Purchasing real estate constitutes a serious investment for most buyers, so it’s important that they protect their interests throughout the process. Hiring a closing attorney in Martinsburg, WV allows them to do just that. Those who are first-time home buyers may be a little bit confused about what, exactly a closing attorney does, though. This article offers some information that can clarify an attorney’s vital role in the closing process.
Home buyers should receive a clear title for their new properties, but unfortunately, not all sellers are upfront about use restrictions and mortgages. That’s why buyers typically hire a closing attorney as soon as they’ve received their real estate purchase agreements to check the title to the properties they are planning to buy. The attorney will look for any information that might be relevant to the insurance and the buyer, such as restrictions to use, easements, encroachments, and existing mortgages that will need to be satisfied at closing.
This form of insurance protects buyers if any problems are found with the title. Obtaining title insurance requires a title examination, which should be offered to the insurance company in the form of a title binder. Only those buyers who are not financing their properties through banks or mortgage brokers have the option of purchasing title insurance, which is typically quite affordable and well worth the expense, given the protections it affords buyers.
A closing attorney in Martinsburg, WV will work with both the buyer and the seller, as well as any lenders, real estate brokers, surveyors, insurance companies, home inspectors, contractors, homeowner’s associations, or any other parties that may be involved to ensure that the closing transaction is performed smoothly and in a timely manner. These interactions often occur over the course of real estate transfer but become more significant once the settlement statement for closing has been prepared.
Record and Disburse
Perhaps most importantly of all, a closing attorney is responsible for reviewing and executing the real estate closing itself and distributing payments. This involves reviews and updates to titles and local registries, recording of the deed, and the issuance of a final opinion and payment to the title company and other involved parties requiring payment. Anyone looking for a dedicated closing attorney can visit www.lshermanlawfirm.com to find out about one local office that can help.