Buying or selling a house is a complicated legal process. Because it involves multiple parties and large sums of money, it’s important to hire an experienced attorney to ensure the transaction goes smoothly. To get a better understanding of how real estate law works in Missouri, take a look at the brief guide below. 

4 FAQ About Real Estate Law

Do I need an attorney to buy or sell a property in Missouri?

In Missouri, hiring an attorney is not mandatory for buying or selling a property. However, it is highly recommended to have one to guide you through the process. They can assist in reviewing and preparing legal documents, explaining the terms of the contract, and ensuring that all legal requirements are met. 

What is title insurance and why do I need it?

Title insurance is a type of insurance that protects you against financial loss due to defects in the title of the property. These defects can include outstanding liens, encumbrances, or other legal claims against the property that were not disclosed at the time of sale. 

Title insurance ensures that you have a clear and marketable title to the property, which is essential for securing a mortgage. In Missouri, title insurance is generally required by lenders and is recommended for buyers as well.

What happens during closing?

Closing is the final step in the real estate transaction where all parties involved sign the necessary legal documents and the ownership of the property is transferred from the seller to the buyer. During closing, the buyer will typically pay the remaining balance of the purchase price, and the seller will hand over the keys to the property. The closing process typically takes place at a title company, and all parties involved in the transaction, including the buyer, seller, real estate agents, and attorneys, will be present.

Do I have to attend the closing?

Some mortgage lenders require buyers to attend the closing, and it’s a good idea for both parties to be present if any unexpected issues come up. In some cases, a seller or buyer may give power of attorney to a proxy to attend the closing on their behalf. 

Attending the closing allows you to ask questions, clarify any doubts, and ensure that all terms of the transaction are met. Furthermore, it ensures that you receive all necessary documents and keys to the property. 

If you need an experienced real estate attorney, get in touch with Baker Law Firm LLC in Osceola, MO. For more than 45 years, this firm has provided clients throughout St. Clair, Henry, and the surrounding counties with first-rate real estate law services. Visit their website or call (417) 646-8125 to schedule a consultation.