What Does a Real Estate Closing Lawyer Do?

What-Does-a-Real-Estate-Closing-Lawyer-DoLet’s face it, purchasing a home or property is an expensive decision. Probably one of the largest financial transactions you will make during your lifetime. As such, having an attorney with experience in the matter can potentially save you thousands of dollars. What does a real estate closing lawyer do? Is this a necessary part of the transaction? Keep reading to find out some of the assets an experienced real estate closing lawyer can deliver.

Choosing a Real Estate Closing Lawyer

Perhaps you already have a name on hand of someone who was recommended or you have worked with a real estate closing lawyer in the past. However, if this is your first purchase or if you are in a new city, simply ask your lending bank or your realtor for a recommendation.

Meet with the lawyer and see how you feel. Many firms offer a free consultation. While it may be tempting to rush into a recommended office with your paperwork, it is important to ensure you trust this individual. Closing sale time can be hectic and rushed. Multiple appointments are usually occurring with the home inspection, bank, house insurance and realtor. Have a list of any questions you have written down or punch them into the “Notes” feature on your cell phone.

The lawyer you want to work with will be happy to answer any of your questions and concerns. No question is too silly or small. After all, they may work with this paperwork on a daily basis but you probably don’t. Therefore, your questions are valid and should be welcomed.

Benefits Of Having a Reputable Lawyer

There are pages and pages of legal documents that come alongside any property transaction. These can be tricky to decipher for the average person. Having someone looking out for your best interests is crucial to ensure you are getting what you pay for and not a bunch of extra things you never knew about.

For instance, is part of your property on a creek, crown land or close to a nature ravine? Some properties have environmental protection plans included on certain parts of the property. You are not allowed to build retaining walls, plant trees or remove existing ones etc. for fear of disrupting the stream or removing some species of protected forest that could be home to an endangered bird, reptile or insect.

Having all of the legal aspects of your purchase outlined before you sign on the dotted line will protect you from potential fines down the road if you want to build that shed or plant that hedge. Your lawyer will be able to read all of the information and translate it to you in a way you understand.

Estimate On Legal Costs

During your initial meeting or telephone call, ask the attorney to describe their fee structure and provide you with an estimate of what your legal fees will look like upon closing. Be sure to budget accordingly and take these fees into account.

Protecting Yourself and Your Purchase

There can be a myriad of issues to take into consideration any time property transfers ownership between individuals. Some of the things that can come up unexpectedly include:

  • Zoning legislation
  • Fraud
  • Unpaid property taxes that need to be addressed prior to the purchase
  • Government legislation

Reading Through the Fine Print

What happens when you think everything is in order only to discover that there is an unpaid debt such as property taxes outstanding? Does the seller take care of the bill or is the purchaser responsible? Many things are dependent on your mortgage approval. All subjects have to be removed successfully in order for a smooth sale to occur.

Let your real estate closing lawyer help you lay a successful foundation on this monumental purchase. The very last thing you want to do is enter into a financially huge deal without having yourself protected. Your attorney can read through the fine print and ensure you have completed all tasks correctly and that the other party has adhered to the fine print as well.

Closing the Sale

Closing the deal involves a lengthy checklist; most of which will be handled by your lawyer including:

  • Searching the property title
  • Reviewing your finalized mortgage documents prior to your signing them
  • Ensuring your homeowner’s insurance is in place on your closing date (or your mortgage will not be approved)

By choosing a successful real estate lawyer from the beginning, you minimize your risk of any costly surprises or issues arising last minute. Always ask someone you trust for a recommendation and read the lawyer’s reviews from other clients. A few thousand dollars in legal fees can protect you in the future from expensive repairs, permits and potential fines from the city. It is vital to legally cover your back to ensure that both parties best interests are taken care of.

Meek Law Firm Charlotte NC

The Benefits of Real Estate Planning

-Real-Estate-PlanningDetermining what will become of your property, your personal items, vehicles, and financial savings can be a lot to think about. Many people put off making an official will and unintentionally end up costing their loved ones extra grief during their time of loss.

Unfinished business may leave the majority of your assets for the government to attend to. This can be an expensive and lengthy probate process that takes money away from your family instead of providing them with it.

Planning For the Future

Taking some time now to research your options may leave your family with thousands of extra dollars that otherwise may end up going to taxes. Beneficiaries and loved ones may have to pay an estate tax up to 35% if you don’t play your cards properly. Planning on how to take care of your estate consists of much more than simply preparing a will. It functions as a vital planning process to lessen the financial impact your death will have on your remaining family members. It provides an outline for your loved ones to follow during their time of need and the means to prepare and resolve any potential issues that may occur along the way.

Creating A Will

This important legal document does cost some time, energy and money to prepare. However, leaving the distribution of your assets in a guided, legal document can help ensure that your final wishes are secured. Being able to clearly state your intentions can help your family avoid conflict in the future.
Many people think about the main residence when it comes to reviewing one’s estate. However, there are a variety of properties or residences that need to be taken into consideration including:

  • Recreational property
  • Pre-purchased burial plots
  • Commercial or Business property
  • Land
  • Rental property

It is important to designate your assets ahead of time and communicate your wishes through a will. Ideally, it would be nice to be able to share your plans with all of the involved family members ahead of time and thus avoid future conflict. Sadly, many families will choose to dispute their loved one’s final wishes either way.

Save On Taxes

Parting with your assets while you are still alive can be a way to significantly reduce copious amounts of your estate being swallowed up by taxes after you die. Depending on where you live, you may be able to “gift” various items to loved ones to provide them with a tax shelter. Of course, signing over large amounts of property or cash prior to your passing has to be done only with those whom you completely trust.

Hiring a Great Lawyer

Trying to negotiate all of the fine print when discussing such complex issues is not recommended. Having a reputable lawyer whom you can trust on hand can help you organize your business. The benefits of real estate planning can ensure you pay off your mortgage on time or early and that you have something to leave to your loved ones later on.

Be sure to discuss any questions or concerns you have regarding your property division. For example, many people want to leave their home to their kids but do not want to have their children’s spouses’ benefit in the event of divorce etc. Be as honest and direct with your lawyer as possible so that they have all of the crucial components when wording your legal documents. Protecting your assets and the future of your beneficiaries is important.

Let Your Property Earn Cash

The benefits of real estate planning don’t have to refer solely to what happens later in life. By efficiently crunching the numbers, you may decide that by renting a room or renting out the upper or lower floor of your home will enable you to pay off your mortgage much sooner than your original amortization. This can leave you debt free much sooner than you planned.

Alternatively, all the interest you saved by paying off your mortgage early could amount to another down payment for a subsequent piece of property. By choosing to be a landlord of a commercial or residential space, you can have the renters paying your mortgage for you. This is an excellent way to have an income property in place.

Real estate planning is much easier to accomplish when you rely on sound advice from an experienced lawyer. Isn’t it time you reviewed your current estate plan to see if everything has been settled as efficiently and smoothly as possible?