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Attorneys role on sellers side. Every state is different and has its own set of real estate laws. In states like Illinois law requires sellers to have legal representation in a selling transaction of their house. It is recommended to find an attorney who specialize in real estate law before selling contract is signed so the seller does not have to do it at the last moment choosing just any kind of attorney who might be good for example in divorce cases. The role of seller’s attorney in a residential sale in our state is to guide the seller through the sale process. This process includes following steps:
1. The first step begins with review and potential modification of the proposed sale contract to make sure seller’s interests are protected.
2. The next step involves negotiation of repair issues and or credits for defects (if any) found during buyer’s inspections.
3. Later on seller’s attorney will order and review title abstract/report and prepare title commitment for the sale of the property. This service will often include title clearance issues, for example, assistance in obtaining loan payoff letters, clearing liens, paying back taxes, assistance in meeting local municipality requirements for transfer of the property, etc.
4. The seller’s attorney would also prepare necessary documents for the closing, including but not limited to a closing statement, deed, affidavit of title, bill of sale, transfer declarations and other potentially relevant or needed closing documents.
5. As soon as the buyer’s mortgage is clear to close seller’s attorney will coordinate the closing.
6. Finally, the attorney would explain to the seller all closing documents, ensure appropriate credits and charges on the settlement statement, and facilitate execution of all documents necessary for the completion of the closing.
Even though real estate transaction looks straight forward it still does include legal matters. It is strongly recommended to have legal representation in closing transaction from an attorney who specializes in real estate closings. In case if any issues arise and something goes wrong in the transaction that professional will guide you through the legal system protecting your best interests.