Understanding the Function of a Real Estate Attorney

Philadelphia real estate lawyers help people who are buying or selling property. Aside from a real estate lawyer, you also need a realtor, who would assist you in finding the right property or finding an ideal buyer for the property you are selling. This article shall not focus on the importance of the realtor but on the importance of the lawyer. Your attorney's presence in transactions is crucial because he will review offers made to make sure your rights are preserved and to make sure you are going through the right process.

People buying or selling properties are advised to see a lawyer before making arrangements on paper. Errors could be made if the aid of a legal expert in buying and selling property is not sought. These errors could result in costly repercussions. In addition, many real estate companies, mortgage firms, and insurance companies require the presence of lawyers during transactions. Lawyers shall ensure that the procedure is within legal bounds and, most especially, that there is no any claim on the property. The scope of the job of the lawyer in this case can vary, depending on the circumstances. The nature of the lawyer's involvement in the transaction affects the cost of his services. Then again, you have to understand the role of a real estate attorney in PA when you are buying or selling a house.


For Home Buyers

If you are purchasing a property, your lawyer should explain the purchase contract to you. The lawyer should make sure that the property becomes legally yours right after purchase is made. It is important for a real estate lawyer to have reliable experience in handling real estate transactions. He has to be able to check that there are no claims on the property. Legal problems with the property should be settled before purchase is made.

The lawyer should also prepare and register needed documents. Buying property involves taxes and other costs. Mortgage terms should be clarified with the bank. All documents should be reviewed before you affirm your signature. You also need to obtain title insurance protection. The liabilities you incur upon purchase of the property should be well laid out.

For Home Sellers

A lawyer can help a seller in reviewing the binder. He also has an important role in examining and preparing the purchase and sale agreement. The real estate attorney in PA would also have to prepare the deed and power of attorney. Moreover, he has to tackle and fix problems with the title. Just as in any real estate transaction, the lawyer should be present during the closing of the purchase deal to ensure the seller understands the deal before affixing signatures. The lawyer may also facilitate in transfer of security deposits and issuance of insurance certificates.

Lawyer Fees

Service fees of the lawyer should be clear from the start. Normally, lawyers charge higher fees for buyers than for sellers, because they do more tasks for a buyer. Lawyers may charge flat rates or hourly rates. Ask your lawyer about how he charges for his services. Do not hesitate to ask service cost estimate. Experienced lawyers would be able to draft an estimate within a short time.

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