A Real Estate Lawyer plays an important role while purchasing a home. A lawyer prepares the first draft of contract of sale. Lawyer adds the addition rider which is required to be negotiated with the buyer. A lawyer will finalise the contract which will bind the seller and the buyer to the contract. The buyer will send to the Seller’s Lawyer a down payment. The same amount will be deposited by a lawyer in the escrow account. Several things are required to be done for purpose of closure after the contract is signed. The Lawyer will go through the title report to find out whether there are any issues that are required to be resolved by a seller. Lawyer provides all the documents and information that are requested by the lenders.
Various services are provided by a Real Estate lawyer at the time of purchasing a home, they are as follows-
– The written and the oral overview of the process of buying are provided by him.
– Proper negotiation with the contract of purchase is made.
– All details such as the timings and the possession issues are discussed by him.
– He negotiates with the issues relating to repairs which are indicated by a home inspector.
– Title commitment is examined to ensure that the purchased property is exactly the same which was committed.
– Contract contingencies are explained by a lawyer.
– He is also responsible for verifying the tax consequences in the whole process.
– Attendance of closing in order to ensure the compliance is done by him.
The common problems associated with the purchase of home can be avoided with the help of a Real Estate lawyer. In case, the seller withdraws the property from the market, a lawyer can negotiate on the realtor’s right. There is a need to have an advice from the lawyer on the brokerage agreement. It is necessary to explain the terms of the agreement to the seller and to revise it accordingly. Lawyer sees to it that the agreement is properly signed. Lawyer is needed to consult on the important matters such as the tax consequences, etc. In this whole aspect, the purchase agreement plays an important role. Lawyer has to make the necessary changes and additions as per the desires of both seller and buyer.