A real estate closing agent is legally required as a part of the real estate closing process in almost all states. In some states, an Estate Planning Attorney is also needed. These brokers or attorneys can be called upon by the seller or buyer to make sure that things are done correctly. Some states do not require them but may have strong regulations on them.
Buying a home or a property has many exciting parts. One such part includes the licensing process, which typically includes a real estate attorney. While you are looking at homes, do make sure that you interview several different buyers. Each buyer’s experience will be different.
Before hiring a closing agent or broker, it’s a good idea to speak with the attorney. This will help you determine what services you need. A good consultation should go over the legal issues that could arise, such as title, foreclosure, purchasing costs, and selling costs. The attorney can advise you about each of these areas, including:
Before the closing date, a contract is created. This contract establishes the terms of the transaction and explains to the buyer and seller what happens. This contract may also include a provision allowing the seller to back out of the deal. That provision is called a lender’s ‘caveat emptor’ – a word that means that the lender can end the transaction without penalty or damages. Here is a tip: It is not illegal for a seller to back out of a deal (if he can explain it), so don’t assume that this is possible!
After the closing date, several ‘follow-up’ events occur. First, both sellers and buyers must register their legal names (and get their financial statements done). Next, they must transfer title to the property. Finally, sellers are asked to start writing-mortgage documents, such as a deed, a mortgage contract, and insurance policies. All of these actions will affect your credit rating and can cost you money if something goes wrong.
When you get the deed in your hand, you must sign it. Then, you must sign the title policy. You will probably need to get a property inspection report, a title company appraisal report, and a building survey report. If the transaction is being facilitated by a title company, you will also get a title report. Then, a building survey report will reveal all problems, such as electrical defects, structural problems, and structural foundation problems (there are many reasons why a title company might issue a building survey report). You will also probably need to get a roof inspection report, a pest inspection report, and a home inspection report.
After closing, one important thing that you need to do is to file all of your necessary paperwork with your County Clerks Office. Your attorney will be responsible for filing all necessary paperwork, including legal articles, real estate purchase agreements, and sales contracts. Before hiring an attorney, ask your lawyer to explain these filing steps to you. Your attorney will tell you when you need to file and how to file your paperwork. You must have this information before the closing so that there is no confusion when selling your house.
When you’re dealing with the lender, you can skip the real estate attorney. If the lender agrees to handle the closing proceedings on your behalf, you will not need an attorney. In most cases, the lender will simply pay the attorney fees since they realize that it is more convenient for them to have someone working on closing than to hire an attorney. However, if you still have questions or concerns, you should discuss them with your lender, not your real estate attorney.
The buyer and seller should both consult with their respective attorneys before signing any type of legal documents. The attorney representing the buyer will make sure that the buyers’ best interests are protected. Your attorney will also be in charge of presenting your best interests during the negotiations with the lender. Having an attorney working on the short sale will give you peace of mind so that you can focus on getting the best deal possible.
There are many reasons why a real estate attorney is needed during the short sale process. Many buyers and sellers do not know about these laws and regulations, often leading to problems down the line. There is no substitute for an attorney in these situations, as they know the transactions’ ins and outs and how to best protect your best interests. Even if you’re not planning to sell your home, it is advisable to consult an attorney. There may be other issues involved in your transaction that you would not be aware of if you did not have an attorney present during the transaction. If you are going through a divorce or are involved in a complicated estate in the city of Los Angeles, you might want to consider having an attorney look over the documents so that you can be sure that everything is done according to the law.