How a real estate attorney helps with a closing
When a house is being bought or sold there is a considerable amount of paperwork involved, a real estate attorney on Long Island is the attorney that will be engaged to handle all the legal and title matter associated with the transaction. The matters include a title search, legal documentation as well as funds transfers which are an integral part of the transaction. A real estate attorney must have an acute understanding of the law as it pertains to property matters.
In most cases the first thing the real estate attorney on Long Island will be called upon to do is the title search. The title is scrutinized to make sure that there are no outstanding liens against the property or any other blemishes that will confuse the transfer. The objective of a title search is actually simple; the attorney wants to ensure that the property can be transferred from the current owner to the new owner free and clear. It depends a lot on the age of the property and where it is located but it is not unknown for the search to go back 50 years or more.
The title search is probably the most important task that the real estate attorney on Long Island does. If, during the search the attorney uncovers a discrepancy it may have a long term effect on the new owner who may find it difficult to sell the property in the future. If the real estate attorney finds what is called a “cloudy title” it is their responsibility to advise the client and explain the possible ramifications.
As well as performing a title search the real estate attorney is also responsible for preparing all the legal documents that are necessary for the sale and purchase of the house. These documents are many and can include a sales contract, mortgage notes and the deed to the property. All the relevant documents are made available at the closing.
The real estate attorney will also facilitate the actual closing making sure that everything that is needed is ready and the lender has forwarded all the necessary documents that are needed to ensure the mortgage. During the actual closing the attorney will explain in detail what each document means so that everyone involved is aware of what is being signed.
Once this phase of the transaction is completed the real estate attorney on Long Island will register the deed with the court and see to it that all parties involved with the transaction are paid their commissions.