Buying or selling property involves negotiations, inspections and a ton of paperwork. Hiring a real estate lawyer can help you cover all your bases so you won’t miss a detail. Here’s what a lawyer can do for you:
For buyers
- Review the purchase contract for any loopholes that might be disadvantageous to you in the future.
- Check and make sure there are no covenants or liens registered against the property that might prevent you from fully maximizing the use of the home or land.
- Prepare closing documents, says Investopedia, along with all the rest of the legal documents for the transaction and register them.
- Clarify terms mortgage terms and conditions with your bank. Your lawyer can also work with your bank in case changes or revisions are necessary.
- Write the title insurance policies as well and arrange title insurance protection so you won’t suffer from any losses caused by title defects.
- Attend the closing and review of all the papers that need to be signed.
For sellers
- A real estate lawyer reviews the binder along with the purchase and sale agreement. In some cases, a lawyer prepares the agreement and negotiating terms.
- Handle title issues. If there are any problems, your lawyer will fix them.
- Prepare the deed. If a power of attorney is necessary, your lawyer can handle this and take it off your hands.
- Attend the closing and review of all the papers that need to be signed.
- Handle the transfer of security deposits.
- Arrange for insurance certificates if this is necessary.
If you find yourself in the market selling a home or buying property, don’t hesitate to get legal help. Consult with a lawyer to make sure you hit the right notes when you buy or the sell property. You’ll find the experience easier and less stressful on you.
