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:
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Review the Multi-Board Residential Real Estate Contract
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Negotiate the Attorney Review & Home Inspection Periods
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Order title to detect liens and judgments, which must be satisfied at or before closing.
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Order a title survey to identify whether encumbrances affect the property interests
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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.