Working With Your Real Estate Attorney

Purchasing or selling a home will probably be one of your largest and most important financial transactions. Before signing a contract to purchase or sell a home, both buyer and seller should consult an attorney to assure that the real estate transaction will be handled legally and professionally.

Although an attorney is not a required part of the process, particularly in many states where escrow companies will attend to all closing transaction details, an attorney can protect your interests and help you resolve any potential legal problems before entering a legally binding contract.

Sometimes buyers feel the need to sign a contract quickly and don't have time to initially consult an attorney. In these cases, buyers can include language in the contract that will allow their attorney time to give final approval on the agreement ? usually within three to five business days. This allows both buyers and sellers to expedite the contract process without fear of inadequate legal representation.

Sellers and buyers alike should familiarize themselves with the real estate transaction process before selecting an attorney. Learning the formal steps in the transaction will help buyers and sellers choose the right attorney and proceed with confidence. Throughout the process, attorneys should attend to a variety of responsibilities, including consultation prior to the signing of the contract, preparing or approving the contract, examining documents and supervising the closing of the transaction.

The attorney should be responsible for preparing or evaluating documents which may be necessary for completing transfer of the property. There are usually several documents to prepare in any real estate transaction, and the attorney can evaluate and explain each document to the buyer or seller whom he or she represents. The deed, the bill of sale, mortgage, promissory note, title commitment and the closing statement are only a few of the important documents that an attorney should review with the seller or buyer prior to the closing.

One of the attorney's most important responsibilities in the real estate transaction is to determine the condition of the seller's title to the property. Through this process, the attorney will discover if the seller is the legal owner of the property and if there is an unpaid mortgage or lien which must be settled before the title to the property can be properly transferred. The attorney will also discover any restrictions or easements which are on the property and the status of any unpaid property taxes or assessments.

The buyer, the seller and their attorneys usually appear together at a final meeting to review all closing documents. As this meeting, usually referred to as the "closing," the attorneys help explain, sign and exchange the documents and approve or clear up any remaining financial matters relating to the transaction. After the transaction is closed, an attorney will attend to any final details such as properly recording the deed, mortgage or other necessary documents and issuing title insurance policies.

Many attorneys are specialized, and it is important that you choose one who knows real estate terminology and real estate transaction processes. Before hiring someone, you should discuss all the details of the transaction with your possible candidate, including all legal costs you will incur.

The attorney's duty in any real estate transaction is to provide legal expertise. Through sound advice and thorough execution of all legal responsibilities, a good attorney will help you complete your transaction swiftly and with confidence.

About The Author

W. Troy Swezey is the author of "WORKING WITH YOUR REAL ESTATE ATTORNEY." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, "REAL ESTATE SECRETS EXPOSED." http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net

---

Saving for a Home

So you want to buy a home? This is a... Read More

5 Hot Tips for Successful Real Estate Investment

The last downturn of the global stock market saw millions... Read More

Property Investing Secrets 2

Property Investing Secrets:How You Can Turn A Below Average Deal... Read More

The Many Ways To Profit From O.P.P.s Multiple Cash Streams

In a previous article we introduced you to the concept... Read More

Investing in Real Estate Vehicle for Wealth Building

Real estate is one of the best vehicles of building... Read More

The Devine Secrets Of The Ya Ya Lease Purchase Hood

The biggest secret of conducting a successful lease purchase business... Read More

The Benefits of Fractional Ownership in Private Residence Clubs

A New Way to Own a Vacation Home - For... Read More

Real Estate Marketing, Do You Use Direct Mail?

Prospecting for leads is by far the most difficult part... Read More

Oh No! Something has Happened in Florida

The Florida housing market has attracted many foreigners to invest... Read More

How To Get Top Dollar For Your Home ? Fast

1. Time is money when selling your homeAfter you've made... Read More

Branded Email in the Real Estate Industry

Branded Email in the Real Estate IndustryYou're in the real... Read More

Real Estate Investors: How to Get a Powerful Marketing Education for Free

I am a total geek.A few weeks ago, late at... Read More

How to Become a Successful Real Estate Investor

Many folks dream of becoming real estate investors, but not... Read More

Family Feud with an Auction Deadline ? Adventures in Probate/ Estate Purchases

One of our investor students told us of an interesting... Read More

Commercial Real Estate: Assessing The Unique Features Of Commercial Real Estate Parcels

As commercial real estate development progresses into the 21st century,... Read More

FSBO: For Sale By Owners Chapter One

She reached the phone on its second ring. "This is... Read More

Real Estate Problem Solver

IntroductionThere are many areas one can invest in. Since I... Read More

Renting a House

Renting a house or a room in your home is... Read More

Negotiating the Real Estate Contract

Negotiation is the process of communication back and forth in... Read More

OPM - The Art of Leveraging

Equity lender, hard money lender, private investor or what ever... Read More

Is It Wise to Take My Home Off the Market for the Holidays?

Let's say you've had your home on the market for... Read More

Finding Structural Problems During Escrow ? Small Rural Home Example

In rural home purchases, the transaction is often subject to... Read More

18 Easy Steps to Buy a Bargain House

What is a "distressed" property? What is "bargain" real estate?A... Read More

Mancos Real Estate

Real estate: availability and costIn 2000, the median home value... Read More

Sell Your California Home For Top Dollar

HOW TO SELL YOUR HOME FOR TOP DOLLAR1. Make your... Read More

What is a Foreclosure?

A foreclosure is an action taken against a property owner... Read More

Not Everyone is Buying or Selling, Some are Doing Both

As if one real estate transaction is not hectic enough?... Read More

Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs

There's no question about it: Buying a first home is... Read More

Real Estate Investing By The Numbers

Just like most things real estate investing can be broken... Read More

What We Do To Sell Your Property!

Once you have contracted us to sell your property we... Read More

Buying Property In Spain

It's high time someone advocated the use of common sense... Read More

Buyers Closing Cost

Buyers, borrower, closing costs can be divided into two categories.... Read More

Home Owner Association Restrictions ? Read Before Buying

Many communities have associations for homeowners, property owners, condo owners,... Read More