How an Attorney Can Help During Real Estate Closings
Whenever you are involved with a real estate transaction, it's important to work with an experienced attorney. Since real estate closings involve complex legal issues, it helps to have an attorney who checks all the vital aspects of the process.
Here are some of the main reasons why a real estate closings attorney will ensure smooth transactions.
Why You Need an Attorney
An attorney is essential in closing a real estate deal because he or she knows what to look for in reviewing buyer and lender documents. An attorney will examine the title document to make sure that the seller is allowed to transfer the property to the buyer. The attorney will do a further evaluation so that restrictions, liabilities and other factors are clear.
Real Estate Closing Tasks
The attorney will provide the lender with an overview of existing financial facts about the property that must settle before the deal can be closed. In addition to title examination, the attorney will conduct the following tasks:
- writes an opinion about the title for title insurance companies
- coordinates with all parties
- review all documents the day of closing
- close the transaction and distribute all funds
Closing involves details that must be done carefully. When conducting the final review, the attorney must review the title and the deed, write an opinion then pay the title company. Communication with the buyer, seller and lender is crucial throughout the entire closing process.
In some cases, the attorney may have to deal with a homeowner's association. Funds that must be distributed by the real estate closing attorney include brokerage fees, county taxes, insurance fees, inspection fees and seller's proceeds, on top of attorney fees.
The reason you need a real estate closing attorney is that there are many important details that must be completed in a timely manner. You cannot afford to make errors that can slow down or halt the process due to technicalities. By hiring an appropriate real estate closings attorney who has been involved in hundreds of closings, you will have peace of mind knowing that all the necessary details were handled.
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