The typical home buying process starts with an online listing and ends with a Raleigh Real Estate Attorney helping buyers and sellers on closing day. In North Carolina, you are required to work with a Real Estate Attorney as part of the closing process, but do you really understand why? Today we'll discuss 10 important issues that your Raleigh Real Estate Attorney can assist you with as part of the home buying process.
Your Raleigh Real Estate Attorney Will Protect Your Investment
Your Raleigh Real Estate Attorney is integral to protecting both the buyer and the seller. From the buyer's perspective, your real estate attorney protects you against a bad investment. This is particularly necessary during a seller's market (as is currently the case) when costs are high and emotions can sometimes cause you to be impulsive. From the seller's perspective, you want to keep those closing costs low and make sure that you're receiving your full investment on the home you're selling. The closing attorney insures that both the buyer and seller's goals are achieved legally.
In fact, the moment you go under contract on a home, a Raleigh Real Estate Attorney will be one of the next people contacted to get the closing process started. While you may only see this person in action one day, there are a number of tasks that they (and their team) are performing behind the scenes to make sure that you receive the home of your dreams!
Real Estate Property Tax
As part of the closing process, your Raleigh Real Estate Attorney will calculate real estate property tax for your home. Property taxes can be quite complex and vary by state and municipality. The rate is based on your home's overall value and is then calculated based on a percentage of the combined land, site and improvements value.
Your Raleigh Real Estate Attorney is also a Zoning Law Expert
Another area that your Raleigh Real Estate Attorney must have expertise in is zoning laws. This includes everything from regulations about the size and types of structures that may be built on a piece of land to environmental laws pertaining to privately owned property. Prior to closing, your real estate attorney will consider your property and help you understand how zoning laws in your area will affect the purchase or sale of the property in question.
A property deed is a written statement that grants the seller with the ability to transfer ownership of a piece of property to a buyer. This deed must properly describe the property which is being transferred and be created in a legally correct manner or it is considered invalid. Your Raleigh Real Estate Attorney manages the process of obtaining a property deed as part of the home buying process.
Land Disputes are often part of the process
As we mentioned earlier, the real estate process is complicated. In fact, in some cases such as land disputes, real estate issues must be resolved in court. If and when these issues (land disputes, contract enforcement, etc) arise, your Raleigh Real Estate Attorney will be your guide through the process and make sure that your best interests are achieved.
Your Raleigh Real Estate Attorney will Transfer the Title
In order to legally own a home, you must have a title. The title includes all the rights that come with the property being purchased, including easement access, partitioning, exclusive possession and use, etc.. It is a legal document that is transferred from the seller to the buyer at closing and constitutes the final sale of the property. Your Raleigh Real Estate Attorney manages the entire title transfer process.
Your Raleigh Real Estate Attorney is Often Involved in Estate Planning too
Real estate law isn't always directly connected to the traditional home buying process. Oftentimes, when a family member passes and leaves behind real property, a real estate attorney gets involved to make sure that the property is handled the way it was intended. You may also have a real estate attorney involved in your estate planning process (obviously prior to death) to make sure that your property goes where you want it to after your passing.
Rental Properties are also included!
Your Raleigh Real Estate Attorney is also involved in the purchase, sale, rental or leasing agreements of rental properties; and is often hired by landlords to manage the necessary legal paperwork surrounding these agreements. From leasing documentation to eviction proceedings, rental properties are absolutely a part of your Raleigh Real Estate Attorney's wheelhouse.
And Everything Else In Between
Beyond the previous points, your Raleigh Real Estate Attorney is often responsible for assisting with a variety of other documents associated with the sale of a real estate property. These include everything from the purchase agreement to mortgage contracts, title transfer documents, and many other affidavits and notarized documents that you may see on closing day.
Your Raleigh Real Estate Attorney Simplifies a Complex Situation
At the end of the day, the real estate process can be quite complicated. However, your Real Estate Attorney will ensure that all closing documents are properly and legally prepared. They'll also make sure that you as the buyer or seller understand what you're signing, and how they affect you and the property you own. Make sure that when you are hiring a closing attorney, that you hire someone who is not only experienced but can also explain the process in such a way that you understand.