As home ownership rates have increased by about 65% since last year, working with a real estate closing attorney could be in your near future. Real estate transactions can be some of the trickiest things to tackle in your adult life. Whether you’re investing in a residential or a commercial property, real estate investments can be expensive. The larger the price tag, the more intricate your agreements can become, leaving you more exposed to potential risk.
When you invest in a real estate property, there are a lot of legal documents that will have long-term effects for both parties involved in the transaction. It will be important for you to get those contracts right the first time. Your real estate agents are going to have a lot of knowledge relating to these essential documents, but they aren’t going to know everything. 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.
The assistance of an attorney throughout real estate transactions is not required in Tennessee, but it’s highly recommended.
Here’s everything you need to know about how a closing attorney can benefit you:
Prepare or Proof Agreements Address Title Issues Post Inspection Negotiations Inspect Escrow Documents Navigate Issues Receive Legal Protection With Rochford Law & Real Estate Title
Prepare or Proof Agreements
When it comes time to close on your property, the purchase agreement is one of the most important documents in the buying and selling process. This agreement will outline sale price, sale conditions, buyer and seller requirements, full legal names of parties involved, and much more.
These purchasing agreements can be susceptible to changes as the closing process goes on and more information is learned about the property. You and your real estate agent will be able to construct a purchase agreement on your own, without the help of your closing attorney. However, a closing attorney can look over any part of your legal agreements to ensure nothing is left out. An attorney can also help with the initial drafting of this document to make sure you address all the necessary aspects right from the start.
Address Title Issues
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.
Issues with titles can drag out the closing process, delaying your closing date for months. With a closing attorney, you can receive help with these issues to expedite your closing process. Additional documentation might be necessary and an experienced attorney will know what to do.
Post Inspection Negotiations
Whether you’re selling your property on your own or with a real estate agent, utilizing a closing attorney can help better prepare you for legal negotiations. A closing attorney will provide needed support with the help of an inspection report. These reports will often come out after a purchase agreement has been drafted, but can also find notable issues with your potential property.
Negotiating these potential repairs or even changes to the sales price can be less difficult with a closing attorney who can provide backup throughout this process.
Inspect Escrow Documents
When purchasing or selling a property, you’ll likely have to handle various escrow documents. This escrow documentation process includes many important items such as the deed, settlement statement, and more. These documents can greatly affect how the purchasing process continues.
While your real estate agent will have seen many of these documents in the past, these transactions can often carry a large price tag. 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.
As with anything in life, the buying or selling of a property can provide various issues at any step of the process. Any complications can lead to a sale falling through completely. Since you won’t want to start back at the first step, it's better to try to work through any potential issues from the start.
With a closing attorney, you will have the guidance you need to be able to proceed in these situations. Occasionally, if you need to walk away from a potential sale, a closing attorney will know how to navigate that as well.
Receive Legal Protection With 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.