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The Role of an Attorney in a Real Estate Transaction
Early legal advice is priceless
Call us when you start looking at the real estate market
and before you sign a purchase and sale agreement.
The purchase or sale of your home is one of the most important, and most expensive, transactions you will ever make. The process of buying or selling property requires attention to numerous details, many of which require extensive knowledge of local real estate laws. Therefore, it is advisable to consult with and enlist the services of a knowledgeable real estate lawyer.
You can probably choose Sheldon Law Offices, P.C. as the closing attorney for the lender.
Call us and we can tell you how this is done. The buyer, the seller, their respective lawyers and the closing attorney for the lender review, finalize, and execute all the closing documents. Some of the most important :
Purchase and Sale Agreement
To avoid potential complications, it is advisable for both the buyer and seller to enlist the services of a real estate attorney prior to signing an offer to purchase or a Purchase and Sale Agreement. By doing this, each attorney can help make his/her client aware of the legal ramifications of each clause in these documents.
A title search will be required by your lender and done by the closing attorney. This is accomplished by examining the records at the Registry of Deeds and, in some cases, the Registry of Probate of the county in which the property is located and other public records to insure that the owner does in fact have a good, clear record and marketable title to the property. The title search will also reveal any encumbrances, rights of way, easements, restrictions and any other matters or conditions which may affect the property.
This is the final settlement and signing of these documents. The buyer, the seller, their respective attorneys and the closing attorney for the lender review, finalize, and execute all the closing documents. These include, among many others, the:
- Settlement sheet (HUD Form 1) which documents all closing costs
- Promissory Note and Mortgage
- Truth in Lending Statement which documents all finance charges
- Survey or Mortgage Plot Plan (ordered by the closing attorney)
- Municipal Lien Certificate (ordered by the closing attorney)
After the Closing
After the closing, the title examination is updated by the closing attorney and the Deed, Mortgage and other miscellaneous documents are recorded in the Registry of Deeds.
When choosing a closing attorney, it is important to use a law firm such as Sheldon Law Offices, P.C., whose lawyers have decades of experience in real estate law.