In Virginia, real estate transactions are overseen by an attorney who is familiar with title requirements and contracts. The attorney attends the closing for the property to protect the interests of each party involved. If you have considered buying or selling a property, it is in your interest to speak to a Real Estate Lawyer in Warrenton to determine your rights. A Real Estate Lawyer in Warrenton begins by creating a sales contract for the seller. This contractor includes all the terms in which the seller prefers.
This includes whether or not they will pay the closing costs when the property sells. It also includes any restrictions related to how the property is used. Next, the attorney is responsible for conducting a title search. He or she is required to search at least twenty years prior to determine whether or not the titles were properly transferred from one owner to another. In basic, this search is utilized to determine the rightful owner of the property. Any discrepancies in the title should be remedied before the property is sold.
During the closing, the Real Estate Lawyer in Warrenton reviews the insurance documentation to establish that the buyer has secured an adequate amount of coverage. If the property is situated in a flood zone, the buyer is required to purchase this policy before the closing. These policies are verified by the attorney during the property closing. The attorney reviews the mortgage documentation to establish that the lender hasn’t included any clauses that could produce an issue for the borrower in the future.
With new predatory lending laws, it is necessary for an attorney to ensure that the mortgage lender followed these requirements. The attorney verifies the calculations listed in the mortgage documentation. To secure the interests of all parties involved a Real Estate Lawyer in Warrenton examines all information presented by both sides. They also prevent unethical practices conducted by lenders, insurance companies, and real estate agents. If you plan to buy or sell property, you should contact an attorney to establish your rights and prevent potential delays and hindrances throughout the buying or selling process.