Got Property in the Probate Process? Here’s a Step-By-Step Guide
The word “probate” is a legal word derived from the Latin term “probare” which essentially means “to prove.” And while most legal matters are matters proven in court, the probate process in America is one that is all about proving some number crunching. The very first probate court in America launched in 1784, to provide for a court that existed solely to determine what assets were proven and then divided after death.
Probate court can be a lengthy and confusing process. If you have property in probate right now, eliminate some confusion by getting everything you need to know about the probate process right here.
What is the Probate Process?
In a nutshell, the probate process is the legal process that proves an individual’s assets and determines asset division upon their death. In many cases, a will is in place and this is the document that will serve as the law or ordaining legal principle that makes those determinations.
Once someone dies, the executor advises descendants of their expected inheritance. But even in the simplest of situations, a legal process generally has to occur before they will get their stake of a will.
And in some situations, a will does not exist, nor does an executor. So a probate court appoints someone to direct the assets, to mitigate squabbles and battles over anything from money to the family spoon used at Christmas.
First, the will is proven in court, and then the assets and liabilities are paid or expunged. The property appraisal occurs, and debts or taxes get paid from assets.
Once that process is complete, the remaining assets are divided among descendants. The entire process can take anywhere from a few months to a few years.
Does All Property Go Through Probate?
This process of waiting until probate is over to receive inheritances is the standard one. But there are many ways to access property before probate is over.
In some cases, a cash amount may be released for the short-term while probate proceedings go on.
And not all property must go through probate in its entirety.
In the state of California for example, as much as $100,000 in property can be passed to descendants without probate.
Putting property in trust also allows you to avoid the probate process on those assets as well. A good probate lawyer can help you determine how to do this before you even prepare your will or estate plan.
If you already have property in probate, avoiding it at this point is not possible, and that’s why you need a good lawyer to help.
If the estate is not complicated, you may be able to go through a simplified probate process in your state. Or at the very least, you may be able to get some short-term funding approved for release before the probate process is complete.
Spare Your Loved Ones. Probate.
As many as 55 percent of Americans do not have an estate plan or will.
This is why the probate process can take as long as two years to complete. Register today to get access to a comprehensive list of lawyers willing to help make the probate process easier for you.
Tips to Avoid Home Repossession or Foreclosure
House repossession can be one of the most traumatic challenges your family ever has to face. Taking every step you can to avoid this problem is an excellent idea. This article will explain the details of the repossession process and show you where and how you can take action to avert it. Whether you have already fallen into arrears or you are just beginning to struggle with your mortgage repayments, the advice provided here can help.
Repossession Defined
The basic mechanics of a mortgage include the understanding that the lender who helps you buy your home has partial ownership of the property until your loan is fully repaid. Failing to meet your mortgage contract’s repayment obligations could place you in arrears and entitle your lender to repossess your home. If repossession of your house proceeds, your lender will evict you from the property and then sell it in order to recoup the outstanding debt on your mortgage.
Avoiding Repossession
All of the circumstances leading to repossession will be spelled out in your mortgage contract. While the specifics can vary from loan to loan, in all cases, repossession only becomes a danger if you miss mortgage payments or fall into arrears. This makes it vitally important to respond to your mortgage provider if they start contacting you regarding payment problems. Remember that repossession is always a lender’s last resort; they will pursue other means of settling your debt before resorting to court action. Review the specifics involving arrears and repossession in your mortgage contract and remain aware of them. Lenders most often set the line for repossession at missing four payment instalments. Be aware that this is NOT a universal figure, though! High-risk lenders can and often do write more stringent contracts. Some contracts allow lenders to start foreclosure proceedings if you miss as few as two payments.
If repossession does become inevitable, you still have a step you can take to reduce the cost and stress of the process: voluntary repossession. Prior to repossession, your lender must give you the opportunity to sell your home. This may not be possible, as many properties in this situation have negative equity and are thus unattractive to buyers. If you choose to go through voluntary repossession, you can stop your mortgage payments, move out of the property of your own volition, and turn it over to the mortgage lender. So long as you have satisfactory accommodations arranged, this spares you from the hassle of trying to sell the property yourself.
