BUYING A HOME -
There’s more to it than applying for a loan and signing documents.
Depending on the nature of the transaction, your attorney will be more involved than you may realize. For example, long before the closing takes place, he or she will provide many of the following services:
There are complex legal issues to consider.
In addition to the many details listed above, there are intricate legal issues to contemplate. Your attorney will explain the following matters when explaining what’s actually taking place when property is transferred from the seller to you:
When you buy a home, you not only purchase the structure itself and the land it’s built on, you purchase legal rights. Your attorney will provide the answers to many questions you may have when evaluating these rights:
Your real estate closing.
A lawyer’s expertise is invaluable during virtually every stage. At the closing, while documents are being passed back and forth, your signature is becoming a blur, and a lot of money is changing hands, your attorney will be there as your advocate:
Among the many details: Title insurance.
There are two types of title insurance, owner’s and lender’s. Sellers typically pay for owner’s coverage, buyers typically pay for lender’s coverage. Title insurance is the only insurance that looks back in time. That is, it protects against financial loss based on events of the past that may have led to defects in the title. Examples of risks that are typically covered by title insurance include the following:
Title insurance also protects against hidden defects that would not be revealed in a title search. Examples include missing signatures from required parties and amounts owed to contractors who worked on the property. Your attorney will examine the status of title and negotiate the type of coverage you need.