If you have an experienced real estate agent and a solid lender, you might not even need an attorney to represent you on your real estate purchase. Your agent should be in a position to draft the contract to buy and sell in accordance with your wishes, and your lender should be able to get you into the mortgage that you want. Here's what else you'll want to stay on top of.
The Commitment for Title Insurance
In all likelihood, the seller has promised to convey you real estate that's free and clear of any and all liens, clouds or encumbrances. Your lender will be getting a copy of the title insurance commitment. If the lender is going to fund the transaction, they are going to make sure that its interests are protected with clear title. That should mean that your interests in clear title are protected too.
Work with an Established Lender
Mortgage lenders come and go, but some have been established for generations. Those are the highly reputable lenders that you want to work with. According to Succeed at Eagle, an established lender will keep borrowers' options open with a variety of product solutions to meet the needs of a wide range of customers with different financial needs and circumstances.
In all likelihood, your contract calls for the property to be conveyed by warranty deed. Make sure that's what you're getting. If you are taking the property in joint tenancy with the right of survivorship with your spouse or significant other, confirm that the deed conveys the property in joint tenancy and not in a tenancy in common. It should be clearly stated in the deed. The deed must be signed by the sellers as their names appear on it. You'll want to confirm that the legal description of the property on the deed is identical to that on the title insurance commitment.
The Closing Disclosure
The HUD-1 statement no longer exists. You'll be signing a closing disclosure that's required by the U.S. Consumer Protection Financial Bureau. Check all of your numbers, and if you have any questions, ask your real estate agent or the closer what the charges are for. All charges in connection with the transaction should be detailed on this document.
Between you, your agent, your lender and the closer, you should be able to put your deal together. Stay on top of all of the details.
About the author: Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she's used to putting things to a vote. Also, cartwheels are her specialty. Anica writes for Succeed at Eagle, which supports loan officers and lending professionals.