Buying or selling a home or other piece of real estate will be one of the most important financial decisions you will make in your lifetime. It should be a happy and rewarding experience. A lawyer can assist you with the complicated legal matters to minimize the bumps along the road.

Who Will Be Involved?

When you buy a home or other piece of real estate, you will come into contact with a variety of specially-trained people. In most cases, the real estate agent will be your first contact, then your lawyer, your banker and, in some cases, a title officer. It is important to understand the functions of these people so you can determine whether you are being treated fairly and properly.

Why Do I Need A Lawyer?

Your lawyer should participate in all phases of the transaction to help you in dealing with the other people involved. Your lawyer will explain to you the different phases of the transaction. There are many times when legal documents are prepared by the real estate agent. Remember, in many instances, the real estate agent does not represent you. Your lawyer is ethically and legally bound to give you objective, unconflicted advice and loyalty in the transaction. Any document requiring your signature should be reviewed by your attorney. This is true regardless of what the document is or how it is described to you. In some instances, your lawyer may also provide additional services, such as obtaining the title insurance policy.

What Is The Agreement Of Sale?

The foundation for the purchase or sale of a home is a document called the Agreement of Sale. It is a very important document that you will sign, in that it sets forth all of the terms and conditions of the purchase. Frequently, a preprinted form is used for the agreement by the seller's Realtor, and the precise terms are added by completing blanks on the form. Agreements of sale contain detailed legal language, which is often hard to understand. Your lawyer is specially trained to provide you with the explanation you need and will be able to point out other factors you might wish to consider.

For example, you should be aware of the kind of deed you will receive. A deed is the evidence of your title to the property. You will also want to be sure that your obligation to buy is conditioned upon the type and amount of financing you want with terms you are sure you can afford. Your lawyer can make sure that unnecessary charges are eliminated from the transaction of your present residence before you are able to move into the new one. Other terms that your lawyer will assist you in providing for in the agreement include:

This list is not complete, but it does show how important it is to be thorough before the agreement is signed. Your lawyer has the responsibility to worry about these and other details so that they do not become problems later. Remember, once you sign a document, it is too late. Unfortunately, many times a buyer will sign without fully understanding the terms of the agreement. Before signing, make sure you understand everything!

Why Is A Title Examination Necessary?

Before settlement, the title should be examined to determine whether there are any liens, encumbrances or other potential problems with the title. Also, most institutions providing a mortgage will require that you purchase title insurance.In the Lehigh Valley, the title search is done by a title insurance company. The buyer pays for the title search and for the title insurance. Your]awyer will examine it to determine that you will receive proper and legal title to the property. Only a lawyer is qualified to evaluate the legal implicationS that may arise as a result of the title examination.

When Do I Receive Title To The Property?

The final stage in the purchase of property is called the closing or settlement. The closing may be held in the office of the title insurance company, in your attorney's office, or at the bank or financial institution that provided the mortgage. At closing, the terms of the Agreement of Sale will be carried out, the mortgage documents will be signed, the title, in the form of a deed, will be transferred to the buyer, and the seller will be paid. There are many documents to be signed and many others to be reviewed. Your lawyer will attend the settlement with you to help you understand exactly what takes place and to protect your interests should any problems arise prior to or at the settlement.

What Expenses Are Involved?

Your lawyer can explain to you what expenses are involved, in addition to the purchase price. Among them are:

Attorney Kline has over three decades of experience handling hundreds of residential, commercial, and industrial real estate transactions. In addition, he is affiliated with Conestoga Title Insurance Company which provides title insurance at very competitive rates. Attorney Kline can handle both the title insurance and all the legal issues for the real estate transaction. He would be pleased to work with you to achieve your goal of a timely, low stress real estate settlement.

For more information, call 610-559-8668, or send an email to karl@karlkline.com.