What is the role of a lawyer versus the role of other professionals in a real estate transaction, such as a realtor, mortgage broker or appraiser?

Other professionals normally work with a buyer long before the lawyer is involved. For most residential purchases, a buyer will retain a realtor to assist in finding the suitable property. A mortgage broker or the lender’s agent will work with a buyer to confirm the buyer can qualify for a mortgage. We recommend a buyer be pre-approved so that it is clear what the buyer can afford, and that if the buyer finds a place it wants but the seller requires a quick closing, the financing subject can be quickly removed.

An appraiser is often used to determine the fair market value of the property. This value may be very close to the listing price, or it may be well above or below the listing price. involving an appraiser is normally done at the insistence of a lender, who wants sufficient, reliable confirmation that the price being paid is at or below the property’s fair market value to ensure that the lender is lending the appropriate amount of money to the borrower/buyer.

The lawyer’s role is to work with the other professionals to ensure that the buyer’s interests are properly represented, and to complete the legal work required to transfer the title into the buyer’s name. The lawyer can assist to work through any issues that may arise after removing subjects but before closing.

Copyright © 2016-Present | Montgomery Miles & Stone Law Firm. All Rights Reserved
Website Powered by Cutting Edge Concepts