If you are buying or selling a home, you may wonder if you need the services of a real estate attorney. You may question what is their exact role in the process. The answer to your question depends on who the attorney is working for. They can benefit everyone at the closing table at multiple points during the process. Here are a few roles you may see the attorney play.
If The Real Estate Attorney Works For The Buyer
When a buyer hires a real estate attorney, the attorney will work with your agent and lender to ensure that you have all the necessary documents needed throughout the process. The attorney will make sure that all documents are legally prepared and ready at the time of closing.
The attorney will also ensure they complete your title search and funds transfer. They will advise you of any anomalies in your survey, such as property encroachments. They will even attend the closing with you if you desire.
If The Real Estate Attorney Works For The Seller
When a seller hires a real estate lawyer, the lawyer will look after your transaction from the initial real estate contract through the closing. Unlike a real estate agent who only has access to standardized forms, a real estate lawyer can draft specialized documents specific to your situation.
A real estate lawyer can negotiate transaction terms, resolve title issues, provide advice, and review closing documents and paperwork. Depending on where you live, the closing attorney may draft and prepare your deed and complete your sale.
If The Real Estate Attorney Works For The Mortgage Lender
When the mortgage lender hires a real estate attorney, they take on a very different role than when they represent the buyer or seller. But while they may represent the lender, they are usually paid by the buyer or seller, depending on the negotiations in the contract.
As an agent for the lender, the attorney oversees and conducts the closing. Their closing duties may include explaining the forms to the buyers and securing all the required signatures. The attorney protects the lender during the home inspection from any significant issues. If the inspector finds problems, the attorney may advise the lender on whether to proceed with the transaction.
When working for the lender, the attorney ensures the necessary monies are in place before closing. They may also ensure that there are no outstanding liens and property taxes owed on the property.
For more information, contact a real estate attorney near you.