After years of saving up, you finally decide to buy the house you always wanted to have. Buying a home may be a beautiful moment in your life, but it can get complicated if you have no idea of what to expect during the process. If it"s your first time, you might be overwhelmed by some things that are involved in a real estate transaction.
During this apparent dilemma, it"s wise to consider the expertise of a real estate closing attorney. Before you search for “title attorney near me" on Google, you need to understand what such expert can do for you during the sale process. Here are some primary responsibilities a closing attorney can handle:
Examination of the title
It"s important that you have a clear title for the property before you go and purchase it. In line to this, your lender would want it as well to protect their interest. A title attorney will evaluate the title of the listed property upon receiving a real estate purchase agreement. By a title search, both the buyer and the lender can have a clear picture of any problems regarding the property. Any existing mortgages will be identified as well as any unpaid debts that could be bad for you. Liens and any legal actions against the property will also be uncovered which can give weight to your purchasing decision.
Without conducting a title search, you"ll put yourself in a risky situation, and you"d be surprised of the several problems you would encounter as soon as you become the owner of the said property.
This policy is intended to protect the rights of the buyer and lender if there are any unwanted problems show up with the title. There are two types of title insurance: the lender"s title insurance and the owner"s title insurance. Lenders would more likely require getting a lenders policy as they would like to ensure that the title is legitimate before they cough up any finances. On the other hand, as the buyer, you also need to protect yourself from any legal claims about the property and get an insurance policy fit for owners. A closing attorney can sell you this insurance for a one-time fee, and it will keep you insured as long as you own the house.
Does a review of documents
On the closing day, the attorney will be responsible for checking the various paperwork related to the transaction. If you"re confused about legal terms in the said documents, a closing attorney will help you understand what you need to know by explaining all the details. You"d never have a headache if you have a lawyer to go through all those complicated words for you.
Coordinates between several parties
A real estate title attorney will communicate with different parties during the closing. He or she will not only talk to you (the buyer) and the seller, but also to other people involved in the transaction such as brokers, the homeowner"s insurance company, home inspectors, homeowner associations and so on. If there are any issues, the lawyer will be able to explain to you what needs to be addressed for the fulfillment of the closing transaction. A lot of coordinating will take place and you need a reliable attorney to keep track of things.
Based on the summary above, you can say that a title attorney is imperative for you to have a smooth experience in purchasing a home. But, not all lawyers are of the same skill, so it"s also important to see someone that would be able to carry out the job effectively.