Many legal and title issues that arise during the purchase and sale of a home are handled by a real estate closing attorney. Title searches and examinations, legal documentation, and funds associated with such a transaction are among them. To be an effective real estate closing attorney, you must have a thorough understanding of the law.
In most cases, an attorney’s first step is to order a title search. The attorney then reviews the document to ensure that the property is free of any outstanding liens, claims, or other blemishes. Essentially, the closing attorney ensures that the property can be freely transferred to a new owner. This search could go back as far as 50 years, depending on the age of the property and the state in which the transaction is taking place.
One of the most important tasks a real estate closing attorney performs is title searches. If the attorney discovers a discrepancy on the title, it may affect the client’s ability to sell the property in the future. These searches can sometimes produce a cloudy title, which means there are inconsistencies in the title. At their meeting, the attorney informs the client of all of this.
A closing attorney not only conducts the title search but also prepares all legal documents related to the sale and purchase of a home. Sales contracts, mortgage notes, and the property deed are all examples of this. All relevant documents are prepared by the real estate attorney and are ready to sign at the closing table.
Another responsibility of the real estate closing attorney is to facilitate the actual closing. He or she double-checks that all legal documents are in order, that the lender has sent all required documents, and that any other miscellaneous paperwork is ready for the meeting. At the closing meeting, the attorney thoroughly explains each document so that all parties involved are aware of what they are signing. The appropriate copies are distributed to those involved in the closing.
The real estate closing attorney completes the process by doing several things after all of the paperwork has been signed. He or she files the necessary documents with the court system, such as the deed. The attorney also ensures that all parties involved in the transaction, such as real estate agents, are paid correctly. They might be in charge of opening the escrow account as well.