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A practicing lawyer from Baltimore, Maryland, John Reiff is a managing member of Land Research Associates, LLC. Through his private law office in Baltimore, John Reiff assists his clients with several legal matters, including real estate.
The National Association of Realtors stated that 25 percent of delays in closing a home sale are caused by unexpected occurrences before the actual closing. While real estate agents can handle some issues such as organizing the deal, there are certain legal issues that only an experienced real estate attorney can take care of. A real estate attorney is essential in closing a home sale.
A real estate attorney helps the seller in clearing his title of liens and judgments. As the deal nears its closing, it is understood that the seller has already accepted the offer, the escrow agent and the title company. At this juncture, the real estate attorney will deal with possible legal problems such as unpaid balances from lenders, trust complications, and property taxes.
Moreover, the real estate attorney guides clients during the signing of the escrow documents. One of the most critical portions of this process is determining red flags that hide within escrow documents, such as the property information statement, state-specific forms, and the grant deed.
The real estate attorney also helps the seller in reviewing the fees related to the home sale. Depending on the seller’s situation, the fees may include the real estate agent’s commission, property taxes, outstanding mortgage balances, insurance, and others. The real estate attorney makes sure that computations are correct so that the seller gets the best possible deal.