Closing on a property is a critical phase in any real estate transaction, where legal expertise becomes indispensable. A real estate attorney plays a pivotal role in ensuring that the property transfer is seamless, legally compliant, and secure. Whether you’re searching for an “estate planning lawyer near me” or need support in a real estate deal, here’s a step-by-step guide on what a real estate attorney does during closing.
1. Reviewing the Sales Contract
The closing process begins with the attorney reviewing the sales contract. They ensure the agreement includes the necessary terms, complies with state laws, and protects their client’s best interests, whether buyer or seller. Any ambiguities or unfavorable clauses are negotiated or clarified to prevent future disputes.
2. Conducting a Title Search and Resolving Issues
A thorough title search is essential to confirm the seller’s legal ownership and uncover any liens, encumbrances, or claims against the property. If issues are found, the attorney works to resolve them, ensuring a “clear” title is transferred. This step also involves assisting in obtaining title insurance to protect against future claims.
3. Preparing and Reviewing Closing Documents
Real estate closings involve a multitude of legal documents, including the deed, mortgage notes, settlement statements, and affidavits. A real estate attorney drafts and reviews these documents, ensuring their accuracy and compliance with applicable laws. They also explain the documents to their client, helping them understand the legal implications before signing.
4. Coordinating with All Parties
Communication is key during closing. Real estate attorneys coordinate with buyers, sellers, lenders, title companies, and real estate agents to finalize the transaction. They ensure that all parties meet their obligations and that funds are ready for disbursement on closing day.
5. Managing Escrow Accounts
In many transactions, the attorney acts as an escrow agent, holding earnest money and other funds in a neutral account. This ensures that payments are securely handled and released only when all conditions of the sale are met.
6. Explaining and Ensuring Compliance
Closing documents, such as the settlement statement and Closing Disclosure, can be complex and filled with legal jargon. The attorney explains these documents to ensure the client fully understands their rights and obligations. They also verify compliance with state and federal regulations, ensuring that all legal formalities are met.
7. Handling Closing Day Formalities
On closing day, the attorney facilitates the signing of documents, verifies IDs, collects signatures, and ensures that funds are disbursed appropriately. They oversee the final exchange between buyer and seller, including the handover of property keys and the deed.
8. Post-Closing Duties
After the transaction is completed, the attorney ensures that the deed, mortgage, and other legal documents are properly recorded with the county. They may also resolve any post-closing issues, such as disbursements or title discrepancies, that arise after the sale.
Why Hire a Real Estate Attorney?
Engaging a real estate attorney during closing provides several benefits:
- Legal Protection: Attorneys protect clients from potential legal pitfalls.
- Document Accuracy: They ensure all documents are error-free and legally binding.
- Peace of Mind: With their expertise, clients avoid costly mistakes, making the process stress-free.
Whether you are buying your first home or managing a complex transaction, a real estate attorney ensures a smooth closing process from start to finish. If you’re also looking into estate planning, it’s worth searching for an “estate planning lawyer near me” to combine property transactions with long-term legal strategies.
About Weber Carrier Chace LLP
At Weber Carrier Chace LLP, our experienced real estate attorneys are committed to streamlining your property transactions while safeguarding your interests. Contact us today for professional guidance in real estate and estate planning.