- Purchasing a home is the biggest single purchase that a person makes. Therefore,
spending
$400 to $500 to hire an attorney to safeguard a Buyer's interest in
the purchase, does not seem like too big of an amount to make sure that
everything with the closing goes smoothly. A Buyer needs to make sure
that they are receiving good title to the property, that they receive
the appropriate credits and prorations at the closing, and that the
Deed is properly recorded to
correctly transfer the property from the Seller's name to the Buyer's
name.What Role does an Attorney play when they represent the Buyer in a Real Estate Transaction?
- There are several things that an attorney does to protect a Buyer’s interest:
1) The attorney will review the Contract and advise the Buyer as to the terms of the Contract.
2) The attorney will review the options a Buyer has in taking title to the property.
3) The attorney will review the title commitment and make sure that the Buyer is receiving clean title to the property.
4) The attorney will review the Deed and the transfer declaration prepared by the Seller’s attorney to make sure that the Buyer’s name is spelled correctly, that title is being taken as the Buyer has requested, and that the Legal Description, the Property Index Number, and the Common Address are correct.
5) If you have questions regarding the covenants and restrictions, the attorney will review them with the Buyer to make sure that the Buyer understands them.
6) The attorney will prepare a Settlement Statement and review the credits and prorations with the Buyer to make sure that the Buyer is receiving the proper credits and prorations.
7) The Attorney will attend the closing with the Buyer and review the loan and other closing documents with the Buyer.
