It is common for home buyers to take steps to keep their out-of-pocket expenses to a minimum, and many will try to avoid paying for optional services for this reason. While you may not want to pay for all optional services, there are some that can be truly beneficial to you even if they are not required. After learning more about the services provided to you by a real estate attorney, you may be ready to seek out these professional legal services for your upcoming purchase.
Explaining the Contract
A real estate sales contract can be confusing to understand because parts of it use real estate or legal jargon. Your real estate attorney can review the contract for you to ensure that your rights are protected, and he or she can also help you to better understand your obligations and requirements under the contract.
Assisting With Title Research
A real estate attorney can also assist you with researching the title. Everything from liens and covenants to easements and more may impact your ownership of the property. The real estate attorney will provide you with more information to ensure that you have title to the property free and clear.
Helping You With the Mortgage Documents
A mortgage is a legally binding agreement. You will be contractually bound by the terms of the mortgage. From the monthly payment obligation to the ability of the lender to foreclose on the property if you do not follow through on the terms of the mortgage, there are many legal nuances to consider. The real estate attorney can review these documents on your behalf before you sign them.
Representing You at Closing
Your closing is both a financial and a legal process. This is where you will sign all of the mortgage, title and sales documents to finalize the purchase. Generally, after closing, you will own the property and will be contractually tied to the mortgage. While many documents will be available for your attorney to review before closing, there may be last minute changes or other documents available at closing that your attorney has not reviewed. Your attorney can represent your interests and answer your questions at the closing table.
You do not need a real estate attorney to assist you throughout the purchase process. However, you can see that there are many beneficial services provided to you by an attorney. Contact your trusted mortgage professional for more information.
The rush of excitement that comes with finding the home you’ve been looking for is ideal, but just because it seems like the perfect place, it doesn’t mean there aren’t other factors to consider. Instead of getting hit with buyer’s remorse, here are some tips so that your home purchase doesn’t become something you’ll regret.
With all the work that goes into finding the kind of home you’ll want to put an offer on, it can be easy to forget about all the little things that happen after the deal has been made. While the paperwork involved in purchasing may seem like a long way off, here’s a quick review of some of the documents you’ll need when the time comes to seal the deal.
There are plenty of things to consider when purchasing a home, from the size of place that you’re looking for to the amount of home you’re able to afford. While it’s certainly worth knowing what you want going in, here are a few factors that investors often think about when it comes to making or breaking the appeal of a real estate purchase.
If you’re planning to get a mortgage, it’s critical that you know your rights under the law. The Truth in Lending Act (TILA) is a piece of federal legislation that governs how mortgage lenders can and cannot operate their businesses.
If you’re planning to buy a home, you should know that the mortgage pre-qualification process is the first in a series of steps that eventually lead to home ownership. A pre-qualification is different from a pre-approval – the pre-qualification meeting is simply you and your lender hashing out how much you can afford to spend on a property. But once you’ve been pre-qualified, it makes the mortgage process easier.
With the excitement involved in moving into a new home and all of the things that need to be done, it can be easy to forget a few important things before you load up the moving van. If the day of departure is drawing closer and you’re mulling over the final details, here are some items you may want to check off the list first.
If you’re worried about your bad credit, you’ll want to do everything in your power to improve your rating as quickly as possible – especially if you have a major purchase coming up. Improving your credit rating can give you access to better interest rates on mortgages or even help you to get that job you’re after.
So you’ve been pre-approved for a mortgage – great! You’ve taken the first step toward becoming a homeowner. But before you start picking out china patterns, you’ll want to keep in mind that a pre-approval isn’t the same thing as a mortgage agreement. There’s still no guarantee that you’ll actually get a mortgage.
Buying a home involves a variety of nuances and strange-sounding terms, and one of the least understood aspects of the home buying process is the escrow account. Essentially, an escrow account is a third party bank account your lender can require you to pay into in order to cover certain costs related to your home. Your lender uses an escrow account to ensure that property taxes and home insurance fees get paid on time.