Real Property Attorney - What is the real estate lawyers role?
The role that the Real Estate Attorney plays in the selling of your home by for sale by owner makes him/her a necessary addition to your team. Like any other aspect of the law, real estate law should be left to the professionals. Unless you are legally entitled to practice Real Estate law in your State/Province you need professional help. Below are some of the details that your Attorney/Lawyer will take care of.
Your Attorney/Lawyer will review the contract of purchase and sale and advice of potential problems. The seller is typically responsible for preparing the transfer, which is the document that transfers the title of the land from the seller to the purchaser.
They will review transfer documents received from the buyers lawyer, which includes the statement of adjustments which shows credits and debits for seller and buyer, for items such as purchase price, property tax, strata fees where applicable, water account, tenant rent or damage deposits, commissions to be paid to Real Estate Agents, down payment paid by buyer and transfer of title.
They will converse with the buyers Lawyer if necessary and resolve any problems or concerns regarding title issues and or accuracy of figures. Obtain a mortgage balance statement from the seller's mortgage lender to determine the amount necessary to pay and clear the mortgage balance on the day of closing.
If you are selling one property and purchasing another property with closings on the same day, you may need to arrange interim financing. This is a temporary loan to ensure that monies are in place to complete your purchase.
As you can plainly see the Attorney/Lawyers role is vital to the sale of your home. Make sure you have one on your team before you attempt to sell your property.