Is a real estate attorney a better option than a title company when it comes to selling your home? You can choose either, but you must first be aware of the difference between real estate attorneys and title companies. Here is information about the entities and whose services can benefit you the most.
real estate lawyers
Real estate attorneys specialize in the laws related to real estate and ensure that your interests as a seller are met in the transaction. These attorneys can act as escrow agents, as they can hold your security deposit, down payments, and help you with required paperwork. These attorneys can also help you understand the legalities involved in the sales transaction, the offer made by the buyer, and the buyer’s rights as the seller.
An attorney can also handle a closing in the event that the lender’s attorney does not. Every real estate attorney has two most important responsibilities.
• Advise on the transaction documentation process
• To represent you in a closing
In addition to these two important services, a lawyer also negotiates any modifications to the sales contract that the seller wants to incorporate. The preparation of the seller’s deed, another crucial aspect, is also carried out by the lawyer. The attorney you hire will also accompany you to your meeting with the client/buyer at the time of settlement. He/she will also advise you on the tax implications involved in selling your home or property.
title companies
Title companies are insurance agencies that represent title insurance companies. These companies insure titles for lenders and buyers by making sure a title is free of any liens that could cause financial loss.
The title company assures the buyer that he/she can obtain title to the home or property without liens against him/her. The availability of a title on the particular house/property is clarified and guaranteed by a title company. In the process, said entity protects the rights and interests of both parties in question.
Typically, most title companies secure a closing with the help of an attorney to meet certain requirements. Closures also depend on the area you live in. Toronto natives can retain the services of a real estate attorney for closing sales.
Keep the following in mind when selling your property:
Title companies can withhold the down payment and close on your home at no additional cost. Also, title companies may give you a discount on your title insurance if you previously used their services to refinance or purchase your home or property. Lawyers can also close the sale of your home/property and withhold your down payment, but may charge an additional fee.
An attorney may charge a higher fee to draft a contract. In cases of simple transactions, this can complicate negotiations. But in most other property sales transactions, the services of a real estate attorney can prove invaluable.