Selection Of Attorney
An attorney’s role in real estate transactions may include consultation prior to signing of the contract, preparation of closing documents, the title search and certification, presiding over the closing and recording of the deed and mortgage. All of this work is done in close coordination with the buyer(s), seller(s), realtor(s), and lender(s). The attorney strives to assure that this complex procedure is carried out in the most pleasing and expedient manner possible. Therefore, choosing an experienced real estate attorney, such as Mr. Kollias, to handle your purchase and the closing is especially important.
If you are obtaining a loan, your lender will require that an attorney examine the county land records prior to closing. If you are not obtaining a loan, it would still be beneficial to have your attorney examine the records to make sure you are buying what you think you are and the property is free and clear of claims of others, judgments, outstanding deeds of trust or mortgages, unpaid taxes, defective deeds and similar defects. Mr. Kollias will report to you, your lenders, and the title insurance company, if applicable, what his search of the public records disclosed.
Title insurance insures against hazards inherent in real estate titles, however may not be apparent from the title search. Your attorney cannot guarantee against certain defects in the title not generally discoverable from a review of the public records. Defects of this sort include forged deeds, missing heirs, clerical errors and the like. A typical title insurance policy will, however, protect against defects such as these. Your lender may well require that you protect its investment with title insurance, as you may also do, as owners. Mr. Kollias will apply for the title insurance for you.
Prior to closing, instructions from the lender are sent to your attorney, a survey is completed, pest inspections are made, you will have obtained a homeowner’s hazard insurance policy and arrangements will have been made for defects or incomplete items. Mr. Kollias is responsible for preparing all necessary closing documents, scheduling the closing, explaining all necessary closing documents and having them properly executed and recorded. You will receive copies of most closing documents, including an itemized record of all money paid by you on your behalf.