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MILWAUKEE ATTORNEYS
Working With Your Real Estate Attorney
By W. Troy Swezey
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
Article Source:
http://EzineArticles.com
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