In Alabama, leading real estate lawyers will assess the mounds of daunting documents involved in your residential property sale with a fine-tooth comb to catch errors and protect your best interests every step of the way. In the initial stages of your sale, you can ask them to evaluate the listing agreement with your real estate agent to ensure that the terms are favorable to you.
AL real estate lawyers can also review offers as they come in as well as identify tax benefits and considerations or any red flags. After you are past the offer stage, real estate lawyers will draft contracts and review the title, mortgage, and transfer paperwork. They will also write the deed and check the final breakdown of settlement funds at closing.
Besides the above, if an unanticipated complication were to stall your transaction, such as a lien or judgment on the title, or a question regarding a disclosure, your Alabama real estate lawyer will represent you and manage it so that the deal can move forward. A lawyer adds an extra layer of scrutiny to ensure that the deal closes seamlessly and no legal matters come to light after the sale.
Why Engage a Real Estate Lawyer When Selling an Alabama Property?
In Alabama and a few other states, a licensed real estate lawyer is required to draft and prepare all legal paperwork involved in a real estate deal, whether selling or buying. The legal documents that an attorney is required to prepare include titles, deeds, termite letters, and Power of Attorney, among others.
Apart from remaining compliant with Alabama law, there are various other good reasons to work with a lawyer throughout the real estate selling process. Following are just some examples of when it is nice to have an experienced lawyer on your side:
- When you need to negotiate over who pays for repairs after a home inspection reveals costly concerns
- When a property has an unlawful in-law unit with an existing tenant whom you may want to evict
- When you want to enter a rent-to-buy contract
- When you are concerned about specific language in your purchase agreement
In addition, Alabama real estate lawyers will have connections with reputable surveyors, mortgage loan brokers, inspectors, and other local professionals. While you may not anticipate a surveyor’s requirement, it would be good to have the right professional on call for a fast and fair evaluation if a problem arises with boundaries.
These Situations Call for a Skilled AL Real Estate Lawyer
Certain real estate transactions are more complicated than others. The following special situations could trigger an avalanche of problems that put your residential property sale at risk. In these kinds of cases, a real estate lawyer’s professional expertise is vital to ensure that the deal stays on track.
Did you get a foreclosure notice?
If you are facing foreclosure, you should promptly contact a lawyer. Under the law, the foreclosure can be prevented by getting an injunction. However, it takes time, and the more time you have, the better it is.
In case you believe that your home may be foreclosed upon or if you have already received a foreclosure notice, consult a real estate lawyer. You may be able to sell your property as a short sale or negotiate the terms of your mortgage with the assistance of a legal professional.
Is a short sale something you are considering?
A short sale takes place when you sell your home for less than the amount owed on your mortgage. Thus, the lender must approve a short sale after you show that you are not financially capable of paying the mortgage due to hardship, and a lawyer can assist you in doing so.
If you believe that you may qualify for a short sale, identify a real estate agent and a lawyer specializing in short sales to guide you through the process.
Are there liens and judgments on your title?
A lien refers to a notice attached to your property’s title that claims you owe money to a lender. Creditors can obtain permission to place involuntary liens against your property for any loans you owe them. Further, the county can place a lien for outstanding amounts such as property taxes. Involuntary liens also include those for unpaid judgments (lawsuits), jobs, or child support.
As these liens are attached to the property’s title, the sale cannot go through unless you clear them.
A lawyer can assist you in clearing the title of liens and judgments and negotiate with lenders.
Other Special Circumstances where an AL Real Estate Lawyer Can Help
- You are selling on behalf of the deceased owner
- You are going through a separation or divorce
- You have tenants leasing the property
- You have reason to believe your property sale could get complex
Consult an Alabama Real Estate Lawyer When You Make the Decision to Purchase or Sell
If you plan to purchase or sell real estate in Alabama, it would be best to consult a real estate closing attorney on retainer-basis. The skilled and knowledgeable real estate attorneys at the law offices of Davis, Bingham, Hudson, Buckner, P.C., will guide you at every step of the real estate transaction. Call today at (334) 821-1908 to speak to a member of our legal team.