How Will My Real Estate Attorney Facilitate Closing?
Hiring a Real Estate Attorney is not just a formality. We work to protect your rights at every step of the transaction. In fact, the State of New York requires the purchaser’s and seller’s attorney to be present at every real estate closing. Whether you are the purchaser or the seller, your attorney will represent you throughout the following stages of a real estate transaction:
- Drafting, reviewing, and modifying the Contract of Sale;
- Resolving any issues that are identified during the title search;
- Obtaining and preparing the documents required to close the sale;
- Coordinating the disbursements of funds; and
- Filing the finalized documents with the appropriate offices.
Let’s take a closer look at how your attorney can protect your interests.
Here are 5 Things Your Attorney should do during Your Real Estate Closing.
1. Draft, Review and Modify the Contract of Sale
Most real estate transactions involve a number of contracts (e.g., Contract of Sale, Lead-Based Paint Rider, Property Disclosure Condition Statement), which are used to protect the interests of both parties. It is integral to have your attorney draft these documents and review any changes to ensure that the terms of the agreement work in your favor. You need someone in your corner who will guide you towards the completion of a successful transaction.
2. Resolve Title Issues
During the real estate transaction, a title search will be obtained to reveal the chain of ownership for the property. If there are existing liens, unsatisfied mortgages, easements, or defects, your attorney will take the necessary action to resolve these issues. Once the title has been cleared, the purchaser may purchase title insurance to protect their investment in the property. This ensures that lenders are made aware that the property can be used as collateral should the new owner fall behind on their mortgage.
3. Preparing Necessary Closing Documents
Before property can be transferred for the seller to the purchaser, both parties must obtain multiple documents. The seller’s attorney will need to prepare “title curatives” in the form of affidavits and proof showing the necessary tax payments. On the other hand, the purchaser’s attorney will need to provide proof that they have the funds to complete the purchase of the property. There may be other parties involved, such as the seller’s old lender, the buyer’s new lender, and each party’s realtors. Each of these parties will also need to provide or receive various documents.
While this may appear to be overwhelming, your attorney will ensure that all the necessary documents are compiled and that the property transfers ownership without any unnecessary delays.
4. Distribution of Funds
When closing on the purchase or sale of a property, your attorney will ensure that all necessary parties receive their distribution of the funds. This includes satisfying the seller’s mortgage, paying any bills that have accrued over the course of the transaction and disbursing the realtor’s commission. Your attorney will maintain a record of these disbursements to ensure that there are no hiccups after closing.
5. File Closing Documents
Once funds have between transferred between purchaser and seller, your attorney will file the executed closing documents with the appropriate government entities. This makes the purchaser’s ownership of the property is official. Your attorney will also follow up with lenders to ensure that any unresolved liens and/or mortgages were satisfied and filed where needed.
At the end of the transaction, you will be walking away knowing that your attorney protected your interests and rights at every stage of the transaction.
If you need assistance for your real estate transactions, call (716) 855-3761 to speak with a LoTempio P.C. Law Group Real Estate Attorney in Buffalo, New York.
If You Need Assistance for Your Real Estate Closing:
If you intend to buy or sell property in the Empire State, do not hesitate to contact Attorney Claudia M. Rodr at LoTempio P.C. Law Group. She is a well-versed attorney in both residential and commercial real estate, and she will help you at every stage of the transaction.
Call (716) 855-3761 or use our Online Contact Form to set up a free consultation with a LoTempio P. C. Law Group Real Estate Attorney.
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