Selecting An Attorney
One of the most important components of either buying or selling a home is selecting an attorney. Although an attorney is not required during the home transaction process, they are a valuable resource that simplifies the legal aspects of a real estate transaction.
An attorney will protect your interests whether you are purchasing or selling your home, as they will resolve legal problems that may arise before a legally binding contract is signed. They are valuable in that they are able to evaluate complicated offers from buyers. Additionally, lawyers are vital in evaluating important documents that are required in property transfers such as: the deed, the bill of sale, the mortgage, the promissory note, the closing statement, and the title commitment.
Additionally, an attorney will help you protect your interest if you are buying a home and avoid the potential of signing a legally binding contract under unforeseen circumstances by determining the condition of the seller's title to the property. What this refers to is that an attorney will determine whether the seller is the legal owner of the property or whether there is an unpaid mortgage involved. Additionally, an attorney will examine if there are any restrictions on the property as well as whether there are any unpaid property taxes attached to the home.
An attorney is also present during the 'closing' stage of a home transaction. During this stage, the buyer and the seller meet for a final discussion to review all closing documents. In most instances, the buyer and seller are represented by their attorneys, in which the attorneys examine all of the requisite documents involved with the transaction. These attorneys usually attend to any final details that may complicate the transactions.
Choosing An Attorney
When choosing an attorney, it is important that the attorney specializes in real estate law. It also is important that you are aware of the real estate transaction process prior to selecting an attorney, regardless of whether you are purchasing or selling your home. By understanding the formal steps involved in this process, you will be able to understand the role of the lawyer in this process and therefore will be able to discern whether their proposed fees are fair or not. It is recommended that you interview several real estate lawyers and discuss all the details of the transaction to get a better sense of whether they are suitable to your needs.
