Nearly 90 percent of homebuyers and sellers use a real estate agent during a property transaction. A much smaller percentage of participants consult a real estate attorney. While it is true that most property transactions go off without a hitch, there are times when expert legal advice can be helpful, even necessary. Because most issues arise after a deal has been made, a real estate closing attorney may be called in to ensure the legality of the arrangement.
Unlike regular property attorneys who focus on a much wider range of legal issues, the closing lawyer’s only job is to make sure a transaction goes through. As such, the services he offers are concerned with that goal, and that goal alone. Here are a few of the tasks a closer is expected to complete.
Examining Title Records
Because they are complex transactions, there may be errors on previous sales that delay a deal. A property lawyer must examine the title records of the residence to ensure there’s nothing that might invalidate the contract of sale. Unless the estate is hundreds of years old or has changed hands many times, this process can usually be completed in short order.
When a problem is discovered during the examination process, the real estate closing attorney must address it. If, for example, the house had a tax lien against it, he’d have settled the issue before the transaction could proceed. If the lawyer is unable to resolve the matter with the help of the current owner, the sale could not be completed.
Negotiating Contracts And Loans
In order to expedite the deal, a property lawyer can negotiate the term of all contracts and loans for his client. He will also explain the terms of all arrangements and get his client’s approval before making any legally binding agreement. Because these legal professionals have vast experience with the process, they can often save buyers and sellers a considerable sum on assorted charges and fees.
Reviewing All Documents
Before the final contract is signed, the closer will thoroughly examine all documents one last time. If all of the I’s are dotted, and the t’s crossed, he will give his client the green light to finalize the deal.
When To Call
Though they can help with any deal, most folks only call in a closer when they’re considering a high-end property purchase (over $3 million). Because these agreements are generally more complex and involve more interested parties, participants are more likely to run into problems during the final stage. An experienced lawyer can help them avoid these unexpected hurdles and move the process along for a small fee. In most cases, these legal experts provide a reasonable flat-fee structure that is based on the percentage of the final sale price.
Save time and money on a large property purchase with the help of a real estate closing attorney.