When it comes to real estate transactions, the process can definitely go a lot more smoothly with a real estate closing attorney on your side. But what exactly do they do? They do a lot more than people give them credit for to ensure the process goes as smoothly as possible. To dispel any confusion, here are five ways real estate closing attorneys can help you to seal the deal.
- Title Examination
Finding an Affordable Closing attorney will help you to ensure that the title on the property is clear. They put in the effort to look for any existing mortgages, encumbrances, or liens that may put a stain on the property’s history. You don’t want to have to deal with another party who has an interest in the property before it can be transferred to you. It not only makes the process take much longer, but you’ll also have to pay more fees to help the title be cleared up.
- Securing Title Insurance
Once the title has been verified, then your real estate attorney can help you obtain title insurance. This insurance protects the buyer and the lender from any future claims that can be made against the property. The closing attorney will provide an opinion to the title company, and they will then issue a title binder, which is the preliminary step before you can obtain title insurance.
- Coordinating The Closing Process
In the real estate closing process, there are many moving parts to keep track of, and that’s what the closing attorney takes care of. From protecting the interests of the buyer and seller to dealing with lenders, other real estate agents, and title companies. They keep track of all the paperwork and keep all parties informed on what’s going on during every stage of the process.
- Reviewing Documents
When it’s time for closing day, the closing attorney reviews all of the documents that are associated with the sale to ensure that everything is still good. These documents include settlement statements, the deed, and any mortgage documents that may exist. Once they’ve been reviewed, your closing attorney will explain them to you in their entirety so that you understand everything before you sign. The goal is to ensure transparency and protect your interests.
- Recording And Disbursing
Lastly, the closing attorney will be responsible for recording and disbursing the funds. Once all the documents are signed, the title is updated at the local registry and the new deed is recorded. All of the funds involved in the transaction are then disbursed, including the payment of any existing loans, brokerage fees, and any other associated costs. This is a long and drawn-out process, but it ensures that all relevant parties receive their payments and that the entire transaction is legally binding.
If you’re looking to have your real estate interests protected, then look for a closing attorney who doesn’t let any details slip. They should make you confident about the transaction process while minimizing any risks you may face. Contact the nearest closing attorney to you today.
