A Real Estate Lawyer in Syracuse handles a multitude of cases related to real estate ventures and the buying process. These attorneys oversee the buying process to protect the interests of both parties involved. If you are buying property for personal use or as a business venture, it is advisable for you to consult a real estate attorney to ensure that your rights are protected.
The Closing Process
In the closing process, a real estate attorney is provided with all documentation related to the sale of a property. This includes the deed, mortgage documents, insurance documents, and the sales contract. It is the responsibility of the attorney to ensure that the deed is legal and provides the seller with the right to sell the property legally. The mortgage documentation is reviewed to ensure that the buyer understands his or her obligations related to the mortgage. This ensures that all statements made to the buyer by the mortgage lender are accurate and truthful.
Insurance Requirements
All mortgages require homeowner’s insurance. For this reason, the attorney will review the respective documents to ensure that the buyer has secured all required insurance for the property. This includes flood insurance if the property is located within a flood zone.
The Sales Contract
Lastly, he or she will review the sales contract. The sales contract must reflect each detail involved in this transaction. The exact physical address of the property, the seller’s name, the buyer’s name, and the exact sales price must appear on this contract. The attorney will review these details to ensure that they match the deed, the mortgage documents, and the insurance documents. Any discrepancies within these documents are addressed during the closing. All errors are corrected before the closing is finalized.
Summary
A real estate attorney provides legal representation in areas that concern real estate property. This includes the closing process. During a closing, an attorney reviews documentation from the mortgage lender, the real estate agency, and the insurance provider. He or she ensure that both parties are protected and that no one is taking advantage of either the seller or the buyer within the selling process. A real estate attorney also protects the interests of homeowners when the right to ownership is threatened.
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