Selling Guide - The Attorney's Role
The Purchase or Sale of your home is one of the most important transactions
you will ever make. The process of buying a home requires attention to
numerous details, many of which require extensive knowledge of local real
estate laws. Therefore, it is advisable to consult with and enlist the
services of knowledgeable real estate attorney.
The role of an attorney is particularly important in the following matters:
A. Purchase and Sale Agreement
To avoid potential complications, it is advisable for both the buyer
and seller to enlist the services of a real estate attorney prior to
signing a Purchase and Sale Agreement. By doing this, each attorney
can help make his/her client aware of the legal ramifications of each
clause in the Purchase and Sale Agreement.
B. Title Search
This is accomplished by examining the records if the Registry of Deeds
and, in some cases, the Registry of Probate of the county in which the
property is located to insure that the owner does in fact have a good,
clear record and marketable title to the property. The title search
will also reveal any encumbrances, rights of way, easements, restrictions
and any other matters or conditions which may affect the property.
C. The Closing
This is the final financial settlement. The buyer, the seller, their
respective attorneys and the attorney for the mortgage holder meet to
finalize and execute all the closing documents. These include, among
many others:
- The Deed
- Discharges of Mortgages
- Promissory Note and Mortgage
- The Truth in Lending Statement which documents all finance charges
- Survey of Mortgage Plot Plan
- Final Accounting which involves a prorating of property taxes,
water bills, etc.
D. After the Closing
After the closing, the title examination is updated and the Deed, Mortgage
and other miscellaneous documents, including a Municipal Lien Certificate
from the town or city in which the property is located are recorded
in the Registry of Deeds, at which time title to the property is transferred
to the new owner.
The attorney's role is to make sure that his/her client is informed and
protected through the transaction. When choosing an attorney, keep in
mind that many specialize in certain aspects of legal practice. You should
take the time to make sure that the attorney you choose is familiar with
local real estate laws and practices.
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