How A Naples Real Estate Attorney Helps With A Closing
When buying or selling a home, the principals will find that there is a considerable amount of paperwork involved. To deal with this a Naples real estate attorney is engaged to handle all the legal documentation as well as the title that are very important elements of the transaction. The legal matters that are involved include the title search as well as the eventual transfer of funds from the buyers account to the seller. To effectively deal with all these matters an attorney must be well versed in all aspects of the law as it pertains to matters of property.
Once the real estate attorney has been hired in most cases the first task is to perform a title search. The objective of the title search is to ensure that there are no outstanding liens on the property or any other issues that would have a detrimental effect on the sale and purchase. The objective of a title search is rather straight forward; it is the task of the attorney to make sure the property can be transferred from the current owner to the future owner free and clear of any encumbrances. It is not unusual, based on the age of the house of course, for the attorney to search back 50 years or more.
Of all the tasks that are involved in transferring property from one owner to another, the title search is probably the most important. As the Naples real estate attorney digs into the history of the property he or she ensures there is no discrepancy that may have a long term effect which may make it difficult for the new owner to sell the property in the future. Should the attorney unearth something which may make for what is called a “cloudy title” it is the responsibility of the attorney to explain it and all its ramifications to the buyer.
Although the title search is perhaps the most important task that the attorney undertakes it is far from being the only one. There is a wealth of documentation required to transfer the ownership of property; these documents include the contract of sale, mortgage notes and of course the deed to the property. All of these documents are prepared and presented at the closing.
The attorney facilitates the closing, ensuring that everything that is needed is ready and on hand and the lender who will hold the mortgage has forwarded all their documents for signing by the buyer. As the closing proceeds, the attorney will explain in detail what each document means, in this way everyone present knows exactly what is being signed.
Once this phase of the transaction is completed the attorney on Long Island will register the deed with the court and see to it that all the real estate people involved with the transaction are paid their commissions.
If you are transacting a property sale or purchase you will need a Naples real estate attorney to assist in all aspects of the transaction. You are invited to visit the site http://www.willisdavidow.com
