Philadelphia Real Estate Closings
Buying or selling a property, no matter if it's residential or commercial, is a major financial event. The cost makes it the biggest financial transaction most people experience in their lifetime. Completing a sale at closing or through escrow may come after months of hard work for all involved. Jason Rabinovich is a licensed real estate attorney and broker in Pennsylvania and has years of experience handling all aspects of the transaction. Jason is consistently ranked and recognized as one of the top real estate attorneys in Philadelphia.
What Is Closing?
A real estate transaction is completed at a closing where money is exchanged, and all paperwork is signed and completed to transfer ownership from seller to buyer. Every closing is unique and many issues may arise at or before closing. You want to work with someone who has experience in dealing with these issues so that you can avoid them and achieve the best possible outcome.
Why Do You Need a Lawyer For Closing?
For a buyer, attorneys:
· Review and negotiate the specific terms of purchase agreement and other contracts.
· Review and/or negotiate brokerage agreement with real estate agent(s).
· Help assess financing options and explain the terms of the loan documents.
· Evaluate and/or draft all or some legal documents, such as deed, mortgage, seller disclosure, etc.
· Attend the closing to make sure clear title is transferred to buyer(s).
Where title insurance is purchased, an attorney can help review the documents and explain any exceptions or issues.
An attorney can explain complicated issues such as easements or restrictions.
· Attorney can explain the nature, amount, and fairness of the closing costs.
· Deal with current tenant(s) and occupants.
· Scrutinize charges to make sure they are consistent with estimates.
· Advise with regard to current zoning and prospective zoning variances.
· If buyer has plans to change the property, attorney can help explain what can be done lawfully without obtaining a variance.
· Advise the buyer regarding home inspections and warranties.
· Advise the buyer regarding various contingencies in the sale agreement.
· Advise the buyer on legal consequences if the closing does not take place.
· Probably the most important reason: buyer and seller are conflicting parties with different interests.
Most Work Happens Before Closing
A closing is really a culmination of many other steps in a real estate transaction. Buying or selling a home is a lot of work, but your attorney, real estate broker, title company, and lender have completed many behind-the-scenes tasks before closing day. In some situations, our firm may also be able to save you money on title insurance through an approved attorney rate.
Your Attorney's Help
Your real estate attorney can help getting to and through closing day as stress-free and smooth as possible. At many points in the process, an attorney has the skills to succeed in working through negotiations and problems that come up. Emotions can run high when selling and buying homes, and your attorney is often the best way to keep emotions and personalities out of the way.