Is a real estate lawyer a better choice than a title company when it comes to selling your home? You can choose any one of the two but you should first be aware of the difference between real estate lawyers and title companies. Here is some information about both the entities and whose services can benefit you most.
Real estate lawyers
Real estate lawyers specialize in laws relating to real estate and make sure that your interests as a seller are met in the transaction. These lawyers can act as escrow agents as they can hold your earnest money, down payments as well as help you with the requisite 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 lawyer doesn’t do that. Every real estate lawyer has two most important responsibilities.
• To advise on the documentation process of the transaction
• To represent you at a closing
Besides these two important services, an attorney also negotiates any modifications in the purchase contract that the seller wants to incorporate. Preparing the seller’s deed, another crucial aspect, is also taken care of by the attorney. The attorney you hire will also accompany you on your meeting with the client/buyer at the time of settlement. He/she will also advise you on the tax implications involved in your home or property sale.
Title companies are insurance agencies that represent title insurance companies. Such companies insure titles to lenders and buyers by ensuring that a title is free from any encumbrance that can cause financial loss.
The title company assures the buyer that he/she can get his/her title on the home or property with no liens against it. The availability of a title on the particular home/property is made clear and vouched for by a title company. In the process, such an entity protects the rights and interests of both parties in question.
Usually, most title companies insure a closing with the help of a lawyer to fulfill certain requirements. Closings also depend on the area you are living in. Toronto natives can hire the services of a real estate lawyer for sale closings.
Keep the following things in mind when you sell your property:
Title companies can hold the down payment and close your home without additional costs. Also, there is a possibility that title companies may give you a discount on your title insurance if you had previously used their services to either refinance or buy your home or property. Lawyers can also close your home/property sale and hold your down payment but may charge an additional fee.
A lawyer can charge a higher fee to write a contract. In cases of simple transactions, this can complicate negotiations. But in most other property sale transactions, the services of a real estate lawyer can prove invaluable.