A real estate lawyer should be retained by the seller immediately after execution of the contract and prior to the expiration of the applicable attorney approval period. Our office will review the real estate contract on your behalf and propose the necessary modifications to protect your interests in the sale of the property.
In most instances, the seller is required to delivery clear title to the buyer free of any liens or claims by third parties. Some of these third party claims may be legitimate, such as a prior mortgage, and will have to be satisfied at the closing. Others may be barred for not having been enforced prior to the expiration of any statutory time limits. As agent for Chicago Title Insurance Company, a nationally renowned title insurer, our office will work with you to clear these claims and make sure they are disposed of to your satisfaction on or prior to the closing.
The necessary documentation will be prepared to transfer your interest in the property. We will obtain mortgage payoff letters from lenders and negotiate with third party lien claimants. Many local municipalities have transfer tax requirements which must be complied with to transfer property and we will work on the seller’s behalf to comply with these to ensure a smooth and efficient transfer of the property.
Prior to the closing or consummation of the sale to the buyer, we will prepare a preliminary closing statement for your review to determine the amount of money you will receive at closing after payment of all justified claims and expenses. We will attempt to insure over any claims which are not legitimate or can no longer be enforced against you due to expiration.
At closing we will be present to handle the transfer of the property to your buyer. We can obtain a power of attorney from you so you need not be present to consummate the transaction. We will secure the necessary information from you to either wire transfer or send via first class mail or overnight delivery the net proceeds from the sale along with the proper documentation evidencing the transfer of your interest.