Why Attorney Representation? Buying or selling a home will probably be the largest and most significant transaction you will make in your life. Real estate transactions are unique and raise special issues of practice and issues not present in other types of transactions. A real estate lawyer is trained to deal with these issues. Only an experienced professional, who is closely familiar with the documents and process, can catch the potential problems or mistakes that may arise in a transaction. A real estate attorney will likely save you future time and expense by foreseeing issues and catching errors on the road to closing. Technically, unless you hire an attorney to represent you at closing, no one else exclusively represents your interests. Although your realtor is there to represent you, he or she is not authorized to give legal advice. Even the most experienced, professional realtors will be limited in the advice they can give you when the transaction hits road blocks, difficulties and unforeseen circumstances. Your loan officer or mortgage broker has the same limitations. They cannot give legal advice. It is also important to understand that other attorneys present at the closing – for example, the lender’s or other party’s attorney – do not represent you. These people may be able to answer some of your questions, but are required to act in their client’s best interests, not yours. What will an attorney do for me? Contract Review and Deadlines An attorney who practices in residential real estate will review your purchase contract before you sign it. This is particularly recommended for first-time homebuyers. Excitement and anxiety tend to take over when you buy your first house, which makes it easy to miss critical terms. Your attorney will work with the mortgage loan officer, the other party’s attorney and agents to make sure that dates are set for: home inspection, mortgage commitment, other contingencies and closing. This is critical because there are certain requirements and limitations on the timelines for these events. Missing any of them could add extra fees or prevent you from backing out of a deal even if you find something catastrophically wrong with the property. Document Review The attorney will inspect important documents for common mistakes such as typos and misspelled names, including: Deed, Legal Description & Other Closing Documents Mortgage Loan Documents Survey Title Search Title Insurance Policy Tax and Lien Search Resolving Disputes and Unexpected Problems There is an abundance of scenarios that your attorney can walk you through. Sometimes legal issues arise that your real estate agent can’t answer or is not permitted to answer. You will need your attorney to negotiate, advocate and resolve in your best interests. What if the inspection comes back with serious red flags? What if the property is damaged by water leaks or other harm between the inspection and the final walk through? What is the seller files bankruptcy while under contract? What if the property has a judgment or lien that no one was aware of? Whose responsibility is it to close expired or open permits? What if there are homeowner’s association violations or past due maintenance? What if the association has just voted on a special assessment? What is the seller’s spouse has recently died resulting in probate issues? Once you begin to go through the process, and understand the steps and procedures, you will be glad that you have a seasoned pair of eyes advocating for your best interests and bringing your transaction to close. Title Insurance View PDF Top 10 Things to Know View PDF Title Credits and Discounts There are numerous ways to save on title insurance expenses. If you are a seller purchasing title insurance on behalf of the buyer, you may be you may be entitled to rate discounts on the policy. If you are purchasing title insurance and your sale price is over $500,000, ask us about closing cost credits and/or discounts we can offer you. If you are a return customer, we would be happy to offer you discounted services and/or credits. If you are an investor, please ask us about discounts and credits we offer to our regular customers. Curing Title Defects Over the last decade, we have solved most every kind of title defect and brought the transaction to close. Some of the most common title defects and common solutions are listed below. It is important to remember that the title insurance policy can protect the homeowner and the buyer from most title defects. If you have a question about your current title insurance policy or how your policy can protect you post-closing, please feel free to reach out to us. What if it turns out there is a lis pendens on the property? It is possible that the property owner fell behind on their mortgage payments and has decided to sell the property. Whether the foreclosure litigation has not been filed yet or the litigation has been pending for months, a smooth closing is possible. It is the job of the real estate attorney to be sure that the foreclosure litigation has been dismissed and the lis pendens is released once closing takes place and the loan is paid off. What happens if there are judgments attached to the property? It is possible that the property owner had a monetary judgement entered against him/her that attached to the property. All judgments must be resolved by the time of closing. Sometimes this means that the seller will have to pay in full or settle the money judgment prior to closing. In other cases, if the property is homestead, a satisfaction of the judgment may not be required. It is the job of the real estate attorney to look for the smoothest viable option to bring the parties to closing. What if the condo or homeowner’s association has placed lien on the property? It is possible that the association has placed a lien on the property for one reason or another. In this case, the real estate attorney will need to work with the association to bring the property into compliance – – whether that means resolving past due maintenance dues or assisting with bringing the property into compliance with association by-laws. What does it take to be an Authorized Agent like us? View PDF Request Quote We are always available to request a quote. Please email us with the following information and we will respond with a quote. Are you a buyer or seller? Or refinancing? Sale price Are you obtaining a loan to buy? What is the property address or county in which the property is located? Anything else you feel we should know.
