how to ask a lawyer to handle a real estate closing

Do I need a real estate attorney at the closing?

A real estate closing is often a nerve-wracking experience for both the buyer and seller. Typically, a large amount of money changes hands during closing and both parties to the transaction have done a lot of work leading up to the closing...

What are the best questions to ask your closing attorney?

The right real estate attorney can help protect you and your business from any issues. According to Gennady Litvin, attorney at Moshes Law, “it is important for investors to work with a real estate attorney on every deal to avoid hidden pitfalls connected with …

Do you need an attorney to close on a house in Georgia?

You have a couple of options for a remote closing. First, you may want to create a Power of Attorney which would allow a proxy to sign on your behalf. The real estate attorney or title company will usually draw up this document for a small additional fee …

What does a real estate attorney do when selling a house?

At the closing meeting, expect many people to be involved, such as your real estate closing attorney, the seller, real estate agents of both parties, and representatives of the title company and lender. Finally, be prepared to sign many legal documents before the property can finally be declared as yours.

What questions should I ask at closing?

Six questions to ask before closingWhen should I schedule my pre-closing inspection? ... What is a title search? ... What can I expect my closing costs to be? ... Who should attend the closing? ... What do I need to bring to the closing? ... What should I get from the sellers at closing?Feb 15, 2015

What is the order of the closing process?

To close the deal on your home, you need a closing agent (also called a settlement or escrow agent). They'll coordinate document signing for all the parties, verify that both you and the seller have met the terms of the purchase agreement, and finally pay out all funds, transfer the title, and record the deed.Oct 22, 2018

Can a mortgage fall through after closing?

Mortgage approvals can fall through on closing day for any number of reasons, like not acquiring the proper financing, appraisal or inspection issues, or contract contingencies.Jan 25, 2022

What are the four steps in the closing process?

We need to do the closing entries to make them match and zero out the temporary accounts.Step 1: Close Revenue accounts.Step 2: Close Expense accounts.Step 3: Close Income Summary account.Step 4: Close Dividends (or withdrawals) account.

What should you not do when closing on a house?

Here are 10 things you should avoid doing before closing your mortgage loan.Buy a big-ticket item: a car, a boat, an expensive piece of furniture.Quit or switch your job.Open or close any lines of credit.Pay bills late.Ignore questions from your lender or broker.Let someone run a credit check on you.More items...

Can a lender ask for documents after closing?

The bottom line is there's nothing unusual about being asked to provide more documents after you submit your application. It's absolutely normal. The key is to be prepared to provide them as quickly as possible, so your loan can close on time.Sep 21, 2020

Can anything go wrong after closing?

Pest damage, low appraisals, claims to title, and defects found during the home inspection may slow down closing. There may be cases where the buyer or seller gets cold feet or financing may fall through. Other issues that can delay closing include homes in high-risk areas or uninsurability.

How long does it take for the underwriter to make a decision?

The underwriting process typically takes between three to six weeks. In many cases, a closing date for your loan and home purchase will be set based on how long the lender expects the mortgage underwriting process to take.Mar 1, 2022

What is a real estate closing?

A real estate closing is often a nerve-wracking experience for both the buyer and seller. Typically, a large amount of money changes hands during closing and both parties to the transaction have done a lot of work leading up to the closing date. Plus, real estate contracts tend to be full of legal jargon that can be difficult for ...

What is the job of a lawyer?

It is your lawyer’s job to give you legal advice about your legal matter. That is the reason that you are paying him or her to represent you in a real estate closing. As a result, you should cooperate with your lawyer and take his or her advice for the best possible outcome in your case.

What is general practice law?

Many lawyers have a general law practice, meaning that they handle many different types of cases. Real estate law tends to be one area of the law that many general practice attorneys frequently handle. Contact the bar association in your state.

Do attorneys offer free initial consultations?

Many attorneys offer free initial consultations, so schedule appointments with those attorneys whom your friends, family members, or colleagues recommended. When you go to these appointments, your main goal is to get a sense of the attorney’s experience in handling real estate transactions.

Questions for a Real Estate Attorney

Since buying real estate is likely the biggest investment you’ll ever make, you need to make sure all your bases are covered. In your search, make a list of essential questions that you should ask everyone you talk to.

How long have you been practicing?

Find out how long the attorney has been working in your area. For residential closings, a few years should suffice. For bigger transactions like commercial real estate or investment property, you want an attorney who’s much more experienced.

