Summer is a busy season in the real estate market. Many people who have been thinking about buying or selling a home are ready to take action. If you are thinking about making that move, whether as a buyer or seller, as your Realtor, I can provide access to a network of professionals who can help you with every step. Here, we’ll discuss one key professional: the real estate attorney.
In most real estate transactions, three different attorneys will be involved: the buyer’s attorney, the seller’s attorney, and the bank’s attorney. Each has a specific role to play, and each represents his or her own client’s interests.
The buyer’s attorney
The buyer’s attorney is a trust advisor who watches over your transaction, pointing out potential problems and offering options to avoid them. He or she will review and clearly explain the legal documents you will be signing, especially the purchase and sale agreement. The attorney can make changes to the agreement to protect your interests, and will review any changes requested by the seller.
Your attorney reviews the title certification to ensure that the title is clear of any issues that would prevent a future sale of the property, and reviews the deed, to make sure all the information is correct and that you are taking title under the proper tenancy.
The attorney attends the closing (the day you sign all the mortgage documents and close the deal with the seller) and reviews and explains your rights and obligations in signing these legal documents.
The seller’s attorney
The seller’s attorney prepares the deed and the purchase and sale agreement, which sets out the terms and obligations of the buyers and sellers in purchasing and selling the home. The seller’s attorney explains what your rights, duties and obligations are under these terms.
Your attorney can also go to the closing for you, sign the closing documents on your behalf, hold the proceeds check until the deed is registered at the Registry of Deeds, and then turn the check over to you once all the transactions are complete.
The bank’s attorney
The bank’s attorney is responsible for having the title search conducted on the property, and then reviews the title report to make sure the seller has a clear, clean and marketable title. The bank’s attorney also gathers information from various sources to make sure the house actually sits on the lot of land being sold and that the real estate taxes have been paid by the seller.
The bank’s attorney also facilitates repayment of the seller’s mortgage, and prepares the loan documents for the buyer. At the closing, the bank’s attorney will explain the documents to the buyer before signing, and will review the deed with him or her.
The final word
Whether you are a buyer or a seller, it is in your best interest to hire an attorney who specializes in real estate transactions. Contact me if you would like more information about why you should hire an attorney, or about how I can help facilitate the process of gaining legal representation.
What’s Happening in Our Current Market? Right now in our area the housing inventory is at a moderate level. Here are the number of single family homes currently on the market in these communities: Northborough, 45 properties; Westborough, 45 properties; Marlborough, 43 properties; Southborough, 55 properties.
What does this mean for you as a potential seller? With moderate levels of inventory, properties need to be professionally marketed and priced competitively to sell. If you are thinking of selling your home this year and would like to discuss the best approach, please call me Michelle Gillespie at 508-934-9818 or [email protected]. For more information, www.michellegillespie.com.
Michelle Gillespie, Realtor®
Direct Line: 508-934-9818