In Maryland, real estate transactions are often complex, and most buyers don’t know where to start. This is why they need an attorney to guide them through the entire process. The following are frequently asked questions that are often addressed by a real estate attorney in Bel Air, MD.
Inspecting the Property Title
The first step for the attorney is to determine if the seller has the legal right to sell the property. The attorney conducts a title search to evaluate each transfer for the property title, and to determine if all transfers were lawful and fraud didn’t take place. The search is conducted for the last thirty years in most cases. Additionally, the attorney provides title insurance to protect the buyer’s financial investment.
Assessing the Sales Contract
The attorney evaluates the sales contract to see if it is fair and reasonable. The attorney can request changes if there are any unethical practices present. They can also negotiate for certain expenses such as closing costs and add a contingency to protect the buyer if the property is severely damaged.
Evaluating the Mortgage Loan
An assessment of the mortgage loan is vital to protect the buyer’s rights. The lender is legally obligated to ensure the buyer can afford the loan. They must conduct a full assessment of the buyer’s income-to-debt-ratio to verify they have the means to make these payments each month. They must also provide the most suitable interest rates for the individual. The attorney reassesses the terms of the mortgage to ensure the lender obeyed all real estate and lending laws.
Securing the Buyer’s Interests
The attorney attends the closing to secure the buyer’s interests. They evaluate each step of this process and prevents any issues that could compromise the buyer’s rights.
In Maryland, real estate transactions require advanced knowledge of laws and procedures. Buyers who are unaware of these requirements need legal assistance to prevent them from making the wrong choices and facing financial hardships in the future. Buyers who need help can contact a real estate attorney in Bel Air, MD like Michael S. Birch, Attorney at Law, or visit today.