What Does a Real Estate Attorney Do for the Buyer and Seller?
A real estate attorney plays a critical role in any real estate transaction that is happening on both the parts of buyers and sellers. Moreover, he/she also makes sure that the deal is structured properly to comply with the law. Here is some valuable information about the services that a real estate attorney will typically provide for a buyer as well as for a seller in Boulder, CO to prevent any potential legal difficulties.
1. Role of a Real Estate Attorney for the Buyer
A real estate attorney potentially fulfills several different roles for the buyer. The primary role is to check that your purchase contract is valid and correct. In addition, they help you understand and clarify your purchase contract to ensure that your interests are protected.
Other than this, the two major aspects that are covered by a buyer’s real estate attorney include:
- Title Work and Documentation
The real estate attorney oversees all title work. Here, ‘title’ refers to evidence that proves a person’s legal right to the ownership of a property. Title work involves a search of all the relevant land and public records at the Registry of Deeds related to the property you are buying, dating back for a period of at least 30 years. This search also uncovers unsatisfied mortgages, easements or restrictions imposed by a prior owner, or other types of property issues that need to be rectified by your real estate attorney before closing.
The real estate attorney uses the findings of the title search to secure title insurance because all buyers are required to purchase title insurance before closing. The attorney also assures that the fees charged by the bank are correct, and reviews other documents for accuracy, including any taxes due.
The real estate attorney is responsible for overseeing the closing and to help you clearly understand all the documents that are required to be signed. Furthermore, he/she is there to handle issues that may delay your closings, as well as to identify and avoid problems that might question lawful ownership after the closing.
2. Role of a Real Estate Attorney for the Seller
Now, analyzing the different roles of a real estate attorney for the seller; here the attorney has an easier job than the one who is representing the buyer. However, the seller should look for a real estate attorney who has negotiating and problem-solving skills because it’s the seller’s lawyer who is needed to quickly solve a problem to save the deal. The other factors that are covered by a seller’s real estate attorney include:
- Helping the seller in drafting the terms of their sale and reviewing a listing agreement, if any such agreement is involved.
- Guiding the seller in case of counter-offers, along with resolving the tax implications.
- Preparing or reviewing all the paperwork, including deed, power of attorney, and the proposed settlement statement from the buyer’s attorney.
- Lastly, negotiating for the closing dates and preparing a certificate of satisfaction (if needed) to show that the seller has paid off any lender. This certificate is recorded only after the closing.
Also Read: Finding the Right Real Estate Attorney for Lease Negotiation Also Read: 5 Reasons Why Mergers and Acquisitions Often Fail
Now you know that real estate attorneys play an integral role in the real estate selling or buying process. If you are buying or selling any real estate properties in Boulder, CO, contact Keating & Lyden, LLC, which is among the most trusted Boulder real estate attorneys. We are just a phone call away! Make a call today at and protect yourself from losing valuable time or money while handling real estate matters.
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