“Merideth Nagel’s office handled the settlement on our home sale during a very difficult time for our family. Along with our realtor they made the process entirely stress free and gave our family absolute peace of mind in handling the sale of our home. We couldn’t have been more satisfied.”
Why Should You “Close” With A Lawyer?
According to the American Land Title Association, title issues are found in 36% of all residential real estate transactions. When you consider what a large investment home ownership is for most people, taking that chance can be risky, especially since a title company’s main motivation is not to solve your title problems – they are there to sell you a title policy.
An attorney is also the only party in a transaction that is allowed to give you legal advice. Realtors, title companies, and lenders are prohibited from offering advice on things such as whether your spouse should be on title, what makes could make the title defective, or whether you must tell a buyer about a leak in your roof.
Common topics that might require a consultation with an attorney include, but are not limited to:
- Legal documents related to the transaction (e.g., title policies, deeds, mortgages, and closing statements)
- Income, estate, and gift tax consequences to the buyer’s estate
- Your liability if assuming an existing mortgage or taking subject to an existing mortgage
- Probate issues
- The exception to the title policy
- The parties’ legal rights and obligations
- Preparation of a bill of sale to cover personal property
- Alternative means of financing including seller financing, private lenders, lease-options, and chattel mortgages
- Pre-closing liability for fire and other casualty to the property
- The status of the title to the property and the appropriate legal remedies to clear title defects
- Unrecorded municipal liens, including sewer and special assessment liens
- Zoning and other restrictions on the use of the property
- Building code compliance and unrecorded fines
- How title should be taken and the creation of corporations, partnerships, or trusts to take title
Before you close, your attorney will review every detail of the legal documents to ensure that your investment and financial security are protected.
At Merideth Nagel & The Legacy Legal Team, we can also handle title closings. That means that we are uniquely suited to assisting you with your transaction from start to finish, not only providing you with an effortless closing experience but doing so at the same or better cost as a non-attorney title agent.
No transaction is too big or too small for our legal team so please contact us if you are considering buying or selling a property.