Role of a Seller’s Residential Real Estate Attorney

 Posted on April 05, 2023 in Real Estate Transactions

Plainfield Residential Real Estate Lawyer

A residential real estate attorney assists sellers with the real estate closing process. A real estate attorney and their team help sellers with the following:

• Review the Multi-Board Residential Real Estate Contract

• Negotiate the Attorney Review & Home Inspection Periods

• Order title to detect liens and judgments, which must be satisfied at or before closing.

• Order a title survey to identify whether encumbrances affect the property interests

• Find suitable strategies to resolve legal and title issues which could jeopardize the sale of real estate

The primary responsibility of the seller's real estate attorney is to negotiate home inspection issues. The home inspection period is also called the "negotiation period." The negotiation period addresses the problems of home repairs and credits. The buyer generally hires a licensed and professional home inspector that inspects the residential property for certain defects. The home inspection report identifies the concerns and problems involving the property. Certain loan types, such as Veterans and FHA loans, require safety issues to be repaired before they clear to close. A clear-to-close letter is a real estate term used in the industry to indicate that all mortgage loan conditions have been satisfied. The clear to close demonstrates that all necessary documents have been reviewed and approved. The clear to close also mentions that the appraisal has occurred and the borrower has met all the conditions. The only remaining requirement for the closing is the mortgage underwriting must be satisfied that the property and legal title issues are resolved successfully, including the review of the survey and the title commitment and their exceptions.

Generally, the buyer’s real estate closing attorney will write a letter that addresses their buyer’s concerns and their proposed modifications to the real estate purchase agreement. These modifications include the following:

• Disclosure of any known defects involving the house, such as water leaks, roof issues, or other issues

• Disclosure of any insurance claims involving the property within the last three to five years

• Any knowledge of hazardous materials or understanding of whether the property is in a flood zone

• Relief shall be limited to the earnest money deposited by the buyer

• Any real estate exemptions impacting the property include senior freeze, senior exemptions, veterans exemptions, and homestead exemptions.

Experienced Shorewood Real Estate Attorney for Sellers and Home Buyers

At Gateville Law Firm, we have a vital attorney and real estate support, team. A solid real estate staff surrounds an excellent real estate attorney. The real estate staff process of the leading real estate transaction is consistent with the systems and techniques created by the seller's residential real estate attorney. Title companies trained our real estate attorneys, and our real estate support staff sharpened their real estate and title insurance skills at reputable title insurance companies. Our real estate team is passionate about real estate and the closing process. We welcome your inquiry by calling 630-780-1034 or filling out our contact online form.