Have you been told by your real estate agent that you need to hire a lawyer to help you through the closing process? If so, you're likely wondering what they will do to help you out. Here is what you need to know about the lawyer's role in the closing process.
Lawyers Perform the Title Search
A crucial part of your lawyer's job is performing a title search on the property, which is used to find anything that could be wrong with the legal ownership of the home that will prevent you from buying it. This includes discovering an existing lien on the property due to the previous owner having a court judgment against them, or finding out that the property was never properly transferred to the seller from a deceased relative. These types of issues can stop a home sale from happening, which is why a title search is absolutely necessary when buying a home.
Lawyers Review the Land Survey
Your lawyer will review the land survey to make sure that the home and any structures are on the piece of property that you will be buying. While it may seem unlikely, it is possible that land surveys were not done in the past, and structures were illegally built on someone else's property on accident. This could be a driveway that is partially over the property line or a shed or even part of the home that was not built in the proper place. Thankfully, it is possible to clarify these issues before the home sale is finished by negotiating with neighbors or modifying the property lines. What is important is that you don't discover these problems after you take ownership.
Lawyers Review All Paperwork Prior to Signing
You are going to be overwhelmed by the stack of papers you have to sign on your closing date, and chances are that you will not fully understand many of the documents that you are signing. You'll need legal assistance to not only understand the documents but to check them for errors. You do not want to sign your mortgage documents only to discover that the lender put down the wrong interest rate, or that the sales price of the home is not what you agreed to. While these are examples of easy-to-catch mistakes with your home closing documents, there are many small things that your lawyer will watch out for as well.
For more information about what a real estate closing attorney can do for you, reach out to a local office.Share