Are you thinking about buying or selling a home?
Hymen & Blair, PC has established a respected reputation for courtesy, trust and passionate representation. Our client-centric approach to real estate law has helped thousands of families, individuals, and businesses close their real estate transactions in a timely manner, with ease of mind, and without breaking the bank.
Your attorney’s role in the real estate transaction
- Selecting your attorney. Since the purchase or sale of your home will be one of the largest single investments of your lifetime, it is important to seek the guidance of a competent real estate attorney. Your choice should not be based solely on the fee charged, but rather should consider the experience eof an attorney and the quality of services. Joel S. Hymen has a total of over 35 years of experience in successfully closing real estate transactions.
- Legal fees. As a result of his experience in real estate, the fee for a residential transaction is based on a competitive flat rate. You are assured of being represented by an attorney with many years of experience in closing real estate transactions.
- The Real Estate Contract. The most important document in the real estate transaction is the contract, since it is legally binding upon the seller and purchaser, and specifies price, earnest money, financing terms, title and survey requirements, personal property to be included or excluded, and closing and occupancy dates. It is important that your attorney review the contract with you at this stage of the transaction to determine if any modifications are required based on your particular circumstances.
- Examination of Title.The seller must convey good marketable title to the purchaser and furnish to the purchaser prior to closing a title commitment which discloses the status of title. The seller’s attorney must review the title examination and complete the clearance of title objections with the title company prior to the closing . The purchaser’s attorney must be capable of reviewing the title commitment to determine that the purchaser will have marketable title at closing and that all objectionable title exceptions have been cleared or insured over by the title company. The review and clearance of title matters requires an attorney experienced in real estate transactions to protect your financial interests.
- Examination of Survey. At closing, the seller customarily provides a plat of survey and a seller’s attorney must review the survey to determine if any objections, which may delay the closing, will be raised by the title company. The purchaser’s attorney will explain the survey at closing and work to obtain title insurance coverage for matters disclosed by the survey.
- Obtaining a Mortgage. Your real estate attorney should be able to discuss financing alternatives with you and to explain the terms of your loan commitment. Your attorney should also monitor your loan application so that proper written notices may be served on the seller in order to insure that your earnest money deposit is not forfeited. During this period the serller’s attorney should coordinate with the purchaser’s lender the ordering of title and survey.
- The Closing. Both attorneys should attend the closing and be prepared to close the transaction in an orderly and professional manner. The seller’s attorney will produce at closing all legal documents necessary for the transfer of the title to purchaser. The attorneys will compute all closing prorations and prepare a closing statement to reflect the consummation of the transaction.
- After the Closing. Your attorney should be available for consultation after the closing to answer any questions or to assist with any problems. The purchaser’s attorney will review the final title policy after closing to insure that marketable title has been transferred and all documents proerly recorded.