What is Most Important to Know Before Going into a Real Estate Closing, and How Can a Lawyer Help?

 Posted on June 01, 2023 in Real Estate Law

Real estate closings can be complicated and confusing events. For most people, real estate closings constitute one of the most significant transactions they can enter into, which is why an attorney’s preparation and proper guidance are essential to ensure the process can be as smooth as possible. Additionally, this is why it is highly recommended that individuals hire the services of a real estate attorney before it comes time to close a real estate transaction.

Here is What You Need to Know About Real Estate Closings

Before entering the process of a real estate closing, here is what you need to know, including:

• Get everything in writing – Whether it is the real estate agent, the bank, or the seller, ensuring that all essential documentation agreements that may be of legal concern are in writing is crucial. This helps prevent future misunderstandings and provides evidence if any conflict arises.
• Understand the finances – It is vital to have a clear idea of the finances involved in the transaction, including closing costs. An experienced real estate attorney can go through everything with the client in clear terms and offer advice on financial matters regarding mortgages and other financing documents.
• Conduct a title search and title insurance – Conducting thorough research into the property’s title history is essential to avoid any surprise once the transaction has been concluded. With the help of a real estate attorney, an in-depth title search, and title insurance, you can provide protection from any undiscovered legal claims or defects that might arise on the title after closing.
• Final walkthroughs – In a real estate transaction, particularly in a purchase and sales agreement, a final walkthrough is necessary to ensure everything is in order and according to the contract agreement before the closing date is finalized. A real estate lawyer’s guidance will be helpful throughout the walkthrough process.

Understanding Additional Ways a Real Estate Lawyer Can Help

Real estate lawyers, experienced legal practitioners with extensive experience in these types of transactions, offer various services that can ease the closing process. Aside from reviewing paperwork and providing legal counsel to the client, a real estate attorney can help with the following:

• Negotiating contracts, advising on the legality aspects beforehand, and drafting documents such as the purchase agreement and other legal documents required at closing.
• Providing guidance concerning essential documents such as the closing statement and mortgage documentation.
• Reviewing and advising on any legal conflicts such as contract disputes, zoning laws, or inspections revealing issues about the property.

Contact a Fairfield County Real Estate Attorney

Contact the experienced Stamford, CT real estate lawyer with Law Offices of Daniel P. Weiner for legal representation in your

real estate matter. Call 203-348-5846 for a free consultation.

Source - https://www.forbes.com/advisor/mortgages/real-estate/what-does-a-real-estate-attorney-do/