The Buyer’s Agent fiduciary responsibility is to initiate the real estate sale. The Listing Agent’s fiduciary responsibility is to facilitate the real estate purchase and the Real Estate Closing Attorney’s fiduciary responsibility is to legally close the real estate transaction, and the property is purchase with “good faith” between the Seller and the Buyer.
The Real Estate Closing Attorney plays an important and integral role in the transaction and transfer of the real estate property between the Buyer and Seller. It is critically important that the Buyer’s Agent and Listing Agent agree to utilize a Real Estate Closing Attorney with high ethical standards to successfully complete the real estate transaction.
The primary role of the Real Estate Closing Attorney is to legally conduct a Title Examination to investigate and research the “Title” to ensure that there are no encumbrances, liens, or forthcoming lawsuits against the real estate property, and to ensure that the Buyer has a purchase the real estate property with a “Clear Title.”
After the Real Estate Closing Attorney conducts Title Examination on the real estate property, the perspective Buyer should become enlighten to the fact of whether there are certain restrictions of use, easements, encroachments, and the Title is marketable and clear for the Seller to legally transfer the real estate property to the Buyer.
Moreover, the Real Estate Closing Attorney will also conduct a thorough investigation about whether there are any existing mortgages against the real estate property under contract, and any delinquency of debt will need to be satisfied in order to transfer Clear Title. All liens, judgments, and second mortgages must be financially liquidated in order for the Mortgage Lender to secure a 1st Mortgage Lien position on the real estate property under contract.
The Buyer’s Agent and Mortgage Lender of the propose real estate property under contract should also advise and highly recommend that the Buyer purchase Title Insurance. Title Insurance protects Buyer and Mortgage Lender from potential future problems, e.g. liens, judgements, or second mortgages, discovered on the Title. Although Title Insurance is not a mandatory requirement to secure a real estate mortgage, it is an optional protection to ensure that the Buyer has “Clear Title.”
Finally, the Real Estate Closing Attorney will provide an update on the Title and record the Deed Of Trust. The Real Estate Closing Attorney will also review the Buyer’s Settlement Statement prepared by the Mortgage Lender to successful close the real estate transaction and distribute monies to the Buyer, Seller, and Real Estate Brokers.
IF YOU KNOW ANYONE INTERESTED IN BUYING OR SELLING THEIR HOMES, PLEASE TELL THEM TO CALL:
WILLIAM A. BYRD ASSOCIATE BROKER DRAKE REALTY (404) 250-7445 (Direct)