November 11, 2022
You know you need a real estate lawyer for a transaction to close, but do you know why?
I can help explain.
What does a real estate lawyer do for a buyer during a real estate transaction?
Buying a home is likely the biggest decision you will make in your lifetime. This choice requires the support of real estate professionals to make sure every step of the process is followed, completed and done correctly! The person that takes care of all legal documents is your real estate lawyer.
They ensure the transfer of ownership, outlining the terms of your purchase agreement and a clear title to the property.
Real Estate Lawyers also:
- Review the Agreement of Purchase and Sale and all other legal documents of the transaction
- Ensure there are no claims listed againist the property
- Arrange for title insurance
- Ensure property taxes are up to date
- Calculate the land transfer due on closing
- Draw up the mortgage documents
- Close the transaction and ensure all legal and financial conditions are met
- Exchange legal documents and keys with the seller's lawyer.
A real estate lawyer is necessary for both parties of the transaction- buyers and sellers.
Selling a home is also a very big life decision, the help by a real estate lawyer ensures the transaction goes smoothly.
On the seller's side they are focused on the mortgage payout and a smooth transfer of the property's title. A real estate lawyer performs serval key tasks, including:
- Review the Agreement of Purchase and Sale Documents and any other legal documents before you sign
- Prepare the deed to your house
- Deal and remedy title issues as they occur
- Close the transaction
- Ensure all legal and financial conditions have been met
- Exchange legal documents with the Buyer's Lawyer
If you still have any questions regarding why you will need a lawyer during a real estate transaction, please feel free to contact me!
I would love to chat!
*not intended to solicit those under contract*