Why You Need a Closing Attorney in Real Estate Transactions
If my father or I had been told in the past that a lawyer was needed for a real estate transaction, whether buying, selling, or even renting a house, we would have laughed at the idea.
The buying and selling process was so simple that no one would have imagined needing one.
As humans became more astute, they started applying cleverness for both good and bad purposes, and nowadays, it’s widely understood that it’s not advisable to carry out a real estate transaction without one of these professionals nearby.
What Does a Closing Attorney Do in Real Estate?
A closing attorney is responsible for overseeing and ensuring that all legal aspects of a real estate transaction are clear, accurate, and in alignment with the law.
Some of their key functions include:
- Contract Review: Ensures that the purchase agreement is fair and that it does not contain any abusive or confusing clauses.
- Title Verification: Confirms that the property is free of debts, liens, or other legal issues that may affect the purchase.
- Financing Supervision: If a mortgage loan is involved, the attorney reviews the terms and conditions to protect the buyer’s interests.
- Closing Coordination: Manages the signing of documents, the transfer of funds, and the legal and secure delivery of the property.
- Dispute Resolution: If any issues arise during the transaction, the attorney can negotiate and find effective legal solutions.
Closing Attorneys: Essential for Protecting Your Assets
There are many reasons why these professionals are necessary, but especially because they protect your assets.
-
Legal and Financial Protection: A small mistake in the documents can cost you thousands of dollars or even jeopardize the transaction. A closing attorney ensures everything is in order before signing.
-
Prevents Real Estate Frauds: In the real estate sector, scams and frauds exist that can harm both buyers and sellers. An attorney reviews all documents to avoid potential deception.
-
Less Stress and More Peace of Mind: With an attorney by your side, you can be confident that all legal aspects are being handled by an expert, reducing uncertainty and risks.
-
Compliance with Local Regulations: Real estate laws vary depending on the location of the property. A specialized attorney knows the specific regulations and ensures that the transaction complies with all legal requirements.
As a Real Estate Agent, they are a fundamental piece when representing either a buyer or a seller. They provide me with security, speed, and above all, their fees are paid directly by the notary, although surely… we are also paying them, the clients.
Watch this video where it is very well explained what they do and how they do it.