THE IMPORTANCE OF A LAWYER IN REAL ESTATE TRANSACTIONS

A quick overview for both Buyers and Sellers”

Perhaps the largest and most important single transaction and investment you’ll ever make is buying and/or selling a home. What better reason to protect yourself against some of the possible pit falls of such transactions. This article is designed to help you understand the role of a lawyer in a real estate transaction

As earlier said , for most persons, the purchase and sale of their homes will be the largest financial transaction that will occur during their lifetimes. As a result, the importance of wholly protecting such an investment can not be overstated. From the day you make your decision to buy your home until such time that you have become the legal owner, there are a number of important decisions you must make which have legal consequences. The following is a brief summary of several aspects of your sale and how your attorney may assist

Select An Attorney Who Represents Your Interest

You should select the attorney to insure that your interests are being represented and not that of the other parties in the transaction. An attorney's role in real estate transactions may include consultation prior to signing of the Contract, preparation of closing documents, the title search and certification, presiding over the closing and registering of the deed. All of this work is done in close coordination with the Buyer(s), Seller(s), and Lender(s)if any .

A good lawyer strives to assure that this complex procedure is carried out in the most pleasing and expedient manner possible. Therefore, choosing an experienced real estate lawyer to handle your purchase and the closing is especially important

A lawyers role in a real estate transaction may include any number of facets of the transaction:

Consultation prior to signing of a contract
Contract preparation
Review of a closing cost
Preparation of closing documents
Review of the title search
Attendance and representation at the closing


The different stages involved are

(1) Pre-contractual stage

Conduct Title Search

If you are buying a property, the lawyer does a search at the relevant Land registry to ensure the property is free and clear of (1) claims of others, (2) judgments, (3) outstanding deeds of trust or mortgages, (4) unpaid taxes, (5) defective deeds and similar defects.

One of the attorney’s most important contributions to a real estate closing is the verification that the seller has a good marketable title to the real estate The facts revealed by the search of the land registry will determine a number of factors.
.Is the seller of the property in fact the legal owner?
.Are all such owners party to the contract (ie: a wife, husband, parents, siblings etc.)?
.Is the “estate” or degree of the title that the buyer has agreed to buy, currently and accurately vested in the seller. Is there the presence of unpaid mortgages, judgments or similar liens, which must be satisfied before a “clear” title can be conveyed to the buyer?
.Are there any existing restriction, easements or rights of way for roads, public utilities, etc., which may limit or interfere with the buyer’s use of the property.

These questions can significantly effect a transaction.

(2) Contractual Stage,

This stage involves the , exchange of executed contracts and consideration

(3) Post Contractual Stage

Some of the tasks carried out at this stage are

- Ensure that instrument of transfer is fit for registration.

- To prepare and register purchaser’s interest at the relevant property registry.

- Make necessary applications to comply with restrictions in interest.

- If acting for an administrator, may need to apply to the Court for permission to sell.

- If purchaser requires financing, to advise on financial services available to client.

(4) Completion stage

- Prior to actual completion solicitors will have to prepare and approve various undertakings. If acting for the purchaser and/or financier, need to ensure that funds are released for completion.

- Presentation of instruments of dealings for registration.

- Monitor delivery of possession of keys and property.

(5) Post Completion Stage

- Following up with land registry or land office for title to be registered.

- Other post completion work may include, follow up with, notifying tenants of change of ownership and arranging for payment of rentals where applicable, notifying any other relevant party of change of ownership.

(7) Major Government Agencies To Deal With

In the course of a conveyancing transaction the solicitor may have to deal with a number of government bodies or agencies, e.g. Land registry or Land Office; Inland Revenue Board, in particular the Stamping.

*The writer Barr Mark is an experienced legal practitioner based in Lagos and can be reached on 2bc42c35 and 07037836881
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Legal in real estate transactions is approach to ensure clear direction, regardless of the possibility that you altogether inquire about a man or organization. It is as yet a smart thought to look at a man or organization ahead of time so as to stay away from however many issues as could reasonably be expected. http://idleexperts.com/public/article/index/id/159086

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Residential real estate attorneys help current homeowners, first-time home buyers, and real estate investors through the processes of buying and selling their home or property. Personally, I used to advocate for wills, powers of attorney, and trust agreements. Lawyers from real estate attorneys commercial real estate agents, on the other hand, provide corporate legal services to companies and deal with issues related to commercial agreements, mergers and acquisitions, corporate relocations, and many others.