During the sale and purchase of any property, at the conclusion of the transaction, a transfer of title takes place. This is when the property changes ownership and it is a crucial time, where everything needs to go as smoothly as possible. For that to happen, how much important is a real estate lawyer in a transfer of title? Do you need a real estate lawyer present during the transfer of title, or would it just be too much? Let’s look at the answer.
The short answer is: yes. Having a real estate lawyer in a transfer of title process is important, and without an attorney present, you would just be at risk for anything that could go wrong, really. But before we go into the details of why you should have a real estate lawyer present in a transfer of title, let’s first look at what actually is a transfer of title and what you can expect from a real estate lawyer.
What is a transfer of title?
A transfer of title is the process in any transaction involving a tangible asset (house, vehicle, etc.) that changes ownership once the dues have been cleared or any agreement regarding the payment has been settled. For example, if you are selling your car, people will ask you about its title, which is essentially proof that you own this vehicle. Once the transaction has been done, you will then turn over the title to the purchaser, and this process will be called a transfer of title.
While vehicles and other assets may not be all that expensive or significant to get an attorney, with a house, the amount is significant enough that usually both the buyer and the seller have their real estate lawyers present at the time of transfer of title, to clear out any misconceptions that may arise and smoothly see the process to an end. Now, if you are in the process of selling a house and want to know what a real estate lawyer will do, here’s the ambit of what they offer.
What will a real estate lawyer do for you?
A real estate lawyer should be your go-to person when entering any transaction or agreement over a property, whether its undeveloped land or a developed property. A real estate lawyer will help you with a lot, and we will briefly discuss what a real estate lawyer can do for you before getting into the role of a real estate lawyer in a transfer of title.
Ensure paperwork is in order
With any such transaction, paperwork is key. If you don’t get a real estate lawyer, the other party will, and having a real estate attorney works wonders since their paperwork will then be impeccable and flawless. If you don’t want paperwork to become a hindrance, get a good real estate lawyer while in the process of purchasing or selling a home.
Protect your legal, financial interests
A real estate lawyer will protect your legal and financial interests throughout the process of either purchase or selling and will ensure that the transaction does not have any legal issues or any underlying issues that might hurt your financial position. It is the due diligence that a real estate attorney does that will keep you out of trouble during the transaction.
Will take care of any negotiation
A real estate lawyer will also take care of any negotiations during the transaction and will negotiate on your behalf by the power of attorney vested in them by you. Since lawyers generally have knowledge of any specific law and have experience in negotiating, you will benefit greatly from having a real estate lawyer present at either purchase or selling of a property.
Real estate lawyer in a transfer of title: the role
The role of a real estate lawyer in a transfer of title is very important, and getting a lawyer is crucial during this time. Aside from the multitude of due diligence that a real estate lawyer has to do during the entire process of the transaction, there are some other roles that the lawyer will have to fulfill, and we will discuss them now. Since transfer of title is the final part in the process of finalizing a transaction, the exit strategy (sort of) needs to be clean, uneventful, and smooth, and this is exactly what the real estate lawyer will do.
Let’s now look at the role of a real estate lawyer in a transfer of title.
They will ensure transfer of title goes smoothly
The transfer of title is the final part of the entire transaction, and it would not be good for either party that something goes wrong at this stage. Real estate lawyers are present during the transfer of title for the express purpose of seeing the final part go down smoothly and without any hitch at all.
They will conduct a title search
Title search means that the real estate lawyer will make sure that the property itself does not have any outstanding claims against it or any liens. For instance, the lawyer will make sure that any mortgage on the house was paid off before the transaction goes through, and any unpaid dues are brought to the attention of the selling party and settled before the transaction happens. This all will happen because a real estate lawyer will have done their due diligence.
They will provide documentation for the transfer of title
Documentation is something that the real estate lawyer will do and keep track of throughout the whole process, and during the transfer of title, they will provide the documentation upon which a final agreement will be made. Since these documents will have been drawn up by the real estate lawyer, you can rest easy, knowing that your legal and financial rights will be preserved throughout the process.
They can act as the third party should it be needed
Finally, the real estate lawyers from both sides can also act as the third party, for arbitration or documentation purposes to ensure that the process of transfer of title goes as smoothly as possible. In case signatures are required, the lawyers will not hesitate in sealing the deal, provided your legal and financial rights have not been infringed upon throughout the process.
Siddiqui Law: Your legal solutions expert
Now that you know the role of a real estate lawyer in a transfer of title, here’s Siddiqui Law with the best legal solutions for you. Legal representation from the best and most experienced attorneys is now yours. Whether it’s a mortgage, property, or any other legal matter that you need help with, Siddiqui Law Office is here, with extensive experience and an impressive success rate; here to provide you with the best legal advice and representation. Because the law is everybody’s friend and works to safeguard you, not the other way around. At Siddiqui Law, we not only believe this, but we practice this every day to ensure the law takes its course and delivers justice, without any hiatus or delay at all.
