Real estate closing is the process of finalizing the property transfer to the buyer and receipt of the purchase price by the seller. The process involves paying a mortgage, signing agreements, and registering deeds. When handling such transactions, you need the representation of a real-estate closing agent, i.e., an attorney, for smooth transaction completion. The following are the reasons why you need an attorney during real estate closing.
They Help Prepare and Review Documents
Real estate transactions entail a lot of paperwork with documents, such as loan application forms, titles, truth in lending (TIL), affidavits, deeds, settlement statements, transfer of tax declarations, certificate of occupancy, etc. Checking and verifying the authenticity of these documents needs someone with experience in handling such matters; hence, the need to hire a real estate attorney. They ensure the other party doesn't take advantage of you during the transaction process. They also tell you the impact of all the documents on the real estate transactions and whether you're assuming or transferring liabilities. Moreover, real estate attorneys help draft the documents, ensure they include every detail, and comply with real estate laws and regulations.
They Save You Money
Hiring a lawyer for real estate closing may seem like an unnecessary cost. However, there's more to saving money in real estate transactions than the initial costs of hiring an attorney. Imagine being defrauded money you've saved for years or a loan taken to purchase a property or making mistakes that lead to selling your property at a lower price than its actual value. Buying a property with debts, or incurring legal sanctions like fines or compensation claims from an unprocedural transaction are possible scenarios in real estate closing, and you'll incur significant losses if any of them happen. An experienced real estate attorney conducts due diligence in every transaction step to ensure you don't lose money during the transaction process.
They Save Time and Give You Peace of Mind
Real estate closing transactions require a lot of attention since any mistake in the process may result in delays in finalizing a deal. If you're unfamiliar with the procedures and the documents, you might need considerable time to go through every step to ensure you're doing the right thing. That may be inconvenient to the other party who might want to acquire ownership quickly or urgently need the money from the transaction. Real estate attorneys have experience in dealing with such matters and will ensure faster completion of the deal, thereby preventing inconveniences. They also protect your interest during the closing process and give you peace of mind that everything is in order despite the accelerated process.
Are you looking to finalize real estate transactions in the coming days? Hire the services of a reputable law firm to act as your real estate closing agent. They'll help you investigate and prepare paperwork, save time and money, and ensure a stress-free transaction.
Contact a local real estate closing law firm to learn more.