A Real Estate Attorney in Bel Air MD does many things that ensure the sale of the property is processed correctly. Title examination is one task that is crucial to the process of buying and selling real estate. A title provides a lot of information regarding a piece of land. It indicates the location, the description, and the legal owner of a property. That eliminates fraudulent sale by anyone other than the legal owner, and keeps the buyer from being conned out of a lot of money.
A title also indicates any liens and/or restrictions on the property. Liens are usually lifted when the sale of the property goes through, and the lender is paid what is owed. If the sale does not totally pay off the liens, the buyer may be responsible for the remainder of the money owed. If that is the case, look for another property to purchase. Restrictions on property can include rights of way for shared access roads, building sheds or garages on the property, or rules regarding future development. If a buyer does not know how to research a title, or glean the right information from it, she may end up with property that is useless. Another thing a Real Estate Attorney in Bel Air MD does is help buyers get financing for the sale price of the property. Valuations and inspections of the property or home have an impact on the value of the property. Showing that the property is worth the asking price, may help buyers get the amount of financing they need.
A real estate attorney can also draw up all the contracts that have to be signed, in order for the sale of the property to be legal. Other aspects of real estate that are handled by licensed brokers include deed changes and settlements. Real estate planning is another issue that can be discussed and documented by an attorney. Planning includes making sure there is enough insurance on the property to cover any accidents, disasters, or liability claims against it. It also includes transfer of ownership to a surviving spouse or child in the event of the death of the original owner. It protects the loved ones that are left behind.
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