Buying a home is a monumental investment that involves multiple steps and special care. As you approach the final step, a real estate lawyer is essential to the closing process, completing tasks to help ensure your financial protection for the transaction. Here's a closer look at what's involved and what you can expect from an attorney. 

What Lawyers Do for Real Estate Closings

1. Prepare Documents

Purchase agreements are legally binding, so it's essential that every line is carefully crafted. Typically, the seller is responsible for the main contract, but as the buyer, your attorney can review, make changes, and negotiate on your behalf. Their expertise provides valuable insight into potential issues with the contractual language, which they can help you catch early on in the process. 

2. Title Search

The title, or deed, of the home is what gives a person legal ownership of it. However, there are a variety of potential legal hurdles attached to a property, such as an easement or a lien. 

A real estate lawyer can conduct a thorough review of the title to determine any such elements so that you're not surprised unexpectedly down the road. At such a point, you can either negotiate with the seller or drop out of the sale. 

3. Title Insurance

Some potential deed issues don't necessarily have official documentation or other visible signs. For instance, a relative of the seller may claim that they have ownership of a home, even if they're not listed on the title. 

Title insurance is designed to offer financial assistance with such issues so that the burden doesn't fall on you. Your attorney can provide an official opinion after their review so that the insurance can be purchased. 

4. Coordinate

Prior to closing, there are multiple steps that need to be completed by various parties. Some of these tasks include a home inspection, getting contractor quotes, and finalizing lending paperwork. A representative proficient in real estate law can assist with coordinating these steps, along with handling communication between the buyer, seller, broker, lender, and anyone else involved. 

5. Review & Disbursement

On closing day, the purchase agreement needs one final review to ensure all elements reflect the current situation. For example, if weather inhibited agreed-upon repairs, the contract should reflect that the seller is still obligated to cover the costs. As long as everything is correct, the attorney can guide the signing process, distribution of funds, and title transfer. 

If you're entering the real estate market, reach out to Ibold & O'Brien in Chardon, OH, for dependable assistance with the closing process. From purchase contracts to litigation, the local lawyers provide a range of trusted real estate law services to residents across Northeast Ohio, including Lake, Ashtabula, and Cuyahoga counties. They also handle matters of estate planning and probate. Find out how they can assist your property purchase online or call (440) 285-3511 for a consultation.