Tips for a Successful Residential Real Estate Closing ProcessNovember 17, 2022
3 Tips for a Successful Residential Real Estate Closing ProcessJanuary 23, 2023
When you sign a purchase or sale agreement, it’s a legal document that obligates the parties to follow the terms of the sale. This agreement sets out the particularities of the transaction, such as the price of the property, payment terms, closing date, inspection period, and other details. A real estate attorney should be present during the transaction process for the parties to be aware of any legalities regarding the agreement.
A transaction that needs to be correctly documented may lead to disputes among the parties, leading to costly litigation. Here we will discuss the importance of a buyer or seller having a real estate attorney review the terms and conditions of their agreement.
1. Help With the Negotiation Process and Drafting Contracts
The agreement needs to be drafted thoroughly. Any mistakes or omissions will affect the final contract regardless of whether the parties intend to make such mistakes. Failing to cover all contract details leads to disagreements, especially for buyers and sellers who may have different expectations about certain information. The presence of a real estate lawyer during the negotiation process and the contract’s clarity will also help avoid misunderstandings.
2. Addressing Title Issues
When buying or selling a property, ensure the contract addresses the title issue. Title issues are about encumbrances on the property, such as easements, unpaid mortgages, and zoning laws. A real estate lawyer will be able to address the title issues to prevent problems after closing. An outstanding lien can impact your purchase or sale agreement and even lead to financial loss.
3. Review Inspections and Disclosures
Having a real estate attorney present during the inspection can help clarify issues that may arise during this time. The buyer and seller can resolve any discrepancies concerning the property or bring forward any disclosures that need to be addressed. The buyer will be able to address concerns about property features that may affect their decision on the property.
4. Document Review
A real estate lawyer will also be able to review any documentation that needs to be filed after closing. This includes the necessary inspections, public disclosures, and transfers of property taxes. Having the presence of a real estate attorney at closing allows the parties to address any disagreements about the paperwork or issues during the inspection. If a party is not satisfied with the outcome, they can seek help from a real estate attorney.
5. Professional Contract Review
A real estate lawyer will also provide their expertise by reviewing the contract for the parties. It is common for a buyer or seller to miss essential details that may affect the quality of their agreement. A real estate lawyer will provide insights and advice as to whether the contract needs to be revised. The real estate attorney can also review the agreement to ensure it complies with all current laws and rules.
Find a Reputable Real Estate Attorney
To prevent complications during the sale or purchase of a property, you must choose a real estate agent and attorney who are reliable and trustworthy. You want someone you can trust to guide your transaction through the completion process. When you need assistance resolving any issues after closing, a real estate lawyer can provide the experience and knowledge you need to help resolve any disputes that may arise.
Closing a purchase or sale agreement requires the presence of a real estate attorney. This is to prevent any potential issues between the parties. A real estate lawyer will also help ensure that all possible outcomes are communicated to the parties.