Choosing a home to buy is the start of a major investment. For this purchase, you could pay a down payment of twenty percent or more. If any issue arises, there is a possibility that you may not get any of the money back. This is why a real estate attorney is helpful.
Title Searches and Evaluations
A Real Estate Attorney in Bel Air MD conducts a title search for each property that is under contract to sell. The search allows them to acquire information about every title transfer that has occurred within the last twenty years. The results give the attorney a clear picture that shows whether or not the current seller is the rightful owner. Any title issue discovered is addressed before the property is sold. The attorney additionally provides title insurance for the buyer. For more information about this process, Click here.
An Examination of the Sales Contract
The sales contract outlines the terms of the home purchase. This includes any contingencies that could affect the buyer’s chance of finalizing the purchase. It also shows the percentage of commission in which the real estate agent stands to earn if the sale is completed. The attorney reviews this to determine if the contract is legitimate and to ensure that the real estate agent isn’t breaking any laws.
What Happens During the Closing
A Real Estate Attorney in Bel Air MD reviews documentation for the home purchase. This includes the mortgage loan, homeowner’s insurance, and the title. Prior to the closing, the mortgage company must verify all information provided by the buyer to ensure that they are eligible for the mortgage. They must also acquire a flood report for the property. This determines if additional flood insurance is needed. The purpose of the attorney is to ensure that all requirements for the home purchase are fulfilled according to the law.
Prospective homeowners should consider the benefits of consulting their own attorney. While an attorney is provided during the closing, he or she doesn’t represent any specific party or their interests. They are there to ensure that the law isn’t broken. Homeowners who need assistance with a real estate purchase can contact Lawyer Michael S. Birch today.
