There are various steps that are involved in the process of making a real estate deal. However, the most important and the final step is to close the deal with the sellers. In the various aspects of the deals, there is a requirement of the lawyers who may look into the legal matters of the deals. He is also the person who is responsible for supervising the exchange of money and important documents in the closing of the deals. Each of the parties has its own real estate lawyers or may even hire an escrow agent to look into the financial matters and to check all the legal matters of the deals.
However, in some of the cases the escrow agents are the neutral third party who stand in between the two parties and give their unadulterated opinion and judgments. The escrow agent does not represent the rights of the buyer or the seller. The escrow agent looks into the rights of either the buyer or the seller a common misconception. You must remember that the agents are not responsible for the protection of the rights of the buyers or the sellers.
The title to real property or the legal ownership of the real estate is verified by searching the records of the property at the county courthouse. There are certain title insurance companies that help in the searches for the property records and issues required records based on the searches. The preliminary title report gives detail about the limitations about the use of the property and informs you about the indebtedness against the real estate property.
The title insurance helps you with important protection against the financial lose and the expenses required to defend the title at the court. At the time of closing, the insurance company actually issues a “policy of title insurance.” There are certain serious risks that are there in the case of closing the deals that the deal actually does not cover. The risk areas cover the areas such as the claim for labor, claims for materials etc that are not covered by the records issued from the courthouse.
There can also be some other risk factors like the unrecorded easements, rights of the clients who are into the selling of the property and the limitations that exist on the use of the property. The role of the attorney is to ease such tension and to show the right way to the clients seeking their help. A lawyer dealing with the legal aspects of the real estate dealings can advise you on the various extended policies and on the additional premiums that are there in the dealings of the real estate.
While closing the deals there are documents of ownership that needs to be recorded and officially filed in the document diary of the county where the property is actually located. You must remember that if there are no records of the property in the county records you may land up in a bad lawsuit or may result in a fine. It may also lead to a loss of the property.
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