Whether buying or selling property real estate in Georgia, a knowledgeable attorney is essential in making sure your rights and property interests are protected before, during, and after the transaction. Opinions may differ as to the need of a real estate attorney during this process; notwithstanding the cost of legal representation on the front end will pale in comparison to legal fees incurred should the deal go sour.
A Real Estate Attorney’s Role
There are several aspects of a real estate transaction that can benefit from the advantage of a real estate attorney. These include:
- Review of Purchase and Sale Contract: A real estate attorney can review the terms of the purchase and sale contract (“Buy/Sell agreement”), preferably before it is signed, to ensure the rights, obligations and remedies in the contract favor his or her client. Moreover, if necessary an attorney can skillfully negotiating the specific terms of the agreement to ensure you are protected during the entire process. He or she can also change legal language the contract to protect the interest of a buyer or seller.
- Title, Financing, and Legacy Concerns: Unlike other parties involved in a real estate transaction, your real estate attorney owes an absolute duty to you. He or she can review title documents to ensure clear and marketable title is conveyed, explain and evaluate financing options, provide advice on tax implications, and ensure all documents are properly prepared so that conveyance is effective and valid. If the buyers are a couple, an attorney can provide advice regarding the legal consequences of the different ways they can hold title.
- Representation at Closing: The buyer’s and seller’s attorney assist clients providing guidance through the closing process, which requires the signing the large number of documents in order to convey the property. An attorney will review the proposed settlement statement, detailing all of the fees and charges the buyer and seller will incur. An attorney will also obtain the payoff amount from the seller’s lender and will prepare a certificate of satisfaction for the buyer. Before closing, the attorneys will communicate with the lender, the realtors and the other attorney to ensure all conditions have been met in order to close successfully.
Real Estate Help is Available
The purchase or sale of a home is often one of the largest transactions during one’s lifetime.
Contact a seasoned real estate today if you or someone you know is considering purchasing or selling a property. A small initial investment in legal fees will likely save you thousands of dollars in the long run. Avoid legal consequences from mistakes or omissions during the sale by calling an attorney today.