What Exactly Does a Real Estate Attorney Do?

What Exactly Does a Real Estate Attorney Do?

This article is about the real estate attorney, and what exactly do they do? The first thing to point out is that some states will have real estate attorneys, some states will have title companies. You'll need to find out which one you're in. And in this particular article, I'm in Massachusetts, I'm going to be talking about real estate attorneys. Because that's what we use here and their main a work in a real estate transaction falls into three different categories.

What Exactly Does a Real Estate Attorney Do?
What Exactly Does a Real Estate Attorney Do?

Purchase and Sale Agreement (PNS)

The first is the contractor the PNS of the purchase and sale agreement. The real estate attorney will be going through drafting the contract negotiating. The contract with the other attorney and then reviewing the contract with you, that you're aware of all of the terms. They’ve covered all their bases, and that you have a contract that you. Their client is satisfied with.

Title

The next arena is a title. When we talk about the title we're looking back in time to who else has owned this property. To make sure that all the documentation was there from, the original owner to the current owner. and that there wasn't any fraudulent transfer or missing pieces of information. Along that chain of title to the real estate attorney is going to be doing the research on the title, to make sure that everything is there. If there's an issue or something that we call a cloud on a title it's that real estate attorneys job. To go ahead and clear the title error or clear the cloud on title, and then toward the end, as we get towards closing. The real estate attorney will also draft the deed to be recorded that will convey the property from one person to another.


Closing Attorney

The third category we're talking about closing and the closing attorney. Will be drafting the HUD, which is the final accounting of all every single penny in a real estate transaction. It's like a big Excel spreadsheet over two or three or four pages, that the attorney will draft up. Make sure that all the pennies are accounted for and where they go. Secondly, I'll prepare all the documentation for closing. Every state will have different kinds of documentation required by that state. That turning will prepare all the docks for everybody to be signing at closing. Then lastly once the closing is done, they will make sure that all the docks that are required go on record.

Those are the three areas of expertise that a real estate attorney will bring to the table. What they will be doing throughout the transaction in order to find one. The best way is going to be by referral. You can get it from someone, who has recently done a real estate transaction or probably best from your real estate agent. Your local realtor, who will be able to recommend a closing attorney for you. Because they've worked with them flawlessly and seamlessly in the past.

Fees

They should have resounding recommendations for you. Concerning the real estate attorney that they are supporting and lastly check the fees. When you're talking to a closing attorney. Because most of them will do flat rate and you should always negotiate to get the best rate that you can. Avoid paying by the hour even if it seems like its low because that will add up fast get a real estate attorney that does it flat rate for you.


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