Stopping the Repossession of Your Home
When you start getting notices about arrears and foreclosure from your lender, you still have time to avert repossession. Here are steps worth taking:
- Talk to your lender: As mentioned above, taking you to court is your lender’s last resort. This is not a matter of commercial policy but an actual legal guarantee. Your lender has an obligation to discuss your financial situation with you and at least provide the opportunity to pay your arrears. Note that your lender is also required to provide a full and accurate accounting of your payment history going back at least two years.
- Modify the terms of your mortgage: One of the options to discuss with your lender is the possibility of changing the terms or details of your mortgage. Restructuring your payment obligations, extending the mortgage term, capitalizing the arrears, or even negotiating a break in your repayment schedule are all possibilities.
- Pay towards your arrears: Any money you can put towards your arrears demonstrates your good faith intent to meet your mortgage obligations. Even if you don’t have the resources to pay in full, partial payments improve your relationship with your lender. They may also be counted in your favour if your lender does end up taking you to court.
- Start renting your home: Additional income can help ease the financial burden of a mortgage, and you may be able to get some by renting all or part of your property. Check your mortgage contract; you may need to get approval from your lender to do this. Remember that you also need to account for the tax obligations of any extra income.
- Seek financial assistance: A range of different circumstances may entitle you to benefits or other help. Unemployment, health problems, and low income are all potential qualifications. After you claim benefits, you may be able to secure additional help via support for mortgage interest and/or universal credit help with housing. You should keep your lender fully informed about applications for financial help. They should not start court action if you have a good chance of receiving assistance.
- Check your insurance: Certain financial difficulties, like illness, injury, or redundancy, may actually be covered by insurance. Consult your lender and see if you have mortgage protection insurance. This form of insurance covers your mortgage expenses if you lose access to a stable form of income; most policies pay out 125 percent of mortgage costs.
How Repossession Works
The first step in the repossession process begins with written notification from your lender regarding arrears. This is the ideal stage for negotiation with your lender. The process can be stopped here if you come to a mutually agreeable arrangement. If your lender is not satisfied, they will progress to issuing a second warning in advance of court action.
Without any alternative arrangements, your lender will then apply for a court order to repossess. Applying for the order costs your lender £325, and they must explain why they should be granted possession of the property. An alternative here is an accelerated possession order, which is slightly more expensive (£355).
The matter will be decided by a judge in a court hearing. You will receive advanced notification of the hearing date. You also have to fill out the defense form provided by the court. If things progress to this stage, getting legal advice is a good idea.
The judge’s verdict will be based on evidence provided by both you and your lender. The typical options available to the judge include deciding in favor of repossession, issuing a suspended possession order, adjourning the case, or dismissing it entirely.
If a possession order is granted by the court, you will receive a fixed amount of time (usually 28 days). The judge may extend this up to 56 days in special circumstances. Paying the court costs usually becomes your responsibility, and your lender typically adds these to your already-outstanding debt.
If you fail to meet the obligations set out in court (either vacating the property or meeting a repayment agreement), you will be removed by bailiffs. This requires another court action by your lender – securing a repossession warrant. Once eviction by the bailiffs is scheduled, you will be notified of the scheduled date in writing.
After you leave, your mortgage lender will sell the property. You continue to accumulate interest on your outstanding mortgage debt until the property is sold to a new owner. When the property is sold, the lender uses the proceeds to account for your debt. If there is more money left over, you receive it. If the sale does not cover your debt completely (a more likely scenario), you will still need to pay the balance to your lender.
Stopping Repossession with a Quick House Sale
If you’re facing repossession and you know you don’t have the resources to clear your arrears or repay your mortgage, it may be time to sell your home. If your home currently has negative equity, you need your lender’s permission to sell. A quick home sale will unlock your equity, but it can be hard to arrange. You need an estate agent and solicitor, and finding a willing buyer may take months. This process can be expensive, too.
3 Reasons Why You Need To Hire A Commercial And Property Attorney
There is no single person who would refuse to own property, this is according to forbes.com. Everyone has their own reasons why they would love to own property under their names. To some, property is a way of investing and to some property increases their net worth at the end of every year. Most common things owned by many as property are real estate and commercial business premises. These are all assets if maintained and managed the right way. However, the owners of these properties occasionally sell them and acquire more items. The process might not be as easy as it seems. That is why most real estate owners hire a commercial and property attorney. These lawyers play different roles to the property owners. If you have not hired any property attorney, then you are missing out on a lot of advantages. Some of these benefits include;
- Contract
Selling and buying of property is always a process. It is a process because it involves a lot of written documents and above all there is exchange of ownership. You need experienced commercial lawyers who know this process to make it happen. Moreover, the whole process is very tiring and time consuming. This will be very hard for you because you might not have an idea of what you are expected to do. In addition, this process is governed by an agreement agreed upon by both parties. In most cases, the contract entails every detail about the property. The contract also states clearly what is expected of all the stakeholders. Sometimes, contracts have to be revised from time to time due to changes in the law. It is up to your lawyer to make sure your contract is always up to date.
