There are few investments in life that are as important as those involving real estate. They include buying a home, selling one, or securing a commercial property. The fact is, for real estate to change hands, a legal transaction is necessary. Anything “legal” needs to be handled carefully. This ensures that you don’t end up with legal obligations you hadn’t foreseen.
Real Estate Laws
In the US, laws surrounding real estate transactions vary from one state to the next. Even so, you need to be clear on whether you need a real estate attorney:
Several states have laws on the books mandating the physical presence of an attorney or other types of involvement at real estate closings, including: Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and West Virginia.
This list is subject to change based on newly passed legislation, so you should speak with your real estate professional for exact requirements. Read more at Superior Notary Service…
Having the latest info on what your state requires is very important. This is because laws are not static. So opting for a local attorney who is in touch with current affairs is advisable.
Closing Attorney Roles
A closing attorney has several responsibilities. They enable smooth transitions from one stage of the transaction to the next. Regardless of the nature of the transaction, each of the legal requirements should be met.
The closing attorney represents the buyer in the buyer’s purchase of real estate, or refinance of a mortgage loan. The closing process can be divided into three parts: Pre-closing, Closing, and Post-Closing. Here are some of the responsibilities and tasks of the closing attorney.
Before Closing, the closing attorney’s office performs a title search of the property, and collects and gathers information and documentation, as well as funds from the lender and the buyer, assembling it all in anticipation of Closing.
The Contract. Once the buyers and sellers are under contract, the closing attorney uses the contract to set up closing and begin gathering information regarding the parties, the property, price and other terms. Read more Jeff Porter Law…
Ideally, the closing attorney will be able to see the legal loopholes that you can’t see yourself. Such loopholes are the ones that eventually get people into sticky situations. In some cases, buyers actually end up without access to the very property they acquired. With a competent closing attorney, you’re on the safe side.
There are other benefits of having your attorney. Yet, the most important is that you’ll get exactly what you are looking for in the transaction you get into.
Attorneys do title searches, acquire title insurance for buyers, and handle the closing transaction. They work together with real estate agents and lenders to coordinate the closing, making sure everything is handled on time.
Attorneys also typically prepare deeds for sellers.
Buyers and sellers can hire their attorneys of choice. Each should work with different attorneys so they have someone representing their own best interests if a problem should arise requiring negotiation. Read more at The Balance…
Closing attorneys are also important for the advice they give. What you envision may not always be the best option. An attorney can help you see the range of possibilities within your reach. You could even end up with a better investment than what you had anticipated through their guidance.
At Meek Law Firm, you’ll work with experienced closing attorney Jonathan Meek. To discuss your needs, call him today at (704) 848-6335 or use the contact form on the website to schedule a consultation appointment. We look forward to hearing from you.