Consumers should familiarize themselves with the process required during real estate transactions. The process requires them to follow steps that could prevent potential errors or financial losses.Real estate lawyer in Davenport IA help consumers with these requirements and guide them through this process.
Identifying the Right to Sell the Property
The first step of a real estate attorney is to determine that the sell can place the property on the market. If they don’t have a clear title, they cannot show that they are the rightful owner of the property. This fact prevents them from selling the property to anyone.
However, if the seller has a clear title, the attorney must conduct a title search. This determines if there are any errors during the transfer of the title in previous transactions. It also determines if there are any lien-holders who weren’t paid properly prior to title transfers.
Determining a Fair Commission Value
The attorney calculates the real estate agent’s commissions based on the laws. This prevents these agents from acquiring more than their fair share from the transaction. If the commission is excessive, the attorney may require adjustments. This could reduce the total asking price for the property.
Officiating the Closing of the Property
The attorney officiates the closing by evaluating all documents required. This assessment begins with the mortgage contract. The lender must disclose all details about this contract to the buyer. If they don’t, the attorney could require a modification to prevent predatory lending practices.
The sales contract is evaluated to ensure that both parties understand their requirements during the closing. The party designated in the sales contract must pay all associated closing costs. These costs must be paid before the process it completed.
Consumers must prepare for a real estate transaction by identifying all major requirements. An attorney helps them with the preparation of this process. They also protect the interests of these consumers to prevent fraud. Consumers who need a real estate lawyer in Davenport IA should contact David J Franks Attorney-at-Law for further information.
