why a real estate attorney is needed for closing on the sellers side

With a real estate attorney by your side during the closing of your home sale, you’ll avoid issues that could cost you time, money, and the deal itself. Plus, an attorney’s professional presence will help you rest easy during those dicey and tense weeks between contract and close.

Full Answer

What does a real estate attorney do at a closing?

Dec 15, 2021 · Although the real estate agent will have a standard contract for buyers and sellers to sign when the buyer makes an offer, it is wise to have an attorney knowledgeable in …

Can the buyer and seller of a house have separate attorneys?

Sep 30, 2016 · Amongst other things, it is the Georgia real estate closing attorney’s responsibility to: Ensure deeds, affidavits, and all other documents are delivered to the right people. Georgia law also requires the closing attorney to prepare a detailed statement that shows all disbursements and receipts from the buyer and the seller; and this must be ...

Can a non-attorney handle a real estate closing?

Mar 07, 2022 · For a buyer, a real estate attorney will ensure that the offer made is valid, whereas a real estate attorney for a seller will help negotiate the terms of the sale. They protect the rights of the buyer or the seller by examining and evaluating the documents, explaining the terms of the mortgage and providing legal advice if necessary.

What does a seller’s attorney do?

Nov 04, 2020 · A closing attorney is an attorney hired by the seller, buyer or the buyer’s lender to handle the paperwork relating to the sale of the home …

What is the closing attorney's job?

There are five primary functions handled by the closing attorney during a real estate transaction: Title examination: The buyer and lender will both want a clear title for the property. Without clear title, the sale may become much more complicated.

Where is the closing attorney located?

While the closing attorney is typically located in or near the county where the property sits , many actual real estate closings today are handled on one or more sides using overnight mail with payments via ACH or wire.

What documents do closing attorneys need?

The closing attorney is available to explain documents such as a deed, a note, a deed of trust, a settlement statement, disbursement at the end of the transaction and loan documentation required by the lender.

Does title insurance have to be purchased at closing?

Title insurance is optional for the purchaser in a real estate closing if he or she does not have to get financing through the bank or mortgage broker; is a requirement for most all lenders at the time of purchase or refinance of real estate.

Real Estate Pre-Closing Checklist for Sellers

A seller needs to meet every contract contingency requirement and deadline or request an extension to the Offer. While some issues may arise that may be out of the seller’s control, it is valuable to understand the most common reasons for closing delays.

Sellers Closing Day Checklist – What to Expect

Once your closing date has arrived, the contact contingencies are met, and the title has been checked, it is finally time to complete the sale.

After Closing Checklist

After signing the closing paperwork, the title is transferred and the keys are turned over to the buyer––it is finally time for the seller to receive the remaining balance of the property sale funds.

Wynn at Law, LLC Helps Real Estate Sellers Throughout The Closing Process

Selling a home or property is a complex process. By law, only a real estate attorney can provide you with legal advice during the home sale process, not a real estate agent, loan officer, or title company. Sellers need an experienced Wisconsin real estate attorney in their corner who will look out for their interests.

Who does the closing attorney represent?

So even though the closing attorney represents the lender, he or she has a responsibility to complete the closing efficiently and accurately in the interests of all parties involved. Normally the closing attorney explains the contents of the documentation to the buyer and seller at the closing, before everything is signed and sealed.

What happens at closing of a real estate transaction?

At the end, the real estate closing will result in the property being transferred to the purchaser.

What is the job of a closing attorney in Georgia?

Amongst other things, it is the Georgia real estate closing attorney’s responsibility to: Ensure all documents are completed correctly. Ensure deeds, affidavits, and all other documents are delivered to the right people. Prepare the settlement or closing statement. Disburse money in terms of the closing statement.

What is the law that covers closings in Georgia?

The federal law that covers the closing is the Real Estate Settlement Procedures Act ( RESPA ), and this legislation applies in addition to the local Georgia real estate license law that the Georgia Real Estate Commission administrates.

Who handles closings?

The attorney who handles the real estate closing represents the lender and not the buyer or the seller. While buyers and sellers often consult with a real estate attorney of their own, to do title searches, check documents (including the closing documents) or get advice, usually the closing attorney handles the closing alone, ...

Can a real estate attorney do a telephonic closing?

This was as a result of an attorney having participated in a real estate closing telephonically, which the Court found “ethically improper”. In some other states, only attorneys can give legal advice relating to the closing. Real estate attorneys must also draft all the legal documentation. But a “non-attorney” may handle the closing.

Do you need to borrow money to buy a house?

Most people need to borrow money to buy a home, and this can be a formidable prospect in itself. Again, there are processes and documents involved, as well as negotiations and agreements to be concluded. While the process of buying property is basically the same in all US states, local law does have an impact.

Why do you need an attorney for a home purchase?

Here are a few reasons you might need or want an attorney to be part of your home buying team: State or lender requirement: Every state has slightly different laws regarding real estate transactions, and some states consider certain actions that are part of the process to be “practicing law.”. These regulations are often meant to prevent real ...

Who is in charge of closing a home?

In some cases, a real estate attorney is also the person who’ll be in charge of your closing. In a home purchase transaction, both the buyer and seller can hire an attorney to represent their interests during the process. Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, ...

What is a real estate attorney?

A real estate attorney is someone who is licensed to practice real estate law, meaning they have the knowledge and experience to advise parties involved in a real estate transaction, such as a home sale.

Is it legal to buy a home?

Buying a home isn’t just a simple purchase; it’s also a legal transfer of a property from one entity to another. Because the legal side of this transaction can be so complex, sometimes it makes sense (or is even required) for home buyers or sellers to enlist an attorney who can look out for their best interests.

Do you have to have an attorney at closing?

If your mortgage lender requires an attorney to be present at closing, whether the buyer or seller covers the cost of the closing attorney will depend on how your contract was negotiated. If you want your own attorney in addition to the one required by your lender, you’ll also pay for any services they provide you.

What should a closing attorney look at when hiring a closing attorney?

If the bank hired the closing attorney, the closing attorney should have looked more carefully at the purchase-and-sale contract to determine exactly what was being sold. If the closing attorney (hired by you or the bank) made the mistake, the closing attorney should fix it.

What is closing attorney?

A closing attorney is an attorney hired by the seller, buyer or the buyer’s lender to handle the paperwork relating to the sale of the home and the lender’s documentation. This attorney acts as a settlement agent but does not represent either the buyer or the seller in the transaction. The attorney’s role is to prepare closing documents ...

What does a closing attorney engagement letter mean?

The closing attorney’s engagement letter will let you know that the attorney does not represent you but rather only prepares documents for the closing, so be sure to look closely for that wording in the document you sign. Advertisement. We mention all of this as background.

Does closing attorney fix conveyance documents?

Remember, this error not only affects the buyer but the buyer’s lender. The closing attorney may have the ability to fix the conveyance documents from you to your buyer, but it may take more work to fix the mortgage documents that the buyer signed to the buyer’s lender. Advertisement.