Real Estate Attorneys: A Benefit in Home Purchases


Real Estate News

Real Estate Attorneys: A Benefit in Home Purchases


Written By: Realty Times Staff
Monday, October 19, 2020

The costs associated with buying or selling a home can add up quickly. Many buyers and sellers opt not to retain an attorney to save the several hundred dollars it costs to have one review the contract, deed and title, respond to inspection issues, and make sure the contract is performed according to its terms.

But the cost of an attorney is one that should not be eliminated in an effort to save money, in the end the lack of legal representation in the sale or purchase of a home could cost you much more than the money you saved.

It is common in some areas not to have an attorney involved in a real estate transaction, but consider the legal education or experience the closing or title agent, real estate agent or brokerage has >

nbsp;

Retain an attorney who specializes in residential real estate.

You might know an attorney who is a friend or >

nbsp;

Acquire a blank copy of the local real estate contract and review before you sign one.

Most local real estate boards have a form contract that has blanks for contract price, terms and conditions. You will feel more confident if you review a real estate contract long before you are asked to sign one. Ask your real estate agent for a blank contract after your first meeting. If you have questions about the contract ask your attorney to review it with you.

nbsp;

Have your attorney review all real estate contracts that you sign.

After both parties have executed a real estate contract, deliver a legible copy to your attorney promptly. Most contracts allow for a attorney review period of at least five business days. During this time your attorney can review and request certain changes to the contract or if need be void the contract.

nbsp;

Request a title insurance policy.

Your attorney will request a title insurance policy from the property seller. This policy insures you against any prior clouds on the title. The chain or history of title will be provided and will be reviewed by both sides attorneys to look for any possible irregularities before the title insurance is delivered. The buyers attorney can request that questionable items be removed or insured over by the title insurance provider.

nbsp;

Confirm and update legal descriptions on your property.

This is one of the most important reasons to retain an attorney. Legal descriptions that are recorded in title and deed government records should accurately state the current and updated legal description of your property. These descriptions are difficult for lay people to read and take an experienced legal eye to catch mistakes which could impact the property your buying or selling.

nbsp;

Review property survey.

Your attorney should receive and review the property survey before closing or escrow to check for encroachments when an adjoining property intrudes on yours, easements the limited right of another to use your property and verify parcel or lot dimensions.

nbsp;

Require your attorney to attend closing or escrow. From contract to closing is a marathon and the closing is the finish line. Your attorney should attend the closing or escrow to verify the smooth transfer of your property. Last minute glitches with possession, final throughs and mortgages need the finesse of an experienced real estate attorney.

nbsp;

Review post-closing documents.

Most attorneys want to review all recorded documents >

nbsp;

Administrate and evaluate problems in contract to closing period.

The time between contract and closing can include some problems that only an experienced real estate attorney can respond to adequately. Unreasonable requests after a property inspection, weak mortgage ability of the buyer, missed earnest money payments and quite a few additional issues can bog down a contract after acceptance. An attorney that has handled and most likely seen it all in real estate contracts, is your best asset when a contract get bogged down.

nbsp;



Copyright© 2020 Realty Times®. All Rights Reserved

 

Miami Dade Seller Services, Selling Your Home | The Reznik Group
Miami Property Search
Search in Spanish
Search in French
Search in German
Search in Italian
Search in Portuguese
Search in Russian
Search in Chinese
Facebook Twitter Linkedin Active Rain Instagram
Search by Map Miami Dade Seller Services Visit Our Mobile Website Sunny Isles Beach Penthouses

Bookmark this Site Client Login | The Reznik Group
Updated: Monday, October 19, 2020

5 Tips for Staging Your Home...
If youre in a tough sellers market or just looking to get top dollar for your home, you want...

Rate Locks: What You Need to K...
If youre a homeowner and thinking of maybe refinancing or youre out shopping for a new home,...

What Online Dating Can Teach Y...
Online dating is a big business; according to eharmony, forty percent of Americans use onlin...

Buyer vs. Seller’s Agent: How ...
Sometimes we dont focus on distinguishing between a buyers agent and a sellers agent, but un...

Ask the HOA Expert: Shared Exp...
Question: Our By-laws indicate that expenses are shared equally. We have one and two ...

Copyright ©2020 - Realty Times®
All Rights Reserved.

View All News
Ritz-Carlton Residences Condominium Construction Update September 2018
The Reznik Group is proud to feature the currently under construction Ritz-Carlton Residences...

Turnberry Ocean Club Construction Update - September 2018
The Reznik Group Miami Luxury Realtors is proud to feature the currently under construction...

View All Blog News