- Represent and guide you
The other thing you will enjoy when you have a property attorney is legal representation. At times, one of your clients might sue you due to different reasons. It is up to your lawyer to address such issues. When he or she deals with these issues, you get more time to focus on managing your property. In addition, if there are any legal issues that require immediate attention, they will be addressed through your lawyer. So, your lawyer doesn’t only represent you in the court but he or she does the same even out of court. Your commercial and property attorney shouldn’t let you handle things in your own way. He or she should guide you and ensure that you do things in accordance with the law.
- Your interests
Hiring a property attorney is one thing but getting the perfect attorney who will meet your needs is another. How then does one hire an attorney who takes care of their needs? It is very simple. All you need is to have is a whole list of the things you want. You need goals or even objectives that you want fulfilled. A commercial and property attorney always ensures that all your interests are protected. Your interests in this case are your needs. An attorney might the only person who isn’t interested in how much money you make. All the other people who might be involved in the buying and selling process might have an ulterior motive of financial gain.
How to Remove a Property Lien from Your Home
If you’re a homeowner, you consider your home a sacred place to come home and relax in at the end of the day. That’s why there’s nothing scarier than learning your home has a property lien on it.
This is enough to strike fear in many people, leaving them unable to think about their next move. You don’t have to let fear take over; there is a way to get rid of the lien and reclaim your house.
Learn more about how situations involve a lien on a house and what you can do to prevent further problems.
Understand Why a Property Lien Gets Put on a House
Liens occur for various reasons. In many cases they’re preventable, but it helps to know why these occurred, to begin with.
If you have tax debt that you didn’t pay, the IRS can put a lien on your home as a way to recoup the money you owe. For people who attempt to dodge their taxes, this method ensures they pay in one way or another.
If you failed to pay property taxes, a lien can get placed on the home and property you owe for. It’s important to remember that even if your own something if you owe money, the lien can get placed on your home or property as a form of collateral.
Liens are sometimes used as a way to ensure the other party gets what’s owed to them. Among the various types of liens are those that are used when a job is performed, such as a mechanic’s lien.
Know that whatever the case, having a lien normally means the company wants their payment. It can still get removed as long as you know what steps to take.
Know About the Different Types of Liens
There are various liens that you’ll come across depending on what you have and why the lien was put on your property.
Home loans are one of the most common ways to get a lien. If you don’t make payments, you’ll get a lien in the form of foreclosure.
Auto loans operate in a similar manner. Instead of foreclosing, the lender takes the car away, commonly known as repossession.
Mechanic’s liens are when contractors perform work on your home. If you’re unable to pay, expect them to file a lien at the county recorder’s office.
Judgment liens occur when someone takes you to court because you failed to make payments. When these companies can’t get their money, they can put a property lien on your home or anything else that you owe to collect their debt.
Not all liens result in having your home or property taken away, but it’s still important to be aware of what’s going on.
In cases such as these, it’s important to seek help from professionals with experience helping clients through these issues. A Tacoma Real Estate Attorney can assist you in figuring out what’s going on with your property and how the effects of the lien can get reserved.
Take the Steps to Get Rid of Your Lien
Regardless of what happened, the process of dealing with a lien sounds overwhelming and scary to many people. Some hesitate to deal with it, thinking doing so brings about more problems.
In all cases, it’s important to deal with the problem head-on, rather than letting it build up and become a bigger issue. Step back and figure out what type of lien you’re dealing with.
As if that wasn’t enough, there are liens that know as a quiet title and safety involuntary liens.
In addition to the types of liens listed above, there are other ones known as a quiet title and an involuntary lien. In the case of a quiet title, it’s because a lien was incorrectly placed on your property.
You’ll need to go to court to show that you aren’t liable for this lien and it was put in incorrectly. With the help of a lawyer, you can easily prove this, and get your property restored to a lien-free state.
