In North Carolina, home buyers and sellers are required to involve a lawyer when closing on a property, as non-attorneys are limited in terms of what they can do for this process. Aside from this basic legal requirement, why is having a real estate attorney on your side as a buyer or as a seller a good idea? Since buying/selling real estate is a major transaction, we have compiled a few reasons why working with a real estate attorney is imperative to your success and peace of mind.
What an Attorney Does for Buyers
If you are buying property, the main role your real estate attorney will play involves mitigating risk at all phases of the transaction while also ensuring everything remains on track.
What an Attorney Does for Sellers
While working with a real estate attorney to sell property is a good idea no matter your situation, there are a few instances in which it is even more important to have legal representation on your side. Hire an attorney if you are trying to sell property with structural problems, have a history of property liens, are in the midst of the asset negotiation process during a divorce, or are trying to sell property formerly owned by a deceased relative. Of course, consult with your real estate attorney right away if anything included in the sales contract seems suspicious.
An Attorney’s Role at Closing
During closing, a real estate attorney handles five major functions. These include examining the title, preparing an opinion on the title to provide to the title insurance company, coordinating communication between all parties involved with the transaction, reviewing all documents related to the transaction, and recording the transaction and disbursing funds to the appropriate parties.
For reliable, experienced assistance during your upcoming closing, or for help during all other phases of buying or selling a home, contact us at GPS Law Group. As your representative attorney, we will work on behalf of your best interests and make sure all aspects of your transaction go smoothly.