For individuals and families alike, buying a home generally represents the largest financial transaction they will ever encounter. That said, no matter the level of excitement and anticipation, the residential real estate closing should be approached with caution. With this in mind, it is wise to have your attorney present during your transaction.
Here are four reasons why it is important to have the guidance of a legal professional at your closing:
- Title issues: Depending on the complex history of the property, certain elements of the title might need to be addressed. Whether it is a quiet title action or a different type of defect, your attorney can identify the issue and resolve it.
- Resolving deed questions: It is wise to take the time to ensure the deed provided is what was agreed upon during the buy-sell process. It is not uncommon for terms to be added, amended or removed before the final transaction takes place. The attorney can review the document and ensure you understand any changes.
- Verifying the terms of the agreement: Most contracts include certain agreements centering on terms revisions or repairs to the property. A legal professional can review the documentation to ensure the promised repairs or modifications have been completed to the buyer’s satisfaction.
- Last-minute changes: Not only can an attorney ensure the process runs smoothly, he or she can also slow down the transaction preventing the seller from making any last-minute changes. It is not uncommon for buyers to become excited and agree to modifications in an effort to keep the process moving forward. Having an attorney present ensures that the buyer is protected.
While it is unhealthy to enter every business transaction with the mindset that the other party will attempt to deceive you, it is wise to take the steps necessary to protect your best interests. Having an attorney present at your residential real estate closing is a way to ensure the process runs smoothly and efficiently while also protecting your position.