How do you handle closings?

Tell the prospective attorneys about your particular situation. Then, ask them what they would do and what their typical procedures are. Knowing how they would plan to deal with things in advance will give you confidence and peace of mind.

What about fees and billing?

Some attorneys require a retainer up front and then bill you the balance later. Ask them what their rates are, and how much they think your individual situation would cost. With so many fees involved in real estate transactions, you need a firm price so you can add the attorney to your budget.

Will there be others working with us?

Some law firms rely on other attorneys and paralegals to work on their cases behind the scenes. Ask if other people will be involved in the transaction or if you can expect to simply deal with one attorney directly.

Knowledge is Power

There are several important things that every good real estate attorney should know. Read more about that so you’ll be aware of the intricacies involved in a real estate closing.

Attorneys and Your Success

Once you’ve done the legwork, you should have no problems finding a reliable, quality real estate attorney who can help with the closing process. Be sure to check reviews and ask the right questions so your transaction will be a success.

What is a closing attorney?

The closing attorney is available to explain documents such as a deed, a note, a deed of trust, a settlement statement, disbursement at the end of the transaction and loan documentation required by the lender. Record and disburse: The closing attorney is literally responsible for closing on the transaction and distributing all monies.

What happens if you don't have a clear title?

Without clear title, the sale may become much more complicated . Upon receipt of a real estate purchase agreement or a request from a bank or mortgage broker, the closing attorney will begin to check the title to the property being sold.

What is title examination?

The title examination is for the purchaser and the lender to evaluate title to the real estate. The purchaser will need to know whether there are certain restrictions of use, easements, encroachments or whether the title is marketable and clear for the seller to transfer the property to the purchaser. The closing attorney will identify any existing ...

What does a closing attorney do?

During the selling and closing process of a home, a real estate closing attorney can help handle the title check and more for the property in question. They are also equipped to handle any unexpected events during the closing process .

How can a good real estate attorney help you?

Whether you are investing out of state or simply renting out the property next door, finding a good attorney can help protect you and your business through all aspects of a real estate transaction. The right real estate attorney will be skilled in the laws and regulations of your area and will be available to oversee the legal details of your real estate transactions. No matter what side of a transaction you are on, whether it be buyer or seller, a real estate attorney can assist you in several ways. That’s why it’s important to find the best person for the job. Keep reading to learn about the questions to ask real estate attorney professionals before working together.

Why do you need a real estate attorney?

Investors seeking to get started in the world of commercial real estate will find an attorney especially helpful when it comes to acquiring new properties or managing existing ones . Another reason a real estate attorney can be of value to your team is during the rehab process.

Is it important to have a good attorney?

A good attorney is essential, regardless if you are just starting or are already established in the business. There are many qualified attorneys you can use, but you need to find the best real estate attorney. Never make a move in real estate unless you have the backing of an attorney that knows the business.

Who handles closings?

In many areas, closings are handled by a local real estate attorney, while in other markets there are title companies that conduct closings.

How to do a remote closing?

First, you may want to create a Power of Attorney which would allow a proxy to sign on your behalf. The real estate attorney or title company will usually draw up this document for a small additional fee payable as part of your closing costs. In some cases, you can do a mail away closing, signing documents in the presence of a Notary Public and overnighting them back to the closing officer. In either case, talk to your real estate agent early in the process to ensure that you’ve set up your options well in advance.

Why do buyers close close at the end of the month?

Many buyers prefer to close as close to the end of the month as possible. That’s because costs like taxes and interest payments will be prorated, so an end-of-the-month closing date means you may only be paying for a couple of days for that month. That keeps closing costs lower for the buyer.

What do I need to bring to closing?

What do I need to bring to the closing? Both buyers and sellers will need to bring photo identification. Both buyers and sellers may want to bring a copy of the purchase agreement as well, in case they have any questions. The buyer will need to provide proof of homeowner’s insurance as well as funds due at closing.

Where do closings take place?

Closings can take place in the office of the attorney or closing agent or in your home or office. As COVID-19 has created an increase in virtual transactions, some closings even take place curbside, with mask-wearing homeowners signing their paperwork while socially distanced from the attorney’s car.

What to do if you receive an email from someone requesting a wire transfer?

If you receive an email from someone purporting to provide or change the instructions for your wire transfer, reach out to your real estate agent immediately. In addition, talk to your closing officer about the protections they have in place to prevent fraudulent activity and to protect you in case your wire transfer is misdirected.

