What Does a Real Estate Attorney Do? – Functions and Benefits

You may have heard that getting the help of a real estate attorney is essential, but you are wondering “What Does a Real Estate Attorney Do?”. In this guide, we will answer this question in detail letting you know what this attorney’s essential functions are.

What Does a Real Estate Attorney Do? – Know the Functions

We will describe the functions that a real estate attorney performs according to each of the phases of the sale of a property.

Title Search

After the title investigation order is ordered, the real estate attorney begins to work. The attorney oversees compiling all the information about the property title. This is done by searching for public records and requesting various documents. Among them are the municipal lien certificate, in addition to registration of taxes and mortgage.

An exhaustive examination of all the collected information is done. This will ensure that there is no defect in the property title. However, if any is found in it, the attorney will be in charge of solving it and coordinating with all the parties. In addition, it is essential that he or she provides the buyer with a certificate of title.

Title Insurance

Another significant important role of the real estate attorney is to organize the issuance of title insurance to the lender and the buyer. There are two types of title insurance, one that is purchased by the buyer and one that is purchased by the lender.

Although there is a title search, in some cases there are some hidden problems that can cause them to lose money. Therefore, having title insurance is extremely important to protect them.

For example, before the claim of someone who demands to have a right to the property and makes a lawsuit. Also, if there are debts that were not paid by the previous owner.

The Closing

The real estate attorney is in charge of coordinating with the lender the documents that must be signed for the closing. These documents include the mortgage, promissory note, and the so important, HUD-1 Settlement Statement. Additionally, he or she must prepare to obtain the deed to the property and final utility bills from the seller.

In addition, it is responsible for solving some issues that may arise at closing related to the payment of mortgages, real estate taxes, or utilities.

When the closing moment has arrived, the attorney oversees:

• Explanation of the loan and the signed documents.
• Collection and distribution of funds.
• Ensure that everything has been done correctly.

Post-Closing

After the closing has been carried out successfully, the real estate attorney still has obligations to fulfill. Some of them are:

·         Take care of the loan funding.

• Make a title report to ensure there are no further changes to the title.
• Register the deed of the property, in addition to the mortgage and other important documents.
• Verify that certainly all mortgages and liens have been paid.
• Solve existing problems with the title insurance.

Seller Attorney

The following is a list of the responsibilities of a seller’s attorney:

• Prepare a draft of the agreement for the sale of the property, the quitclaim deed, and the power of attorney.
• Order the payment of mortgages.
• Solve any problem related to the title so that it is clear.
• Represent the seller at closing.
• Obtain final readings of services, condominium 6d certificate, smoke detector certification.

Receive Help from a Professional Real Estate Attorney Today

You know the answer to what a real estate attorney does – and you also know you need one to handle your real estate project. We can help. Call us to (305) 901-5628 or send us an email to Info@MarinaTitle.com to receive assistance from a professional and seasoned real estate attorney today.