North Carolina real estate attorneys protect their clients during the purchase of a property. They inspect the documentation presented for the transaction to enforce applicable laws. The findings determine if any issues exist that could produce major problems. It is recommended for all buyers to hire a real estate lawyer in Cornelius, NC before completing the transaction.
Verifying the Legal Owner
A title search determines the identity of the rightful owner. A real estate attorney submits a request for the search through public records. The findings identify all transfers of the title for at least the past twenty years. The attorney investigates any discrepancies found. A buyer then acquires title insurance through the attorney. The insurance protects them and their investment if they are unable to purchase the property due to a title-related issue.
Are the Terms of the Sales Contract Fair?
A top recommendation for buyers is to hire their own real estate agent. The seller’s agent is the listing agent already. This entitles them to one-half of the total commission. If the buyer uses the same agent, this individual earns the total commission for the transaction. While this doesn’t present an issue already, some seller’s agents try to capitalize by changing aspects of the sales contract.
The attorney verifies if the agent disclosed all terms to the buyer. The sales contract identifies what party pays the closing costs and for repairs identified during the inspection. The attorney will then determine if the buyer understands the ramifications of these decisions first.
Avoiding Predatory Lenders
Lenders continue to falsify information to complete real estate transactions. Attorneys know laws related to affordability and probable foreclosure. They identify trends in the mortgage contract that aren’t fair to the buyer. They calculate the buyer’s income-to-debt ratio to ensure affordability of the mortgage.
North Carolina home buyers acquire protection through their chosen attorney. Among the buyers who at the most risk of unfair lending or real estate practices are first-time buyers. A real estate attorney helps these buyers to avoid foreclosure in the future. To learn more about these transactions, hire a real estate lawyer in Cornelius NC by contacting Lake Law Office PLLC today.
