What Real Estate Agents Should Know About Closing Houses
Real estate agents have a lot to worry about in their day-to-day jobs. Whether they’re working for the buyer or the seller, the client’s concerns are usually enough to keep a real estate agent occupied. When it comes time to close, there is nothing worse than seeing a sale evaporate because of legal problems. Working with a good real estate attorney can help avoid this issue and save the client money in the long run. Here’s what every real estate agent should understand about closing a sale and why it’s critical to bring an experienced real estate attorney on board.
Attorneys can Clear the Title
One of the major steps that must occur before a housing sale can be closed on is to ensure that there are no encumbrances on the property. Encumbrances can include tax liens, judgments, or claims to the title that may be held by others. A title search will help discover any of these problems during the closing process, but an attorney is the best party to address the issues so that they don’t derail the sale.
They are Seasoned Negotiators
A good real estate attorney can do more than just move paper around. Lawyers are trained to negotiate and can provide a very effective backup for a real estate agent should any problems arise during the closing. If the home inspection reveals any issues that give the buyer a reason to seek a lower price, for example, a lawyer can help negotiate the best way forward to help ensure the sale goes through.
They Provide Detailed Document Review
Another thing real estate attorneys are trained to do is review each and every document in detail. While real estate agents are familiar with escrow documents, it’s always a good idea to have an extra set of eyes to make sure that everything is in order. Minor mistakes that the average reader might skim right over can prove costly later on, and the cost of hiring a real estate attorney to double- and triple-check everything is pennies on the dollar compared to potential future liability.
The Law Offices of Stephen P. Levesque provides experienced and professional legal services for real estate transactions in Rhode Island. With over 20 years of experience in commercial and residential real estate, we can help mitigate some of the thornier issues that may come up in the closing process. Contact us for a consultation today.