Reasons Why Your Real Estate Lawyer is Your New BFF

Reasons Why Your Real Estate Lawyer is Your New BFF

Purchasing real estate is tricky business. Although you would like to believe that you can handle it on your own, the real truth is it’s impossible. All the duties and responsibilities will turn into a giant ball of pressure and will knock you down before you can close the deal. This is why it is important for you to have an experienced professional by your side. This will make the property conveyance a successful one, not to mention that it will be less stressful too. The following are some services that you will be able to experience through a real estate attorney.

Title Search

When obtaining a loan for your investment, the lender of the financial agency will ask you to analyse the land prior to the purchase. You will need to ensure that the property is free of judgement, outstanding mortgages, unpaid taxes and the claim of others. A real estate attorney will examine the property records and will report back to the lender about the status of the land. This way, you will be able to ensure that your investment is a safe one.

The Contract

The contract will contain essential details of the purchase including the price, payment method, description of the land and other conditions of purchase. Make sure to read the contract well before signing it. Sometimes, you might not understand certain terms and conditions of the contract. At such circumstances, clarify them with your lawyer. Ask your lawyer to read through the contract to ensure that the conditions are termed in an accurate manner.

The Certificate

When it comes to property conveyancing, the property certificate is pivotal to the safety of the buyer. This document enables the buyer to understand whether the statutory regulations have been followed by the seller. Any land, whether it is public or private, should adhere to the standard health and safety building regulations. Through this document, you can find out whether the prospective land has breached any of these regulations and if so, has any legal action has been taken as a result. Your attorney will request for this certificate and will examine it to ensure that the investment is legit.

The Insurance

Regardless of the efficiency of you attorney, you will miss certain important details when conducting the title search. It is important to insure yourself against such potential hazards prior to the purchase. Forged deeds, clerical mistakes and missing heirs are some threats that you might have to face. These details will not be apparent in the title search and are usually undiscoverable during record examinations. This is why you need to contact your attorney to arrange your title insurance policy. This insurance will definitely protect you from such defects.

The Closing

Once the property survey, pest inspections and hazard insurance are successfully completed, the deal will have to be closed immediately. Your real estate attorney is fully responsible for preparing all the necessary closing documents. He or she must schedule the closing on a convenient date for both the buyer and the seller. The closing documents will need to be properly recorded and executed at the right time.

You never know what kind of legal issues you will have to face in a real estate transaction. Thus, it is best to have an experienced attorney have your back in case something goes wrong.

 

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