Ypsilanti MI, home buyers experience a smoother transaction when they acquire their own legal counsel. During a closing, a Real Estate Lawyer in Ypsilanti MI reviews the documentation for the mortgage, insurance, title, and sales contract. If the buyer utilizes their own attorney during this process, they can secure their interests.
The Benefits of a Real Estate Attorney
The attorney will explain the terms of the sales contract and how the buyer will take possession of the title. If the property is financed, the mortgage lender acquires the title until the loan is paid off in full. During the closing, a new title is produced in which the new owner’s name will appear. Until the mortgage is paid off, a lien is listed on the title.
If any defects were discovered during the title search, the seller must remedy these issues before closing. A real estate lawyer in Ypsilanti MI conducts a thorough search for all previous transfers to ensure that the seller is the lawful owner. This search determines whether or not an existing lien has been applied to the property title. A real estate lawyer at Hermanowski Law of Ypsilanti MI provides you with title insurance to protect your rights, in the event that there is an issue with the title after the closing.
A closing attorney prepares and records the transaction based on the requirements of the county. The mortgage is reviewed to determine whether any predatory lending practices were utilized. If any terms reflect a question of ethics, the attorney requires a modification from the lender. The attorney also calculates the taxes that are required at the closing for the property based on the value of the mortgage. Any legal fees that are accumulated during the transaction are calculated and paid at this time.
Property buyers should consult an attorney to ensure that they are receiving a fair and reasonably priced property that is free of significant problems. The contracts should include terms to protect the buyer from obligations that should be fulfilled by the seller such as a final payment on an existing mortgage or property tax. If you require assistance with a real estate transaction, you should contact Hermanowski Law today.