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The Role of a Attorney in the
Real Estate Transaction
The Purchase or sale of your home is
one of the most important
transactions you will ever make. The
process of buying a home requires
attention to numerous details, many
of which require extensive knowledge
of real estate laws. Therefore, it
is advisable to consult with and
enlist the services of a
knowledgeable real estate attorney.
The role of a real estate attorney
is particularly important in
following matters:
A. Purchase and Sale Agreement
To avoid potential complications, it
is advisable for both the buyer and
the seller to enlist the services of
a real estate attorney prior to the
signing of a Purchase and Sale
Agreement. By doing this, each
attorney can help make his/her
client aware of the legal
ramifications of each clause in the
Purchase and Sale Agreement.
B. Title Search
This is accomplished by examining
the records of the Registry of Deeds
and, in some cases, the Registry of
Probate of the county in which the
property is located to insure that
the owner does in fact have a good,
clear record and marketable title to
the property. The title search will
also reveal any encumbrances, rights
of way, easements, restrictions and
any other matters or conditions
which may affect the property.
C. The Closing
This is the final financial
settlement. The buyer, the seller,
their respective attorneys and the
attorney for the mortgage holder
meet to finalize and execute all the
closing documents. These, among many
others, include:
The deed
Discharges of Mortgages
Promissory Note and Mortgage
The Truth in Lending Statement which
documents all finance charges
Survey or Mortgage Plot Plan
Final Accounting which involves a
prorating of property taxes, water
bills, etc.
D. After the Closing
After the closing, the title
examination is updated and the Deed,
Mortgage and other miscellaneous
documents including a Municipal Lien
Certificate from the town or city in
which the property is located are
recorded in the Registry of Deeds,
at which time title to the property
is transferred to the new owner.
The attorney's role is to make sure
that his/her client is informed and
protected through the transaction.
When choosing an attorney, keep in
mind that many specialize in aspects
of legal practice. You should take
the time to make sure that the
attorney you choose is familiar with
local real estate laws and
practices. |
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