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Your attorney can assist in structuring the deal, providing all the resources and information necessary during each step. They’ll also make sure you understand all associated closing costs such as mansion or NYC transfer taxes.

Ask whether the attorney has enough work for themselves without delegating work to paralegals or junior attorneys, which could compromise your representation and quality of service. This decision should not be taken lightly since this could adversely impact on both.

Legal Advice

Real estate transactions often present numerous complex legal issues. A good attorney will be able to inform you about local practices, answer any queries that arise and recommend resources as you work your way from initial contract through closing.

As part of the process, a Purchaser delivers a check for their contract amount (commonly referred to as a down payment) directly to the Seller’s attorney who holds it securely in an escrow account for safekeeping until closing day if financing the purchase. This money may then be used by your mortgage lender at closing as payment for their services if applicable.

The Seller’s attorney orders a title report on the property to identify and resolve any legal issues that could become obstacles at closing, such as unpaid money judgments or open mortgages.

Once title searches and surveys are complete, closing will be scheduled; at which time your attorney should provide you with a Closing Disclosure prior to attending with you at closing.

Document Preparation

Contract and mortgage loan documents needed for real estate transactions can often be long and intricate, requiring legal expertise to ensure that all requirements are fulfilled without delays in closing costs. An attorney can help ensure all necessary criteria are fulfilled without costly delays being encountered when closing on real estate properties.

An attorney can also coordinate property inspections and address any issues discovered by inspectors. Many contracts include home inspection clauses to protect buyers.

Document preparation involves the drafting and filing of deed and transfer tax returns as well as compiling all documents required for mortgage closing. An attorney can also provide information and documentation related to loans from lenders and calculate any amounts due at closing.

Legal document preparation services may be provided by attorneys and licensed paralegals, as well as registered document preparers under NRS Chapter 240A. Such individuals must abide by all registration requirements, standards of conduct and consumer protections prescribed in the statute.

Negotiation

Negotiations is often an intricate process involving many details like price offered, loan approval and which personal property items will be included in the sale. Working with a lawyer will help ensure contracts are written accurately to reflect all parties involved.

An attorney can also advise clients regarding which disclosures must be provided to buyers, real estate agents and lenders in order to satisfy disclosure requirements and avoid costly fines at closing time or later on in court proceedings.

An attorney can assist both parties during negotiations by helping to set short-term benchmarks and create a reasonable yet ambitious timeline for the completion of a deal. He can suggest innovative solutions to problems that might arise. He might suggest “cooling-off” periods during discussions to restore perspective and avoid emotional responses, according to Fletcher. Furthermore, after all of their terms have been agreed upon formally contract can be drawn up quickly afterward to guarantee all agreed upon provisions are included within it.

Closing

At closing, final papers are signed and money (including closing costs) changes hands. A number of factors can delay closing proceedings, such as low appraisals or failure to satisfy financing contingencies or title issues.

Your attorney will be on-site during closing to make sure all procedures are adhered to as stated and to advise on your legal obligations and rights as a homeowner. He or she can help translate complex legal jargon, and explain any fees that may be charged.

Before signing your Closing Disclosure document, your lawyer can review it to make sure the lender’s estimate of loan costs accurately reflect your closing expenses. He can also advise on any extra fees not covered by this disclosure document and help contest any unjust charges. Before closing occurs, request a walk-through inspection to ensure all agreed-upon repairs have been completed and that all parties involved have left. Also ask for copies of documents related to your earnest money deposit account.