Do I need an attorney to advise me on my home purchase or sale? What does an attorney do in the closing process?
Do I need an attorney to advise me on my home purchase or sale? What are some of the pitfalls in the home purchase and home sale process?
Pitfalls in the home purchase and
· Provide advice concerning contract drafting. · Give advice on the legal implications of the contract and other · Assist in negotiation for the purchase or sale where required. · Obtain and examine title evidence to assure good title to the · Order and review of a property survey. · Request payoff statements for any encumbrances. · Obtain or review a commitment for a title insurance policy. · Coordinate the closing with other professionals in the · Prepare a statement of closing costs including proration of taxes, · Prepare and review loan documents. · Prepare or review deeds transferring the property. · Close the transaction and explain the documents involved in the · Collect and disburse the funds required for closing. · Obtain releases of the Deed(s) of Trust and other encumbrances · Manage recording of the Deed, Deed of Trust and other documents. · See to the issuance of title insurance. · Follow up on post closing matters. Let the attorneys at Closetrak, LLC assist you in your real estate
Title insurance is a single premium form of insurance that protects a homeowner, for so long as they may have any interest in their home, against matters that may not be discoverable by an examination of title to real property such as:
· False impersonation of the true owner of the property · Forged deeds, releases or wills · Undisclosed or missing heirs · Instruments executed under invalid or expired power of attorney · Mistakes in recording legal documents · Misinterpretations of wills · Deeds by persons of unsound mind · Tax liens against an owner that may not yet be recorded · Deeds by minors · Deeds by persons supposedly single, but in fact married · Liens for unpaid estate, inheritance, income or gift taxes · Fraud · Unposted taxes
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