If you’re selling a home, it’s typical to deal with a safety involuntary lien. In this case, it’s not a judgment against you, but having one does scare buyers off, making your home that much more difficult to sell.
It’s in your best interest to pay off the remaining amount and not have to deal with lien. You’ll encounter fewer problems and questions once you do so with both the buyers and their closing attorney.
If you have any other types of liens, look at what they are and figure out your options. You essentially have four ways of handling property lien issues.
You can choose to pay off the lien. If you have the money and know this debt is yours, this is the best choice and the quickest way to make the problem disappear.
If you don’t have money but think there’s a way to come to an agreement, make an attempt to settle. You’ll sometimes need to go to court for this, but it’s better than not addressing the problem and most companies work with people.
If the lien was never yours, have it corrected. Get ready to show proof that you aren’t responsible, and you shouldn’t experience major problems.
Finally, if you don’t agree, you have the choice to dispute. This often requires some extra legal help, but it’s a worthwhile choice if you don’t believe you should pay the full amount the lienholder is asking for.
Learn More About Liens
Property liens sound scary to anyone, no matter how long they’ve been a homeowner. There’s always a solution if you’re willing to work through and learn what type of lien you’re dealing with and what you need to do.
If you’re looking for help with an issue regarding foreclosure on your property, make sure not to go it alone. Get help from a qualified attorney who’s experienced and knows how to manage these situations.
Check out our blog post and learn more about the importance of using an attorney rather than trying to do it all on your own.
When Do You Need Real Estate Lawyer Services?
“Do I need real estate lawyer services?”. The eternal question that bothers many potential home buyers.
If you fall into this category you would ideally have already identified an area you’d like to reside at. An area whose properties are certainly commensurate with your financial abilities.
Chances are you’ve already hired a real estate agent to do your bidding but the question still lingers. This article strives to answer that very question.
What Is Real Estate Lawyer?
A request for the description of a real estate lawyer would inevitably be followed by the question, “What do real estate lawyers do?”.
A Real estate lawyer is a lawyer whose specialty lies in handling all legal issues pertaining to property. The scope of his/her services encompasses a handling of the documentation used in real estate agreements.
Such documents include transfer documents, mortgage documents, purchase agreements, title agreements et al. Real estate lawyers can represent individuals seeking to buy property as well as organizations selling property. It’s also not uncommon for real estate lawyers to assist buyers in closing a deal.
Do You Need Real Estate Lawyer Services?
Real estate transactions can be a costly affair and the temptation to seek drastic ways to cut costs is a strong one. One way of doing so is by taking up a do-it-yourself approach to avoid the additional cost of real estate attorney fees.
An example of such an attempt can be observed in the use of self-help legal documents. You can certainly be successful going it alone but one shouldn’t expect it to go well every time, especially when there are regulations to contend with or the complex nature of a transaction is out of your scope of expertise. In such scenarios, bringing a lawyer on board would be a necessary thing to do.
Situations that warrant the need for real estate lawyer services include;
1. When the Law Requires You to Do So
There are certain states that require you to hire legal services in all real estate transactions. You can, therefore, expect that any transaction done without the involvement of a licensed lawyer to be rendered unlawful.
The degrees of involvement differ from state to state. States such as North Carolina, New York, Delaware, South Carolina and Georgia require lawyer involvement at all stages. Thus, your lawyer will be involved the title review part of the transfer process all the way to when you sign the documents.
Alabama, on the other hand, limits real estate lawyer services up to the drafting of legal documents. A common factor in all these states is that the client (buyer or seller) reserves the right to choose his legal representation. The same privilege extends to individuals seeking a real estate lawyer in Houston.
2. When the Financial Stakes Are High
It would be prudent to hire a real estate lawyer in major transactions with high financial stakes.
Your first concern in such a situation is whether or not the property is in prime condition.
A real estate lawyer will bring a home inspector on board to ascertain whether the property is in top shape. He/she will also handle any renegotiation needed in case issues are found after the inspection.
Real estate lawyer services also extend to the liens, judgments and encumbrances that property is subject to. A lawyer will ensure none of these issues pass on to you upon completion of the transaction.
3. When the Transaction Is Complex
Complex issues in real estate effectively ensure you have no choice but to hire a real estate lawyer. You otherwise, place yourself in the precarious position of being out of your depth.
