Choosing the Right Real Estate Attorney
If you have an ear infection, do you go to your dentist for a prescription? No - you go to see an Internist. But, both are doctors...
Same with Attorneys - Real Estate Attorneys are not the same as a litigation Attorney. Real Estate Attorneys are paid when the transaction closes and not an hourly rate. It is a defined amount - starts with an accepted offer, which then leads to a signed Purchase and Sale and then the day of closing - usually at their office.
There are numerous crucial steps to take when purchasing a home, and one of the most significant decisions you will make is selecting a competent and reliable real estate attorney. A real estate attorney plays a pivotal role in safeguarding your interests throughout the home buying process, ensuring a smooth and legally sound transaction. At Needham-Westwoodareahomes.com, we understand the importance of this decision, and we are dedicated to helping you make the best choice possible.
Understanding the Role of a Real Estate Attorney
A real estate attorney is a legal professional specialized in property law and transactions. Their primary responsibility is to review and prepare the necessary legal documents, ensuring that all aspects of the property transfer comply with local and state regulations. They act as a trusted advisor, protecting your rights and interests, and providing valuable insights throughout the buying process.
The Importance of a Competent Real Estate Attorney
Choosing the right real estate attorney can make a substantial difference in the outcome of your home purchase. An experienced attorney possesses the expertise to handle complex legal issues, potential disputes, and title searches, giving you peace of mind during this significant investment. Their guidance can prevent costly mistakes and ensure that the entire process proceeds efficiently.
Factors to Consider When Selecting a Real Estate Attorney
Experience and Expertise: Look for an attorney with extensive experience in real estate law. An attorney with a proven track record in handling similar transactions will be better equipped to handle any challenges that may arise.
Local Knowledge: Opt for an attorney familiar with the local real estate market and regulations. Local expertise ensures a smoother and more efficient process.
Communication Skills: Effective communication is vital in any legal process. Choose an attorney who can clearly explain complex legal terms and keep you informed throughout the transaction.
Availability: Ensure the attorney you select is accessible and responsive. Timely communication is crucial in meeting deadlines and addressing any concerns.
Fees and Charges: Understand the attorney's fee structure upfront to avoid any surprises later. A transparent and reasonable fee arrangement is essential. The attorney's fee is a closing cost item - factored into the mortgage. However, if you get your mortgage from XYZ Bank and you want to use your Uncle Charlie (family attorney), Uncle Charlie needs to be on the list of attorneys XYZ Bank uses to close loans. IF not - you, the buyer, pays Uncle Charlie - out of pocket - and still needs to use an attorney from bank list.
So, what does the attorney do? The attorney:
Reviews the contract and negotiates any change with the seller’s attorney
Helps you further understand the contract and makes sure your interests are protected
Helps you decide how to take title
Makes sure the title is clear
Files extension requests (inspection, attorney review, mortgage, etc.) as needed working with us
Closely reviews the settlement statement (CD) including any taxes owed, adjustments, closing cost credits, etc. prior to closing
Prepares all legal documents
Schedules the closing
Conducts the closing at their office or real estate office and explains all of the documents to you as you sign them
Ensures title insurance is in order
The above list is IF everything goes perfectly. If it doesn’t and the contract needs to be cancelled, escrow money needs to be refunded, etc. our team will handle these items as well. This is why it’s crucial to have a good Real Estate attorney as part of your team.
In conclusion, selecting the right real estate attorney is a critical aspect of the home buying process. Their expertise and guidance can significantly impact the success of your transaction. At www.Needham-Westwoodareahomes.com, we understand the importance of this decision and are committed to helping you find the ideal real estate attorney to protect your interests and ensure using our Simple Move Method, you will have a successful home buying experience.