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The Role of A Real Estate Attorney

Attorneys are pivotal parts of the real estate transaction. Experienced real estate attorneys will be able to lend their expertise to ensure that your real estate purchase is as seamless as possible. If you are buying a home, we strongly advise that you utilize a real estate attorney in CT. Here are just a few roles that a real estate attorney performs during your purchase.

 

  1. Attorneys Can Help You Understand the Pre-Approval Process.

Prior to shopping for a property, it is prudent to consult a Penner Law Firm real estate attorney to understand the pre-approval and financing process. It is critical to determine how much you can afford to borrow in order to establish the price range in which you should look for properties.  Once you have spoken with a real estate attorney in CT, you can reach out to a licensed mortgage loan officer or broker to begin your pre-approval process. After being pre-approved, you should then consult your Penner Law Firm attorney to discuss any possible implications and legalities of obtaining the real estate financing you have been pre-approved for. If you have not selected a mortgage lender or been pre-approved, Penner Law Firm can help connect you with a mortgage professional that fits your needs.

 

  1. Attorneys Should Review The Real Estate Sale Contract To Ensure That Your Rights Are Protected.

The next step in the process is to begin working with a realtor, and find a home that you wish to make an offer on. Once you have found your dream home, the realtor will help draft the offer and submit it to the sellers.  Once the seller has accepted the offer, it is advisable that the buyers and sellers speak with their attorneys about the language in the contract prior to signing.  Once a contract is signed, both parties are bound to the terms of the contract for the remainder of the transaction.  In order to make sure your rights are protected and your individual concerns are adequately addressed, it is imperative that your Connecticut real estate attorney review and discuss your real estate contract with you prior to signature.

 

  1. Attorneys Can Negotiate with the Seller For Any Necessary Repairs or Credits After Your Home Inspection.

Although it is not required to have an independent home inspection done on the subject property, it is highly advisable.  The real estate contract signed by both parties outlines the time period in which the buyer must have an inspection done and present any requests for repairs or credits to the seller. Your Penner Law Firm attorney can monitor this date to help keep you on track for your inspection, and can even draft all of the necessary documentation to facilitate a productive negotiation with the seller to address any issues that arise during the inspection.  While we hope that verbal agreements exchanged between parties will be kept, it is absolutely necessary to document the repairs and credits that you and the seller have agreed to in a signed agreement .  Having a Connecticut real estate attorney involved in this negotiation can save both time and money in the long run by addressing all issues at the beginning of the transaction, rather than at the end when it may be too late to protect your interests.

 

  1. Attorneys Confirm the Status of Your Financing, and File Necessary Paperwork To Facilitate the Transaction.

A standard real estate sale contract will specify a period of time in which you must secure financing.  If the you have made diligent efforts, but are unable to secure financing before the mandated time period, then the you may terminate the contract and get your deposit back, or request an extension of time from the seller. Your real estate attorney will work with all parties to confirm the status of your financing and move the financing in the right direction. If you choose to handle the transaction yourself, and fail to properly request an extension to obtain financing, the seller may choose to terminate the contract and retain your deposit on the property. Utilizing an experienced real estate attorney in CT will help alleviate stress and limit risk.

 

  1. Attorneys Answer Questions and Explain Documents at the Closing Table.

As a buyer or a seller, you want your real estate attorney at the closing table with you to make sure your that interests are protected. A real estate closing can sometimes feel like a fast-paced card game as papers fly back and forth between attorneys.   If you do not have an attorney present, any question can cause a major issue. At the closing table, your attorney can review all of the documents with you, explain their legal significance, and interpret how each document applies to your individual situation.  Furthermore, your attorney will be there to make sure the documentation provided by the opposing party is complete, accurate, and appropriate to your individual circumstance, so that the transaction is completed fully, legally and without the potential for future issues.