Purchasing a home/property will probably be one of the biggest investments you will make in your lifetime. Engaging in these types of transactions with a real estate solicitor will greatly help you in legal processes and complications.
Real estate solicitors, also known as real estate attorneys, are certified professionals who spearhead legal aspects in transactions related to real estate. They prepare and oversee legal documents, negotiations, and facilitate the transfer of titles.
Several states require a real estate solicitor to be present at “closing”. Closing is the final step of the conveyancing process. In this step, the buyer pays the money, and the seller transfers the title to the new owner.
Even if your state doesn’t require one, it is highly advisable for a solicitor to represent you. They will review all your paperwork, look for loopholes and advise you on what you can do with the documentation.
In this article, you’ll be provided with an idea of who a real estate solicitor is, and their roles in the field of property law and conveyancing.
What Does a Real Estate Solicitor Do?
In Australia, people sometimes use the term ‘lawyers’ in exchange for the term ‘solicitor’ when referring to a qualified legal professional. Therefore, technically they mean the same thing. Finishing undergraduate and tertiary studies are some of the initial requirements to become a practising solicitor.
Some tasks that a solicitor can undertake are:
- Provide legal advice to you on a wide array of occasions
- Will most likely work directly with you; often for matters they specialise in
- Perform legal tasks and manage perplexing matters on your behalf
- Will compromise and take instructions from you according to your best interest
A real estate solicitor or lawyer collects data, calculates claims amounts, and can even manage family law matters that may come up.
Responsibilities of The Real Estate Lawyer
When we’re discussing real estate and law, we’re talking about any legal issues related to property or structures, such as fixtures and appliances. Solicitors who specialise in real estate maintain a proper due process to make sure they follow the process of sale of properties. This law covers property, taxes, estate planning, deeds, zoning, and titles.
A real estate solicitor is an expert in preparing and reviewing documents for purchase agreements, mortgage, title, and transfer documents. When purchasing a property, the real estate solicitor and staff might arrange documents. For example, title insurance policies, title searches on the property, and handle transfer funds for the purchase.
In the event of a dispute, a real estate solicitor may additionally provide legal representation for either the purchaser or a seller.
The Real Estate Solicitor and “Closing” Process
When handling such transactions, the real estate solicitor must attend a closing with the buyer. Closing is the final step of mortgage loan processing. In this step, the seller transfers the property title to the purchaser.
During the closing process (also known as account settlement), the participants validate, review, and date many legal documents in order to signal the closing of the savings account to complete the property purchase process.
Required closing documents:
- Mandatory to federal law, the closing disclosure or statement lists down all expenses related to the property purchase, including loan fees, real estate taxes, etc.
- The promissory note details the amount on loans, interest rate, payment, schedule, and the term’s length
- The deed of trust is a ‘mortgage.’ The signed document pledges the property as security for a loan.
- People need the title in purchasing a property, a deed, or a document.
A closing agent who is usually a real estate solicitor leads this process which takes place at a title company or escrow office. The mortgage varies state by state. In Australia, you generally need to take note of these steps:
- Decide if you want to use a broker (a person who purchases and sells goods or assets for others) to explore your options.
- Make sure you qualify with the Foreign Investment Review Board (FIRB)
- Select a bank with a mortgage that matches your necessities
- Continue with the paperwork requested and get a pre-approval mortgage
Frequently Asked Questions
Q1 – I am selling a house. Is there anything to keep in mind?
Be sure that there are no claims or liens (a claim or legal right against assets that are typically used as collateral to satisfy a debt) against your property. Moreover, determine the items that should be added in the sale. It is also worth noting the lowest desired price and what is the negotiable price you’re willing to accept.
Q2 – Is there anything I should do before purchasing a property/land?
The title should be searched to ensure that the property is free and clear of any claims. A real estate solicitor can do this on your behalf so you may safely proceed with the entire legal process.
Q3 – If I have purchased a property and found something faulty inside the house later, is there anything I can do about it?
Often, a warranty policy is offered to the buyer by the real estate agent to cover certain losses. One should determine whether they were given or a warranty policy at the time of the purchase.
Why Do You Need a Real Estate Solicitor?
Now, one of the questions that we may ask today is when to get a real estate solicitor? Tackling real estate law alone is not advisable if you’re looking to secure your property or home. Seeking legal advice is definitely a good start if you’re also lacking knowledge and need assistance in complex situations.
It is imperative that real estate solicitors lead you to a conclusion and an outcome that will benefit you, Furthermore, because sale and purchase of property involves lots of money, you need to ensure that there is transparency during all transactions.
At JB Solicitors, our licensed conveyancing experts will assist you in your real estate concerns and provide quality service while maintaining a professional relationship with you throughout the process. We offer fixed-fee pricing to save you from your financial worries and give you a clear sense of cost to make it easier for your budgeting purposes.
Get in touch with a real estate solicitor today.