Knowhow-Now Article
Important Reasons To Get A Real Estate Attorney
Regardless of if you are buying or selling you need to get a real estate attorney. A real estate attorney is a much needed part of your team. If you do not know why you need a real estate attorney read on and I will outline why having a real estate attorney can help on either side of the transaction.
What Your Real Estate Attorney Should Do For You If You Are Buying A Home:
The first thing that a real estate attorney should do is help you to understand the purchase contract which will include how you take ownership of the property. In addition they should do research into the property to make sure that there are no easements, liens or covenants that are registered against it. If there are, this could severely impact your ability to use the property that you purchased.
A real estate attorney will also prepare and register all of the documents that have been prepared and make sure that they are filed correctly. They will then clarify the terms of the mortgage and work with the bank attorneys to modify them if needed. You can get a separate real estate tax attorney to look at the taxes owed on the property, but for a simple home ownership purchase your own real estate attorney should be able to handle that.
Your attorney should also attend the closing and review all the papers you will be require to sign to protect you and make any last minute adjustments that need to be done. The attorney will also arrange to your title insurance protection put in place before you purchase. After all this is done they will also ensure you receive a valid registration of ownership subject to the liabilities you accepted.
What A Real Estate Attorney Can Do When You Are Selling Your Home:
An attorney who works with you when you sell your home will review the binder and prepare the purchase and sale agreement, including the negotiation of the terms. They can then prepare the dead if needed and deal with title issues as they arise and help correct them. They too will be at the closing and will review all the papers you have to sign. They can then arrange for the transfer of security deposits and arrange for insurance certificates as need.
Most real estate attorneys cost between $500 - $1500 and are usually worth every penny, especially if problems arise.
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