Real Estate

Protecting your property rights.

Here’s what you need to know.

So, you are considering buying a home. In addition to dealing with a real estate agent, it is highly advised you also hire a real estate lawyer to help you through the process. Your real estate lawyer can ensure that all legal guidelines are being met and that your property rights are protected. This can be especially helpful when it comes to the overall transaction or purchase of the property, along with any issues that may arise between you and the current property owner.

Although you might not want your attorney to help you with the entire process, it is usually required that you have an attorney present when closing the deal on your property. Your lawyer can also review all of the necessary paperwork and contracts and help express any additions to the contract or needs when it comes to the sale of the property. Having a real estate attorney may also be helpful when it comes to price negotiation for your property.

Steps to closing a real estate deal.

There are some essential steps that must be taken before a property deal can be closed.

Escrow – An escrow account must be opened before being able to close the deal on a property. A third party is usually in charge of this account. Having a neutral party to keep track of all finances and paperwork is highly advised until the property purchase is complete. The documents and finances are held on behalf of both the property owner, as well as the property seller. Once a deal has been finalized and the current owner is ready to close, all of these items will be transferred back to both the property purchaser and the seller.

Title Insurance – Title insurance will protect the property owner from anyone trying to claim the property as their own in the future. There is usually a title search done before title insurance can be obtained. This can prevent bad title issues and help in searching for records of any liens, tax issues, etc. Any of these issues must be addressed before the buyer can purchase the home.

Hire a Real Estate Attorney – The next step is hiring your real estate attorney. This is not mandatory, but it is always advised to hire an attorney to help act on your behalf. Your attorney will be able to mediate between you and the current property owner, as well as be able to spot things in contracts that you might not be aware of or understand. Your attorney can also be very helpful in the next step to the real estate process.

Cost negotiation – Before closing the deal on a property, it is important that all costs are fair and agreed upon. Your attorney can come in helpful for negotiating pricing, making it potentially less expensive for you in the long run, along with spotting anything in the contract or cost breakdown that might be taking advantage of you.

Inspections – Before closing the deal on your property, it is imperative to have a thorough home inspection completed. Having a home inspection for any defects as well as any pests, will help spot anything that can potentially save you money in the long run. The current property owner should be responsible for any damages and have them fixed before you take possession of the property. Your real estate attorney can help you ensure that none of these costs come out of your pocket.

Final negotiations/Interest rate – Once everything is edited in the contract and all inspections are completed, it is time to make the final negotiations and to lock in an interest rate. Interest rates can skyrocket so it is important to lock in an agreed-upon rate, that way you will not accrue extra charges over time.

Walkthrough of the property – Before closing, you will want to do a walkthrough of the property. This can be done with your real estate attorney to ensure that any damages to the property were fixed on the part of the current owner and to ensure that there were no damages that have been overlooked.

Closing – Once all these steps are completed, you can now close the deal on your property. It is important to go over all of the paperwork and contracts once more with your attorney to ensure that everything is understood, and everything is 100% agreed upon on behalf of the seller and the purchaser. Your attorney can help explain any complex legal jargon and help with any last-minute negotiations or changes to your contract. Once closed, the property is yours and there will be no more steps.

Closing the deal on a property involves a lot of in-depth work, but all of these steps are necessary to ensure the protection of you and your future property.