Should a real estate attorney be retained when property is purchased? Well, purchasing any building or piece of land normally involves a large sum of money and a tall stack of legal documents needing signatures. For many, having an expert review the documents and look for potential problems seems like a reasonable decision.
A real estate purchase frequently begins with a term sheet, a non-binding description of the deal. This is followed by the real estate contract which controls the transaction and attempts to anticipate the consequences of any problems prior to the closing. If the other party’s attorney drew up the real estate contract, it was written to benefit that lawyer’s client and almost certainly contains provisions that your attorney will recommend changing.
After the real estate contract has been signed, the buyer does ‘due diligence’ inspections of the property. Leases will need to be examined if the building has tenants. In all cases, the title will have to be reviewed to be sure that there are no outstanding mortgages or liens and that the seller has clear title to the property. This title review is normally conducted by the title insurance company who will forward their findings to the real estate attorney who will address any concerns. Ensuring that there are no open mortgages or tax liens on the property is a primary concern of the attorney. All taxes and open mortgages must be paid off prior to the buyer taking possession of the property. Easements can become a concern to buyers if unusual rights have been granted which lower the value of the property.
If everything has been approved to this point, the closing documents will be drafted. The new mortgage, if any, will be obtained and the final closing will be held. The real estate lawyer will attend the closing and ensure that all documents are correct.
Feavel Law Office’s experienced attorneys, Jonathan Feavel and Andrew K. Porter, practice law in a variety of specialties. They handle real estate and transactional law, family and entertainment law, bankruptcy, wills and personal injury. In addition to their law practices, both of these skilled attorneys are family men active within their communities and churches. Anyone who needs the services of a real estate attorney in Washington, Indiana should contact this distinguished firm. Click here to know more.