When you buy real property, there’s much at stake. To achieve the outcome you want, it makes sense to have a trusted advisor and advocate at your side. An attorney is best positioned for this role and can help you face changing circumstances that come up in the process of buying property.
In a real estate transaction, there are a series of functions which require an attorney’s professional expertise. An attorney can have a significant role in advising you in the following areas:
The brokerage agreement, the purchase and sale agreement, and other legal documents that are part of the process need to be reviewed. Your attorney can advise you on the meaning of items included in these contracts.
While price is often the main concern of the parties, there are other issues such as the terms of payment, mortgage contingency clauses, the status of fixtures, personal property, and risk of loss by casualty that your attorney can advise you on.
Determining the Status of Title
This is usually the part of the transaction that your attorney will focus on the most. A title search needs to be ordered and examined, and title insurance issued. Your attorney can explain to you any limitations or exclusions in the title policy and what that means to you.
Eliminating Title Problems
If there are limitations, exclusions, or the title is otherwise clouded, your attorney can work with the underwriter to determine if there are any remedies available to make the title marketable for closing.
Document Drafting and Preparation
It is the attorney's responsibility to draft the instruments necessary to convey the property.
Your attorney's firm will oversee the execution and exchanging of documents, disburse the require funds, memorialize, and record the transaction.