How Does A Mortgage Lawyer Help With Closing?

Many people dream of purchasing a home. That is why it is exciting to finally find the right property. However, it also comes with responsibilities. You need to follow a simple process. Having the right real estate lawyer will make this process efficient and stress free.

The Final Step

How Does A Mortgage Lawyer Help With Closing?

After going through all the steps, you will find yourself facing the closing. It is the last thing you have to do to finalize your purchase. Once the seller accepts your offer, the signing of the purchasing agreement comes next. Then, you two will have to agree to a closing date.

Generally, the closing date is the day you become the legal owner of the land you purchased and the time the seller is paid for the property. During this time, you will have to perform all the agreements that you have made with the seller and your mortgage lender. You may have to exchange documents and money. To accomplish everything properly, you need to hire a real estate and mortgage lawyer in Edmonton.

A Lawyer’s Role

There are a lot of ways a lawyer can help you. 

  • Title examination – The lawyer will ensure that property is clear of any financial items that may affect your interest in the title such as prior mortgages.   Your lawyer will also let you know if there are any restrictions related to the property that you need to be aware.  Fortunately, in Alberta, we have a strong and reliable land title system.  All interests in the property (with few exceptions) are registered on the title at one central land title registry.  title of the property is clear
  • Title insurance – Your lawyer can explain the benefits of title insurance to you.  This type of insurance will protect you against any claims of interests, liens, and rights against the property that you are buying. 
  • Document review – Closing a real estate purchase involves a lot of paperwork! Your lawyer will guide your through the paperwork and explain it to you.   Their job is to make sure you understand and answer your questions. 

A mortgage lawyer in Edmonton will help you close the deal and distribute the money to the right people. They will also handle the documentation for you.

2020-03-26T18:09:19+00:00