Home Closing 101: Be Prepared
- Posted on November 18, 2021
- In Nashville Real Estate, Real Estate Attorney, Real Estate Lawyers
Did you know that in a real estate transaction, average closing costs for the buyer run between about 2% and 5% of the loan amount? Real estate transactions can be difficult no matter if you're purchasing a residential or commercial property. As your price tag grows, your agreements can become more complex, leaving you more exposed to risk.
Investing in real estate involves many legal documents that will have long-term consequences for both parties involved in the transaction, if not handled correctly the first time. Working with an experienced closing attorney can provide you and your agents with the guidance and assurance needed to confidently make it through your closing process.
Here’s everything you need to know about your real estate closing transaction:
- Prepare & Proof Your Agreements
- Anticipate Title Issues
- Post Inspection Negotiations
- Prepare Escrow Documents
- Hire a Professional Real Estate Closing Attorney to Navigate Issues
Prepare & Proof Your Agreements
When it comes time to close on your property, preparing and proofing your purchase agreement will be one of the most important steps in the buying and selling process. In this agreement, you will find information regarding sale price, sale conditions, buyer and seller requirements, full legal names, and more. Purchasing agreements are subject to change as the closing process goes on and more information is learned about the property.
With that in mind, to be fully prepared for anything that is thrown your way during your transaction, a closing attorney can look over any part of your legal agreements to ensure nothing is left out. An attorney can also help you draft this document properly so that you address all the necessary aspects from the beginning.
Anticipate Title Issues
The real estate closing process isn’t always a quick and easy timeline. If you’ve invested in real estate properties before, then you understand that titling issues can sometimes come up. The title of your property can occasionally have certain outstanding issues that affect the timeline of your purchase or sale. This can include unpaid balances from previous owners, property taxes, liens, or even easements.
In order to mitigate your expectations throughout this process, it can often be helpful to anticipate title issues. Issues with titles can drag out the closing process, delaying your closing date for months. By hiring a closing attorney, you will be able to expedite the closing process.
Commercial and Residential real estate closings in Nashville necessitate an experienced real estate attorney. Visit Rochford Law & Real Estate Title today!
Post Inspection Negotiations
Whether you’re selling your property on your own or with a real estate agent, you will need to prepare for post inspection negotiations. If you don’t feel confident in your real estate knowledge or negotiation skills, a closing attorney can provide extra support with the help of an inspection report. Inspection reports can alleviate any issues that come up in post inspection negotiations. Negotiating on potential repairs or even changes to the sales price after excess property issues arise can be less difficult with a closing attorney.
Prepare Escrow Documents
Any type of real estate transaction will require you to handle various escrow documents. There are a number of important documents involved in escrow documentation, including the deed, settlement statement, and more. Having a clear understanding of these documents will be essential to the flow of the transaction.
If you are unfamiliar with escrow or the documents involved in this portion of the transaction process, you’ll want to be absolutely sure nothing falls through the cracks. A real estate closing attorney can provide this extra layer of security to make sure everything is in order.
Hire a Professional Real Estate Closing Attorney to Navigate Issues
Buying or selling a property can come with various obstacles at any stage of the process. In order to completely prepare for your real estate transaction, the best thing you can do for your legal guidance and protection is hire a real estate closing attorney.
Complications in closing can lead to a sale falling through completely. In order to mitigate the risks associated with the closing process, a real estate attorney can provide the guidance you need to be able to successfully proceed in these situations. A closing attorney will know how to navigate the process if you need to walk away from a sale.
Rochford Law & Real Estate Title
Disclosures are incredibly important throughout the real estate sales process. Leaving out any potential issues can open up a seller to a variety of legal troubles. You can be held liable for these issues even if you didn’t realize their disclosure was a necessity.
The real estate closing attorneys at Rochford Law & Real Estate Title will be able to advise you on all necessary disclosures. This protects you from facing legal troubles down the road.