What is closing in real estate?

A real estate closing is the final step in the real estate buying and selling process. Once an offer on a property is officially accepted by the seller, a purchase agreement is made, and a closing date is set. Upon closing, the property ownership is formally transferred from the seller to the buyer, after which the buyer is free to start their ...

What happens at closing of a house?

Upon closing, the property ownership is formally transferred from the seller to the buyer, after which the buyer is free to start their move-in or renovation process. Your agent, lender, and title agency will work together to complete their end of the deal. This means that their timeline might vary from the buyer and seller’s agreed-upon closing ...

Why do you need escrow?

Escrow helps to protect both the buyer and seller from being ripped off during this time. Perform a title search and purchase insurance: By performing a title search and purchasing a title insurance policy helps buyers make sure that the transfer of ownership will go smoothly at closing.

What is closing process?

Often referred to as “escrow,” “completion,” or “settlement,” the real estate closing process is the last step in the home buying process before the property is officially in your ownership. By getting to know the basics of real estate closing below, you will be sure to have a smooth and efficient transaction.

How many steps are involved in closing a real estate transaction?

To explain real estate closing in closer detail, below you will find the process broken into twelve main steps: Enter escrow: Because there are so many steps involved in completing a successful real estate transaction, a neutral third party will protect all the funding and documents involved in the closing process.

How long does it take to close on a house?

Although the real estate closing timeline varies case by case, it generally takes a few weeks to close on a house, barring any delays. If a buyer has already been pre-approved for a mortgage loan, the lender can generally process the paperwork, as well as schedule a home appraisal, in just one to two weeks.

Is closing a real estate transaction complicated?

The real estate closing process isn’t as complicated as most new buyers or sellers make it out to be. That’s not to say there isn’t a lot that needs to be done, but rather that there’s a system to make things easier for each party. In fact, the more one knows about the closing on a house timeline, the better off they will be. Therefore, it may literally pay to know the answers to some of today’s most commonly asked real estate closing questions.

Why do real estate attorneys help?

Provide peace of mind to all parties. Thanks to their experience and education, real estate attorneys can provide some peace of mind for all parties involved. They help protect clients from legal disputes and streamline the closing process for a smooth sale.

What do attorneys do before transferring a property title?

Before transferring the property title, attorneys evaluate public records on a property’s history, to uncover any potential liens or other issues that might negatively impact the title for the new owner.

What is the job of an attorney?

According to Cowart, the attorney’s primary job is to review, and sometimes draft, the title and contracts and to facilitate the closing process; in states where an attorney’s participation is not mandated, title companies typically conduct these steps.

How much does a real estate attorney charge?

However, some attorneys charge a flat fee for their assistance in real estate transactions, and these costs can range from $950 to $5,000. The buyer usually foots the bill for this expense, but they may negotiate for the seller to pay the fees in some instances.

What can an attorney do in a contract dispute?

Attorneys can also act as a mediator between buyers and sellers in a contract dispute. The attorney can look back on the sale documents and provide both parties with an unbiased, legal perspective.

What is a fact checker in real estate?

In many ways, real estate attorneys serve as “fact-checkers.” Agents can often defer to an attorney’s better judgment, concerning everything from initial contracts to the breakdown of final closing costs.

Why do you need an attorney for real estate?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

What is a real estate attorney?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process ...

How much does a real estate attorney charge?

How much does a real estate attorney cost? How much you’ll pay for real estate attorney fees depends on your market and how involved they are in the transaction, but they typically charge a flat rate of $800 to $1,200 per transaction. Some attorneys charge hourly, ranging from $150 to $350 per hour.

What to do if you inherited a home?

An attorney can help you navigate the complexities. Estate sale: If you inherited the home you’re selling, hiring an attorney to sort through ownership documents can ease the burden, which is especially helpful when you’re grieving the loss of a family member.

What is the job of a home inspector?

Their job is to make sure the buyer knows about everything that may need to be repaired on the home. Sellers also sometimes hire an inspector to do a pre-inspection so they can make any necessary repairs before putting the house on the market.

Do you need an attorney for a closing?

In 21 states and the District of Columbia, attorneys are legally required as part of the closing process. Attorney-required states include: As a best practice, if the other party in your transaction has a lawyer representing them and supporting their best interests, you should too.