What Your Real Estate Lawyer Does For You

If you are considering selling your house, you need to get a real estate lawyer. The buyers will have their own lawyer. The roles of each lawyer is not set in stone, but the traditional role of the sellers’ lawyer include:

• Reviewing the sales contract
• Making sure the titles and documentation for any chattels included in the sale are in order.
• Reviewing mortgage information and ensuring the calculations are correct.
• Reviewing property tax bills.
• Pro-rating to the adjustment date any utility costs, municipality fees and/or condominium costs.
• Determining the amount of any refunds due.
• Preparing a statement of adjustments.
• Preparing the transfer deed.
• Making sure you can deliver a clear title to the buyer on the closing date.

The buyers’ lawyer typically completes the title search and verifies that there are no encumbrances on the property.

It is important to give your lawyer all the necessary information. Some of the documentation your lawyer will ask for includes:

• A legible copy of the accepted offer.
• The latest property tax bill.
• Utility bills for the past year.
• All your mortgage information.
• Any transfer documents available from when you purchased your home.
• Documentation for any items you agreed to leave in the house for the new owners
• Any additional information that is relevant to the condition or ownership of your property.

Giving your real estate lawyer all the information he needs will help make sure your deal closes as smoothly as possible.

After the sale of your home, you need to keep some money aside to cover the closing costs. Here is a list of some of the fees that will have to be paid.

1. Commission- If you used a real estate agent, you can expect to pay the agreed upon commission. Always check to be sure the amount is correct.

2. Transaction Fee- Some real estate agencies have started to charge a transaction fee in addition to commission. Check your original agreement. If you didn’t agree to pay a transaction fee, be sure to challenge this charge.

3. Taxes-You are required to pay the taxes related to the period of time from the beginning of the year to the closing date.

4. Insurance- If the buyers are taking over your fire and homeowners insurance, be sure to get reimbursed for the unused portion.

5. Liens and assessments- You’ll normally be expected to pay off any liens or assessments before the title can clear. Make sure to check that all the dollar amounts are correct.

6. Title Insurance/Escrow Charges-You should know in advance what portion of the title insurance and escrow charges, if any, you need to pay. Be sure that you aren’t being overcharged.

7. Inspection fees-These include termite inspection fee, termite removal costs, recording deed costs, home warranty plan costs, attorney’s fees, documentation preparation fees and mailing costs ( if any).

There may be other fees and costs in addition to those listed here. There is not much you can do to eliminate the costs, but you can watch out that you are not being overcharges, or being charges for things that weren’t done.