There will be few other processes, if any, that seem as complex as going through settlement and closing related to a real estate purchase. The many laws and formalities that go along with these transactions make them very complex and sometimes even confusing, whether you’re a buyer or seller. That’s why many individuals, both buyers and sellers, use attorneys to help wade through the details and ensure accuracy.
The closing process involves several different steps, many of which can be assisted by your real estate attorney, such as:
- Examine current title records for previous conveyances, easements, judgments, liens, or other title issues
- Verify that there are no errors in deeds involved in the chain of title
- Confirm that the seller does have authority to convey a good title
- Negotiate with the title insurance company regarding coverage needs
- Consolidate all of these details together to prepare for the closing process
Once these goals have been accomplished, there are other things that a closing attorney will do to make sure that all stakeholders are informed, like:
- Evaluate all the legal documents and negotiate contract terms
- Attend the actual closing to ensure the title is transferred clearly
- Discuss updates regarding property interest, if applicable
Hitting any kind of snag during the title process can be problematic for the buyer or seller. Having an experienced real estate attorney catch red flags early can prevent the buyer from facing issues in the future. The process of real estate transactions is detail-oriented and requires oversight from an expert.