The Role of The Lawyer In Real Estate Transactions In Ohio?
The buying and selling of houses for most people is usually the most significant financial transaction that occurs in their lifetime. This means that it is essential to protect this investment wholly. There are several important decisions that individuals must make that have legal consequences when they decide to sell or purchase their homes. Below are some of the roles of a real estate attorney in Ohio.
The Real Estate Offer to Purchase
This Contract has the conditions involved in the purchase of the home, including the description of the house being bought, the buying price, how the money will be paid and other conditions of the transaction. Individuals should go through any Offer to Purchase or Contract thoroughly before they sign it. They should talk to their lawyer regarding the impact or meaning of any part of the Contract that they do not understand since it is a legal document that binds the buyer and the seller.
If an individual is applying for a loan to purchase a home, the lender will need a title company to inspect the county land records before closing. A person still needs a lawyer even if they are not getting a loan, to the commitment issued by the title company to ensure they are purchasing what they think they are, and that the property is clear and free of the following;
2) Claims of other people
3) Taxes which are not paid
4) Deeds with defects
5) Outstanding mortgages or liens
Their lawyer should report to them what issues the search and assessment of the public records uncovered.
Closing the Purchase or Sale
Before closing the sale or purchase, the lender sends instructions to the individual’s attorney, the land survey is finalized, inspection of pests in the home is made, the person will have gotten a hazard insurance policy covering the property, and measures will have been taken for the incomplete or defect items. The individual’s lawyer is responsible for making all the required documents, planning the closing, elaborating the meaning of all the needed closing documents and overseeing the correct documents and recordings. The person selling or buying the property will get copies of most closing documents, including a detailed record of all the cash paid by them, on their behalf or to them.
Selecting a Real Estate Lawyer
A real estate lawyer’s role, therefore, includes Contract signing consultation, review of title, arranging the closing documents, confirmation of the recording the mortgage and deed, and chairing the closing. The attorney performs these functions in coordination with the Lender, Buyer, Realtor, and Seller. The lawyer will ensure that the whole process is completed most conveniently and pleasingly. Selecting an expert attorney in real estate to handle the buying and closing is very important.
You should select a lawyer that will represent their interests and not the interests of the other people involved in the transaction since they are paying fees to the lawyer. The Law Office of Joseph A. Budde has over three decades experience helping clients with their real estate transaction matters. We welcome you to contact us for your free initial 30-minute consultation.