New Haven Real Estate Closings Lawyer
Purchasing a home is one of the largest transactions most people experience during their lifetime. With so much at stake, having an experienced New Haven real estate closings lawyer to make sure the purchase goes through smoothly can be extremely beneficial.
Experienced New Haven attorneys are dedicated to the practice of residential real estate closings and work hard to ensure you walk away from your transaction satisfied with every aspect of the deal.
What is a Real Estate Closing?
A real estate closing is the final portion of a real estate transaction. At the closing, the selling party formally transfers ownership of the property. The buyers and sellers also sign documents effectuating the sale, such as the deed and loan documents.
The closing occurs at a time and place that both parties agree upon, but typically will not happen immediately after an offer is accepted. There is usually a waiting period of several weeks after the seller accepts the buyer’s offer, during which the buyer secures financing and inspects the property.
There is always a possibility that the closing will be delayed due to problems with securing financing, unsatisfactory inspections, or title defects.
Is It Necessary to Have a Closing Attorney?
In addition to working with a real estate broker, parties to a real estate transaction also typically work with a real estate attorney. In New Haven, it is customary for attorneys to be involved in at least some aspect of a real estate closing, as real estate closings involve complex issues such as financing, preparation of closing documents and title searches.
If a real estate transaction involves title insurance, an attorney must be involved. Mortgage companies or lenders may also require legal representation by a licensed lawyer.
Legal Aspects Involved in a Closing
Attorneys play a central role in coordinating all the moving parts engaged in a real estate closing. A New Haven real estate closings attorney could assist with:
- Reviewing mortgage and loan documents
- Negotiating a sales agreement
- Obtaining a title report
- Issuing title insurance
- Preparing or reviewing a deed and other transfer documents
- Holding funds in escrow
- Dispersing funds to the appropriate parties
- Recording transfer documents
Working with a Real Estate Closings Lawyer in New Haven
In a complex transaction, a seemingly minor error can quickly turn into an expensive problem to fix. The deposits required prior to the sale of real estate are substantial and often involve large sums of money changing hands. A lawyer could help ensure that everyone gets what they are supposed to receive.
Between title insurance, recording fees, and real estate broker fees, the fees involved in real estate transactions can add up to a surprisingly high total. Although a party to a real estate sale may be inclined to cut costs, legal assistance is not an aspect of the transaction to hold back on.
In addition, parties to a real estate transaction will often secure their own counsel to avoid conflicts of interest.
Close the Deal with a New Haven Real Estate Closings Attorney
In a real estate deal, like any other large sale or contract negotiation, you want someone in your corner looking out for your best interests. A real estate transaction can be overwhelming, particularly if you are a first-time homebuyer or have not gone through the process in some time.
A New Haven real estate closings lawyer could answer any and all questions you have to make sure you fully understand everything that is happening in your real estate closing. If you would like to discuss having New Haven real estate closing attorneys represent you, call today.