Buying or selling a home is a complex legal process that involves multiple parties and large amounts of money. Because the stakes are so high, it’s best to hire a real estate attorney to ensure your best interests are protected. Below are answers to some frequently asked questions about real estate lawyers and what services they offer.

A Guide to Real Estate Attorney Services

Why do I need a real estate lawyer when buying a property?

An attorney who is well-versed in real estate law will walk you through every step of the home buying process. For example, they’ll review all pertinent documents, make sure you understand their terms, and negotiate any changes if necessary. They’ll also search public records to ensure you receive a clear title to the property, as well as work with lenders to help facilitate your mortgage application.

Why do I need an attorney when selling a property?

If you’re selling a house, you’ll need a lawyer to prepare closing documents, negotiate terms with the buyer’s lawyer, and work through any title issues that may arise. They will also deal with the deed transfer and order the mortgage payoff statement from your lender.

What is the difference between a binder and a contract?

A binder is an informal agreement outlining the conditions under which a potential buyer is willing to purchase a piece of property, including the price. Typically, it’s presented to the seller as an offer with a small deposit to hold the property until the sale is complete. Unlike a contract, this document is not legally binding. The seller can opt to sell the property to another party for a higher price if they choose to.

A contract of sale, on the other hand, is legally binding. It details all the terms and conditions of the transaction and is fully enforceable once it’s signed.

What happens during a closing?

The closing is the final stage in the home buying and selling process. All documents related to the sale, mortgage contracts, and title transfer are signed at this time, and the remainder of the purchase price is rendered to the seller. The seller’s attorney also hands over the deed to the buyer.

If you need an experienced real estate lawyer, get in touch with Greene Law PC in Farmington, CT. With nearly 75 years of combined experience, the skilled attorneys at this firm offer residential real estate services. They’ll walk you through the document preparation process, including drafting a sales contract and authorizing the closing papers. Visit their website to learn about their residential real estate services or call (860) 676-1336 to schedule a consultation.