A lack of expertise only leads to poor judgment. Examples of complex issues include:
- Historical property
- Zoning disputes
- Beachfront property
- Gas and oil rights
- Preserved Property
- Real Estate subject to an easement
- Riparian disputes
Hiring a lawyer more often than not proves to be the wise decision for those who’ve found themselves in such a position. The cost of real estate lawyer fees pales in comparison to the losses you could incur in case of a major conflict later on.
The preventive measures that can be performed by a lawyer extend to the review of ancillary and title documents. A transaction can, therefore, proceed in the knowledge that all documents abide by state and federal regulations.
4. When the Stress Involved Is Too Much
There are situations when the sale of property might be too stressful for the parties involved in a transaction. Take the example of a transaction that is forcefully made because the seller is in financial straits; or a sale where the property in question belonged to a deceased relative.
When emotions are running high the odds of making financially sound decisions are not high. A need to finish the transaction quickly makes a person act rashly.
Hiring a real estate lawyer brings a sober-minded party to the transaction. He/she will negotiate the sale for you so that you’re able to get the best possible deal.
5. When Disputes Arise During the Transaction
The need for real estate lawyer services might at times be required when the transaction has already begun. The hiring could be prompted when a dispute arises or the risk of litigation is imminent.
A disagreement over the terms of a transaction could easily escalate if a party feels it’s been treated unfairly. A lawyer will conduct negotiations and introduce amendments to rectify the unfairness for his/her client. The intervention of the lawyer will also ensure that the terms agreed upon are favorable to all parties.
How Do You Find the Real Estate Lawyer You Are Looking For?
Finding excellent real estate lawyer services within your area can sometimes prove to be a difficult task. It could be that you’ve moved to a new area and can no longer use the real estate lawyer you used before.
Should you find yourself in such a predicament you can certainly count on us to help you out. Simply visit our directory and browse the real estate lawyer listings and you’ll be one step closer to finding the real estate lawyer you need. Contact us today in case of any inquiries.
The 3 Types of Lawyers Every Family Needs to Know About
The law is as broad as there are issues between any two human beings. Whatever your problem is, you are almost guaranteed to find a lawyer who specializes in fixes it. However, while there are hundreds of legal niches, there are only 3 that are common to the average person. In this article you will learn about the three types of lawyers you are likely to need.
Real Estate Lawyers
If you are planning to purchase a home or lease some commercial space, then you will need a real estate lawyer. Real estate lawyers handle the entire transaction process including crafting and reviewing purchase agreements, property transfers, mortgage contracts, and title contracts. Because these documents are complex and legally binding, it is essential to have legal council.
If you are buying a family home, for instance, Brisbane conveyancers will draft all the closing documents, perform a title search, write up title insurance policies and handle fund transfers. The party selling the home will also have their own real estate lawyers handling their side of the contractual obligations. In case of a dispute, the real estate lawyer will provide you legal representation to ensure your interests are well-represented.
Buying property is stressful enough as it is – the last thing you would want is be unrepresented and getting hounded by another attorney. Protect yourself, your rights and your money – use a real estate lawyer.
Personal Injury Lawyers
Personal injury lawyers represent persons that have suffered any form of harm arising from the negligence or willful action of another party. This harm does not just cover physical harm, but also psychological and mental harm. You will need a personal injury attorney for a broad range of circumstances.
These include slip and fall, vehicle and pedestrian accidents, medical malpractice, legal malpractice, wrongful death, nursing home abuse, among a host of other scenarios. Mayhem strikes you under day-to-day circumstances. When this happens, you will need the services of a personal injury lawyer. This also applies if you are the one being sued for causing personal injury. As the defendant, you will need to defend yourself against the allegations brought by the plaintiff.
Whichever side you are on, there are several important duties the personal injury lawyer will undertake. First, they will tell you whether the case is within the statute of limitations. This is the legally-allowed time within which a case can be brought before a court of law. Next, they will undertake discovery. This is to uncover all facts relating to the case. Third, they will try and negotiate an out-of-court settlement. Lastly, if the case does go to trial, they will be on hand to help you navigate the maze of statutes that govern personal injury cases.
As you can see, all three scenarios described above may apply to anyone, regardless of stature in life. Having appropriate legal representation in all cases will ensure your interests are well-represented.
