estate agent take a look at the contract. If you don’t want to do that, be sure to ask questions about any clauses that seem unclear to you. You need to understand every word of the contract before you put pen to paper. Read more at Pinnacle Property…
Signing a contract may seem easy. Going over the contract with a careful eye is usually the issue. Get your lawyer or real estate agent to go over the contract and make sure everything in there is as agreed.
One of the most important steps in our opinion is hiring the right lawyer. In fact, if you hire the right lawyer from the beginning, then chances are you will save yourself a lot of problems, and possibly a lot of money too. In most cases, the amount of money you save will make hiring a lawyer worth it.
If you are in the search for a great lawyer to take you through your real estate purchase, then look no further; Meek Law Firm is here for you. Give us a call at (704) 848-6335 for more information on our real estate services.