 Whether you are buying or selling a home, your team of expert advisers
should include a real estate closing attorney.
Real estate closings are complicated matters and require a thorough knowledge of the law.
With a decision as serious as buying and selling real estate, it is
important that you are guided throughout every step of the
closing process by an experienced and knowledgeable real estate lawyer.
The purchase of a home
is often the single largest financial transaction you will
ever make in your life. Why not ensure that all your bases are covered
by retaining a
closing lawyer to represent your interests and guide you through the
process. How a Closing Lawyer Can Help The
real estate attorney performs many time consuming tasks preparing for a
closing. A real estate closing involves a series of complex phases:
contract drafting and
negotiation, document review, examination of the title, completion
and explanation of legal documents, and resolution of any possible
title difficulties. An experienced real estate attorney oversees the
entire process so that you are not overwhelmed by the
paperwork involved, the disclosures that need to be made, inspections,
loan documents, title insurance and affidavits, and unforeseen issues
that can suddenly turn a sure sale into a disaster. Drafting and Negotiating the Contract of Sale Since real estate attorneys have sophisticated
experience with many types of real estate transactions, it is prudent
for a buyer or seller to ask their real estate lawyer to negotiate the
terms and conditions of their real estate deal. Once the negotiations are complete,
the real estate attorney drafts the
real estate contract, also
known as the Contract of Sale, which incorporates all the terms of the
transaction as negotiated. There are also other numerous documents
associated with a real estate closing. It can be hard to review and
understand all of them.
Missing even one clause can change an entire legal document so it is
important to have a trained real estate attorney aid in the process so
that no issue is overlooked and everything is done in your best interest.
Title Issues A
real estate attorney examines the title records for prior conveyances, unpaid mortgages,
liens, judgments, easements, and other encumbrances and clouds on title. They
verify that the seller has the authority to convey a good title to the property
and that no errors exist in the deeds in the chain of title. Closing Documents A
real estate attorney prepares all relevant information into one set of
closing
documents. A
closing statement should be prepared prior to the closing indicating
the debits and credits to the buyer and seller. An attorney is helpful
in explaining the nature, amount, and fairness of closing costs. If the
attorney is representing a seller, the attorney would also prepare the
deed and state transfer tax documents. At the closing, the attorney
provides detailed explanations of the
documents to insure that the parties understand all issues involved in
the transaction and the disbursement of the funds. Attend the Closing The
actual closing day is the most important phase in the purchase and sale
transaction and having a real estate attorney there to represent you is
critical. Title
passes from seller to buyer, who pays the balance of the purchase price.
The deed and mortgage instruments are signed, and your attorney can
assure you that these documents correctly reflect all the terms of the
transaction and are appropriately executed. There
may also be last minute disputes about issues arising during the final
walk-through and delivering possession or the adjustment of various
costs, such as fuel and water. If you are represented by an experienced
real estate attorney you can rest assured that these issues will be
properly addressed and your interests protected which might not
necessarily be the case if you are not represented by an attorney. Retain Closing Lawyer Jeanne M. Reardon Jeanne
M. Reardon is a Long Island real estate attorney who has handled
thousands of closings during her over 20 years of practice. She has
dealt
with any possible issue that may arise in a real estate transaction and
will advise you regarding your selling or purchasing of a home during
each step and phase of a real estate transaction. Call her today if you
plan to sell or buy a home in the Long Island or the Greater New York
area at (516) 314-8433. |
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