California real estate transactions require knowledge of certain laws to ensure that all parties are protected. These laws prevent the unauthorized sale of real estate and ensure buyers that they receive a fair and reasonable deal. A property attorney in Chico, CA manages these tasks and protects the interests of all parties involved.
Managing a Real Estate Transaction
The first task required for a real estate transaction is defining the seller’s right to sell the property. The attorney conducts a title search to review all transfers of ownership and to identify the rightful owner. The attorney could provide title insurance for the buyer to prevent a financial loss if the seller isn’t the rightful owner.
Protecting the Interests of the Buyer
After the seller accepts the buyer’s offer, a property inspection is conducted. The attorney could include clauses in the sales contract in the event that the property is damaged severely. If the inspection identifies extensive repair needs, the attorney ensures that the seller remedies these conditions before the transaction continues. They could help the buyer with any potential issues associated with the expected condition of the property.
Examining the Mortgage Documents
The attorney reviews the mortgage documents for the buyer to identify any clauses or terms that are of a predatory nature. If the terms aren’t based on the borrower’s affordability, the attorney requests modifications before the contract is signed. This eliminates the possibility of foreclosure in the future due to an inability to pay.
Preparing for the Closing
During the closing, an attorney prepares new title documentation for the buyer. They review all contracts, insurance requirements, and reviews the wire transfer for the payment to the seller. They ensure that the real estate agents and mortgage lenders have followed all necessary real estate laws.
California home buyers need an attorney to help them protect their rights. With legal representation, they avoid unnecessary circumstances that could delay the transaction or present further issues later. An attorney also prevents unfair terms and clauses that could hinder the buyer’s ability to purchase the property. Buyers who need to discuss a transaction with a property attorney in Chico, CA should contact Attorney Raoul J. LeClerc for more information today.