Purchasing a home is usually the single largest investment in one’s life. Therefore, we tend to safeguard the property and seriously contemplate decisions that potentially affect its value. When buying and selling residential real estate, many homeowners in Alabama choose to work with a realtor and a residential real estate lawyer to help them effectively navigate the process, its hardships and challenges, and to maximize their return on this substantial investment.
Residential Real Estate Transactions in AL from the Perspective of a Buyer or Seller
The buyer and seller involved in an AL residential real estate transaction must sign a written land contract to complete the transaction. After that, the buyer is given a specific duration to perform a title search on the real estate and to acquire financing to pay for the home. A closing is the next step.
When a real estate transaction is closed in Alabama, a real estate deed passes the ownership rights from the seller to the buyer. In real estate transaction closings, the buyer pays the seller the mutually agreed purchase price, and the seller transfers the keys, deed, and legal ownership of the residential property to the buyer. The final step is the real estate deed recordation by the buyer or their representative, likely a residential real estate lawyer in Alabama.
The Role of an AL Residential Real Estate Attorney
Both buyers and sellers can benefit from the legal expertise of AL residential real estate attorneys, who play a vital role throughout the real estate transactions right from pre-sale to post-sale.
Alabama real estate lawyers can help parties in reading, analyzing, and understanding real estate contracts to ensure that their legal rights and other interests are appropriately protected. Aspects such as the resolution of liens and other matters arising during real estate transactions are effectively handled by these legal professionals to ensure that the properties are transferred with a free and clear title.
Real estate attorneys can recommend home inspectors for undertaking the necessary inspection pre-closing. A residential real estate lawyer or a member of their legal team will usually attend the property closing. Lawyers and their teams ensure that all closing paperwork is complete and in the correct order. If any problems arise, they can take measures to troubleshoot and eliminate any obstacles that may prevent a smooth closing.
After the closing is complete, the real estate lawyer will ensure the proper recordation of the property deed. These legal professionals are proficient at managing post-sale litigation for aspects such as:
- Product defects
- Boundary, border, easement, and right-of-way conflicts
- Short sales
- Contract preparation, negotiation, and amendment
Real estate transaction closings involve various important documents. Many of the following documents must be completed before the closing:
- A copy of the signed contract, including all addendums
- Full contact details of all parties involved, including realtors, buyers, and sellers
- Complete contact details for all brokers, bankers, and lenders
- HOA contact details and guidelines
- All information on the loan payoff for the seller, including account numbers, information on the loan, and buyers’ social security numbers
- Home inspection results, if required
- Home warranty details, if applicable
- Copies of deeds, wills, mortgages, trusts, Powers of Attorney, or other paperwork pertaining to the transaction
- Buyer’s hazard insurance agency contract details
- Approval letter for one or both parties for the use of a Power of Attorney during the transaction
- A copy of the Termite Letter, if required
- A comprehensive list of repairs to be completed prior to the closing and/or invoices for repairs, if applicable
All of the above applicable documents must be available before the signing of a real estate deal. Both parties must present the following at the time of closing:
- Valid driver’s license for the purposes of identification
- Tax ID information and/or social security number of the buyer and seller
- Approved, original, and notarized Power of Attorney
Consult a Committed Alabama Residential Real Estate Attorney Today
The experienced residential real estate attorneys at the law offices of Davis, Bingham, Hudson, Buckner, P.C. represent clients throughout the real estate transaction process. We review, evaluate, analyze, negotiate, and modify real estate contracts to make sure that our clients’ best interests are fully protected.
Our skilled legal team can help you address any problems, pitfalls, or challenges that arise during the real estate transaction, such as with liens, the title search process, or with repairs necessary after a home inspection.
The seasoned residential real estate lawyers at Davis, Bingham, Hudson, Buckner, P.C. will assist you in navigating the entire transaction and work alongside other real estate professionals, such as title examiners and realtors. For any assistance with real estate transactions, call today (334) 821-1908 to speak to a competent residential real estate attorney.