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What is a Real Estate Attorney’s role in a residential purchase transaction?

: The role of a real estate attorney is primarily to guide the client through the entire process and answer questions related to whatever comes up, i.e. contract matters, title related matters, inspection and loan issues. However, the following is an overview of what the attorney does:
a. Review the Contract and suggest revisions that are favorable to the Buyer during the attorney review period;
b. Negotiate inspection related fixes, repairs and credits with Seller within the inspection contingency period;
c. Review the title commitment and confer with Seller and title insurance company regarding exceptions raised on title that may be unacceptable to Buyer;
d. Negotiate appropriate extensions to the mortgage contingency period to assure that Buyer has the desired amount of time to obtain mortgage approval prior to being obligated to purchase the property;
e. Attend closing and ensure that Buyer gets clean title from the title insurance company and Seller;
f. Attend closing and fully explain the loan documents and all of Seller’s closing documents (including the settlement statement) to the Buyer.

Category: Real Estate Attorney
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