Estate Planning Lawyers
According to the American Bar Association, 50% of Americans die without leaving a will or estate plan. This results is a 40% federal estate tax on the estate plus other family issues that may require probate lawyers and attendant fees. Engaging an estate planning lawyer can help you help your family avoid most of this. You may have heard that estate planning lawyers are only for the rich. With the federal death tax exemption rate hitting $10.98 million per couple in 2017, it is easy to see why. However, estate planning is not only about resource allocation, it encompasses a whole lot more.
At the end of your life, you will be faced with some of the most important questions of your life. These include: who will make medical-related decisions on your behalf when you are unable to; who will get what when it comes to your assets; how will outstanding debts be paid; how will pending taxes be paid; and a host of other questions. An estate planning lawyer will help you put all the answers down on paper so those you leave behind know exactly what your wishes are.
4 Tips for Choosing a Commercial Real Estate Lawyer
Looking to add commercial real estate to your investment portfolio?
Did you know the commercial real estate market is poised for even more growth in 2018?
Whether you’re a season real estate investor or just getting started, working with a commercial real estate lawyer can bring huge benefits to your venture.
To help you in the search process, here are 4 tips for choosing a commercial real estate lawyer!
1. Find An Attorney That Specializes in Your Niche
Commercial real estate can be just as varied as residential real estate or any other business venture.
With that in mind, it’s important to find a real estate attorney that is an expert in the area you are looking to invest. By doing so, you’ll ensure that he or she will be able to best negotiate deals in your favor.
Whether you’re looking at leisure, retail, office, industrial properties, or a combination, be sure that your potential lawyer is familiar with cases like yours.
You’ll also want to inquire about whether the attorney is comfortable drafting leasing agreements like gross leases and triple net properties.
2. Discuss The Staff at The Firm
In addition to researching commercial real estate lawyers that are confident working in your specific niche, it’s also important to discuss the operations of each candidate.
Many law firms have a number of lawyers, paralegals, and administrative staff on payroll.
You’ll want to ask each prospective candidate about who will be working on your case. By doing so, you’ll ensure that the team surrounding each commercial real estate lawyer is competent and on your side!
3. Ask For References
No research is complete without asking for references of previous or current clients.
Don’t be shy about asking each lawyer that you interview for a few references. Bonus points if you can attain contact information for commercial real estate cases that were similar to yours.
Prepare a list of questions to ask each reference.
Here are a few basic questions to get you started:
- How do you feel your attorney benefitted your investment deal?
- Was communication adequate from the firm?
- Do you feel the costs were fair?
If you can’t obtain a list of references, do a quick Google search to check out online reviews of each firm.
4. Don’t Be Afraid To Talk Costs
Speaking of asking questions, don’t be nervous or shy about talking budget when discussing your options with each law firm. If you can not secure traditional financing options, you can try to contact hard money lenders.
Ask how costs vary based on who is handling work. Oftentimes, the hourly rate will vary if a paralegal or administrative assistant is handling paperwork, especially with an investor visa uk.
Talking about fees upfront will help you ensure that you’re getting a fair deal.
Find The Right Commercial Real Estate Lawyer For Your Venture!
With these 4 tips in your back pocket, you’re all set to find an attorney who can assist you in your commercial real estate venture!
Do you have any other tips for finding a commercial real estate lawyer that we might’ve missed? Let us know in the comments!
Do you have any lingering questions or need more advice on commercial real estate law?
Check out our blog for more information!
Why Do You Need A Closing Attorney When Buying A Home?
Getting ready to buy a new home? Are you ready for that house that you buy with cash?
Wondering if you need a closing attorney?
When you’re buying a home there is a lot of paperwork, documents, payments, and other things to deal with. While you may not realize it, a closing attorney can be a huge help to you during the entire closing process.
There are many types of lawyers and attorneys, but using a reliable closing lawyer is essential if you’re going through a real estate closing.
Below are the top reasons you need a closing attorney when buying a home.
1. Increase Clarity
Having a closing attorney help you during the home buying process can be a great help, simply because they can help you make every part of the process more clear. They can help you understand complicated documents and procedures and reduce any vagueness that occurs in home buying paperwork.
If anything isn’t clear in the purchase agreements, titles, or other documents, a closing lawyer will help to sort it out. They will ensure that everything is clearly understood by both parties.
Communication is crucial when it comes to a home sale. A closing lawyer will help you to successfully and clearly negotiate terms when it comes to the loan and the sale.
