3 Key Responsibilities Of A Real Estate Attorney You Should Know
Posted on: 17 November 2021
Real estate issues can be difficult to handle, especially if you are not familiar with the laws of your state. They involve different aspects, such as financing, property rights, and closing. If you want your buying or selling process to run smoothly, it's advisable to hire a real estate attorney. Here are three key responsibilities of these lawyers.
Ordering Title Searches
A title search is usually conducted to ensure that the property does not have any existing liens or encumbrances. An attorney will review the title report and determine whether there are any issues such as a lien, mortgage, or other encumbrance that should be addressed before completing the transaction. This process can take less than a week, depending on how busy your county clerk's office is at the time you filed the document.
A search is ordered once a purchase and sale agreement has been signed by both parties and accepted by all involved. However, it can also be completed at any time during negotiations if an attorney suspects there may be a problem with the property's title. If the search reveals there's no issue with the title, then the attorney will prepare a closing statement that indicates there are no issues with the property. But if an issue is found, the attorney will file a document stating what needs to be fixed. This can include changing how money is transferred during closing or filing additional paperwork with the court.
Handling Foreclosure Proceedings
Foreclosure property proceedings vary from state to state. Handling them yourself can lead to costly mistakes. In most cases, foreclosure proceedings start when you fail to make your mortgage payments. If this happens, your bank will issue you with an official notice stating that if you don't pay up, they'll start proceedings for foreclosure.
Luckily, an estate lawyer can offer you some insight into this process. They'll let you know what actions to take and how long foreclosure proceedings will last. They'll also make sure that the process is completed correctly and will handle any legal actions that are required to protect your interests. Furthermore, they can also help you communicate with your lender and come up with a plan that will help you avoid foreclosure. But if your lender insists on going to court, these lawyers will represent and save you from going through this stressful experience by yourself.
Determining Legal Risks in Documentation
Many real estate documents are not reviewed by an attorney, which can lead to legal risks. A real estate agent or broker who is familiar with the process of buying and selling property may offer general guidance on common issues that arise when entering into a transaction. But if you want to protect your interests and those of the people you care about, it is important to have a real estate attorney review any contracts or agreements.
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