A real estate lawyer is a legal professional that deals with all the matters associated with buying and selling a home or other property. These matters include a title search, all required legal documentation and the funds that are required to complete the transaction. To be an effective real estate lawyer in Davenport IA it is necessary to have a complete understanding of the closing process and the laws associated with it.
In any normal real estate transaction where one party wishes to sell property to another party the first thing the real estate lawyer will do is search the title to the property in question. The sole objective of a title search is to determine if there are any unanswered claims, liens or any other derogatory issue against the property. If the title search does not turn any claims the property is deemed to be clear and it can be transferred to a new owner free and clear.
A full search of the title might go back 50 years or more. If the lawyer unearths even the slightest discrepancy in the title this will be brought to the attention of the buyer client as the least little thing can have a detrimental impact when the property is resold in the future.
Although the title search is considered of paramount importance, the real estate lawyer has other important responsibilities in preparation for the transaction. The lawyer must prepare all the relevant documents that are needed when a home or property changes ownership. These documents include such things as the sales contract, the deed to the property and any current mortgage notes. All of these documents are brought to the closing.
Prior to the actual closing the real estate lawyer in davenport IA will ensure that everything that is needed is complete and ready, including any documents the lender needs to be signed. During the actual closing the lawyer explains in detail what each document is and what it means, in this way both parties to the sale are fully aware of what they are agreeing to by attaching their signature. Once everything is signed both parties are given copies.
At this time the closing is complete but the lawyer still has a few outstanding issues that must be attended to. These include the registering of all relevant documents with the court and that the agents involved in the transaction are paid the commission they are entitled too.
