Is a real estate attorney a better option than a title company when it comes to selling your home? You can choose either one, but first you need to know the difference between real estate attorneys and title companies. Below is information about the entities and services that can benefit you the most.
Real Estate Lawyers
Real estate attorneys specialize in real estate law and ensure that your interests as a seller are met in the transaction. These attorneys can act as escrow agents, as they can withhold your security deposit, down payments, and assist you with the necessary documentation. These attorneys can also help you understand the legalities involved in the sale transaction, the offer made by the buyer, and your rights as a seller.
An attorney can also handle a closing in case the lender’s attorney fails to do so. Every real estate attorney has two most important responsibilities.
• Advise on the transaction documentation process.
• To represent it in a closing
In addition to these two important services, a lawyer also negotiates any modification to the purchase contract that the seller wants to incorporate. The preparation of the seller’s deed, another crucial aspect, is also done by the attorney. The attorney you hire will also accompany you in your meeting with the client / buyer at the time of the agreement. He / she will also advise you on the tax implications of selling your home or property.
Title companies
Title companies are insurance agencies that represent title insurance companies. These companies insure titles to lenders and buyers by ensuring that the title is free of any encumbrances that could cause financial losses.
The title company assures the buyer that they can get their title to the house or property without any ties to the contrary. The availability of a title on the particular home / 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. The closures also depend on the area in which you live. Toronto natives can retain the services of a real estate attorney for sales closings.
Keep the following in mind when selling your property:
Title companies can withhold your down payment and close your home at no additional cost. Additionally, there is the possibility that title companies will give you a discount on your title insurance if you have previously used their services to refinance or purchase your home or property. Attorneys 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 for writing a contract. In simple transaction cases, this can complicate negotiations. But in most other property sales transactions, the services of a real estate attorney can be invaluable.
