~ Buying A Home: The Role Of The Real Estate Attorney ~

1. Understand the roles of the parties involved in your transaction!

Although a real estate purchase is a transaction between a Seller and a Buyer, most real estate transactions involve other parties as well, such as real estate agents for the respective parties, a lender, an appraiser, an inspector and a title insurance company. All of those parties are often heavily involved in the process, making for a very complex transaction where stakes are high, and many competing interests are intertwined. That is why it is critical for you to engage an attorney long before you sign an offer for purchase.

2. Contact an experienced real estate attorney at the earliest stage of your transaction!

That’s right! You should contact a qualified real estate attorney even before you start looking for your dream home. Many buyers don’t realize that the “just looking” stage can quickly turn into “falling in love” stage with your new dream home. That on the other hand leads to an offer for purchase, and if accepted by the Seller, a lawfully binding contract. Therefore, before the emotions get the best of you, you should reach out to a qualified attorney to discuss the services she will provide. Armed with knowledge about the transaction process and knowing that a professional is looking out for your best interest will ensure you can proceed with confidence when you are ready to make an offer.

3. Understand the role of the attorney in a real estate purchase!

A real estate transaction does not boil down to loan application and signing a stack of documents at closing. Once your offer is accepted by the Seller, and before there is a closing, the attorney’s work begins.

Your attorney will:

• Review the terms of the contract during the attorney review period.
• Review or help resolve any issues that arise after the home inspection.
• Review the title commitment to ensure that liens or other defects in Seller’s title are cleared by the seller and seller’s attorney.
• Interpret and address any issues revealed by the survey.
• Evaluate all documents, such as the deed, mortgage, closing settlement, and seller disclosure statement.
• Consider and explain many complex legal issues involved, such as different areas of law that are or may be relevant to your transaction and the real property transfer process.
• Answer any questions you may have regarding your purchase.

4. Finally, the Closing!

Although an attorney’s expertise is invaluable at every stage of the real estate transaction, it is at the closing table, when documents are passed back and forth and a lot of money is changing hands, you can rest assured that your attorney is there to provide professional advice and support and look after your best interest!