A property is a significant financial purchase and investment. With the numerous meetings, paperwork, and people involved, the process can get overwhelming. Although hiring a real estate attorney seems like an added cost, it could save you expenses in the future by mitigating problems and ensuring your best interest through a review of all the documents.
How Can They Help You?
A real estate attorney will negotiate the transaction and ensure it comes together in a way that’s amenable to both parties. They prepare and review property documents, including purchase agreements, mortgage, title, and transfer documents.
Once a contract is made, it is reviewed by a real estate attorney. After the home inspection and title search have been completed, the repairs and adjustments are negotiated to the deal’s terms. If a real estate attorney is hired to handle a transaction, they will attend the closing with the buyer to ensure that the transfer is legal and in their client’s best interests.
Which States Require A Real Estate Attorney?
Your location is a prime factor in deciding where you need an attorney at closing or not. The states that require real estate attorneys are Kentucky, Maine, Maryland, Connecticut, Delaware, North Dakota, New Hampshire, Pennsylvania, District of Columbia, Florida, Georgia, Alabama, Kansas, Massachusetts, Mississippi, New Jersey, New York, Rhode Island, South Carolina, Vermont, and Virginia.
It is vital to check your local laws, as states frequently pass new ones. Every state has its own way of handling home closings. For example, in North Carolina, an attorney must be physically present for each real estate transaction.
Sellers Will Require a Real Estate Attorney If:
- Their property has structural problems
- They require a partition lawsuit to force the sale of the property
- They’re selling a deceased relative’s property
- They have liens on the property
- They’re getting a divorce and need to split the assets.
- They’re amid a foreclosure.
Buyers Will Require a Real Estate Attorney If:
- They’re from another town
- They’re buying a bank-owned or short sale property
- They’re purchasing a commercial property
- The property has some structural damages
- They want to evict your tenant
- They need to back out of a contract
Real Estate in North Carolina
If you’re looking for an experienced and reliable real estate agent, Phillip Fehler, a Broker of Fathom Realty, is the one for you. With real estate experience in Fayetteville, NC, Phillip can help make the transaction go smoothly and mitigate potential risks along the way.