Archive for the ‘Atlanta real estate closing attorney’ Category

Questions You Need To Ask The Closing Lawyer

Thursday, December 8th, 2011

When a chunk of real-estate is put on sale it is mostly listed with a real estate agent. The real estate agent markets the property and finds parties who may be interested in purchasing it. Potential buyers and sellers barter with one another through the agent. If they reach an understanding on the price, an estate contract is signed by both parties and earnest money is generally paid by the buyer and held on hold by the agent as a good faith down payment.

The closing is the final step of the property deal. It's the culmination of all the effort put forth by all the parties involved. Once the closing is done there is not any going back – the estate transaction is complete. If the deal falls thru it is really because something went wrong at the closing. It is the whose job it is to make sure the closing is handled properly for all concerned. The closing solicitor should review all document to be sure they're complete and ensure each party has completed their requirements before the closing date. The lawyer may rely on the agent for much of this work, but will not be ready to seal the deal if all the wants are dissatisfied.

The parties involved in the property exchange should ask the closing attorney to provide an explanation for the closing process and all the wants. Some of the most important items to be explained are like this.

Closing costs, although often a small portion of the cost of the property, are customarily an enormous concern. Each party must come prepared to pay their respective portions of the closing costs and if there are any misunderstandings the lawyer must say why each party is responsible for their own portions of the costs. This should be done beforehand and the solicitor will customarily depend on the agent to make sure everyone understands their responsibility before closing. The lawyer should be available to answer any questions either party could have before the closing.

The documents each party indications are the most vital part of the closing because as the documents are signed the parties become legally bound by the documents. These documents should be made available before the closing so each party has an opportunity to review them and pose questions. The closing lawyer should be available to answer any questions during and before the closing.

The survey defines the bounds of the property being sold. A survey should be prepared by an approved surveyor. Infrequently the purchaser won't need a survey and relies on the previous survey. In any case, the purchaser needs to grasp the survey and know precisely what's being purchased. The solicitor should be available to answer any questions concerning the legal considerations of the survey.

A termite bond is extremely important and might be more critical in area where termites are prevalent. There are several types of termite bonds and the purchaser should understand precisely what the bond they obtain provides, some provide more protection than others and this is a point of negotiation in most property bargains. The closing attorney can help with the purchaser understand legal issues of the termite bond and understand precisely what type protection is being provided.

Title insurance is critical and is usually offered by the solicitor as they perform a title search to verify that the seller has clear title to the property being sold. If there is unclear title and the deal closes some other person might later have claim to the property. The title insurance provides defense against such occurrences. The closing lawyer can explain the legal issues concerned and help the buyer get exactly what is needed.

A good real-estate closing lawyer is indispensable when completing a real estate deal to be sure everyone's best interests are protected.

Ray Pierce Pope of Pensacola prepared this draft for the , and .

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