A real estate attorney may conduct your closing or settlement.
Real Estate transactions are completed when the seller conveys the title to the buyer by deed. In many transactions the attorney will represent both the buyer and seller. Typically the buyer selects the closing attorney; however, the seller can hire an attorney to represent him or her as well.
You should ask the attorney who he or she is representing.
Prior to closing -
- The seller gives the attorney a copy of his deed, personal loan payoff information, access to title information, and current surveys.
- The buyer provides the attorney with the contract, lender contact information, contact information and copies of invoices for service providers used throughout the transaction.
- The attorney will examine title documents, resolve title difficulties, explain legal documents and ramifications; examine and prepare legal documents, such as the deed, title policy, mortgage, survey, seller disclosure statement and the closing statement.
- The attorney ensures clear title is conveyed.
Real estate law covers the rights to own, lease, use, and enjoy land and the permanent manmade additions attached to it. This includes the ability to hold interests in real property, permissible interests in real property, relations between owners, relations between owners and the community, landlord and tenant relations, the transfer of interests in real property, and real property financing, including deeds and mortgages. Real estate transactions, such as purchases, sales, and leases, are governed many federal and state laws that differ from state to state. Lawyers.com
The attorney will provide for you a closing statement that summarizes all funds associated with your transaction.
This includes funds received by you and the seller at closing as well as expenses such as real estate commissions, loan payoffs, property taxes paid, the attorney’s fees, inspections, etc. Many of these fees could have been negotiated between the buyer and seller throughout the transaction. The closing statement will show these costs and who is responsible for paying them and should reflect the terms of the contract.
Your real estate attorney may present a closing statement called a HUD1.
For all closings involving a federally insured loan, the Real Estate Settlement and Procedures Act (RESPA) requires your financial transaction information be reported on a form from the federal Department of Housing and Urban Development (HUD).