2. Examine Documents
For all the documents used during the home closing, a lawyer can provide a final review, making sure that everything is accurately written. They will help ensure that there aren’t any surprises or confusing parts for either party.
If any issues are discovered then the closing lawyer can help to resolve them and edit the terms to the satisfaction of both you and the other party.
The lawyer can help with real estate documents but they can also assist with loan related documents. These documents may include a settlement statement, a deed, a note, a deed of trust and other types of loan documentation that may be required by a lender.
3. Assist With Purchase Agreements
A lawyer can be a lifesaver when it comes to helping you deal with purchase agreements. They can explain the forms and make sure you understand what you’re getting into when making a purchase.
A lawyer can help decipher all of the legal texts and make sure you’re well prepared in knowing your obligations when purchasing the home. If there is anything that you don’t understand they can help make it clear to you.
Even more importantly, if you have specific needs and desires a closing lawyer will help you negotiate with the seller and other parties to meet your needs. This will ensure that in the end, the agreement is pleasing to you and other parties.
4. Reviewing the Title
A lawyer can also help when it comes to reviewing all of the property’s title information. It is important to know exactly what you are dealing with and what the state of the title is. You need to fully review a preliminary title report.
A lawyer can be a huge help and can assist with the search for a title. They will be able to find the title for you and review the title for any errors or liens that may have an impact on your real estate purchase.
Additionally, an attorney can assist you when it comes to purchasing title insurance. Title insurance can help the buyer and the lender in the case that a problem or issue is discovered with the title at a future date.
5. Coordination and Communication
When it comes to communicating throughout every part of the buying process, a lawyer can be an essential tool. While they can review and edit documents and make sure you are getting what you need with the agreements, they can do a lot more for you as well.
Closing attorneys can help to coordinate communication between all parties including the purchaser and the seller. This may also include real estate brokers, surveyors, the seller’s mortgage, potential homeowner insurance companies, inspectors, and contractors, the seller’s attorney, and any other parties who get involved for various reasons.
The attorney can also help to coordinate the closing dates and the schedules of the parties involved.
6. Facilitating the Closing Process
It should go without saying but a closing lawyer is, of course, an essential part of the closing day itself.
In addition to the many moving parts leading up to the sale, they will also help facilitate the actual closing process and make sure that everything goes smoothly. They can help ensure that everyone is satisfied with their end of the bargain when it comes to signing over the property.
The buyer and seller will both be present at the closing but a title company representative, a real estate broker, and the attorney of any lending institutions used may also be present.
Additionally, the seller may have their lawyer present. As a result, it’s essential that you have a lawyer of your own there as well. This will help to balance things out and help you avoid getting a bad deal since the seller’s lawyer will be working in their interest at all times.
7. Managing Disbursements
The closing attorney can also help a lot when it comes to the disbursement of any transaction amounts and fees that occur with the sale. There may be a lot of fees associated with the sale, depending on the specifics of the purchase.
Some possible fees can include real estate broker fees, county taxes, fees for homeowner insurance, payoff fees of existing loans, pest inspector fees. There can be a lot of various parts to deal with and a lot to keep track of.
Luckily, a closing lawyer will be an expert at dealing with these types fees. They can offer a lot of assistance when it comes to these disbursements and can keep track of everything for you.
8. Consultation Services
Even if you don’t think you need to use a lawyer for the actual closing, a lawyer can still be an incredibly valuable resource that you can use throughout the home or real estate buying process. If there is anything you are unsure of in documents, agreements, or titles, consulting with a lawyer is an excellent idea.
No matter how a home seller found you, whether it was through traditional methods or through more modern marketing methods such as Realty Flux, you’ll likely have questions every step of the way. From start to finish, a closing attorney can be an enormous help.
Additionally, a lawyer can also help you to understand the sometimes complicated procedures and tax consequences of buying a home and help you make sure you know what is to be expected when it comes to your taxes for the year.
Choosing the Perfect Closing Attorney
No matter what your specific needs are the chances are that an attorney can help you with the process. They can also help the legal jargon become more clear to you.
Whether it’s your first time buying a home or you’ve been through the process before, or if you just need tips on how to purchase home insurance, an attorney can help you know exactly what you’re getting into.
Looking for help with your home or real estate purchase? Check out the Halt Lawyer Directory now to find the perfect closing attorney for you.
