Maryland buyers need additional guidance when purchasing a home. In most cases, first-time buyers aren’t aware of the programs available to them. With this naivete, they could become too trusting and make irreparable errors. This is how a Real Estate Attorney in Bel Air MD can come to their aid.
Reviewing the Sales Contract
The sales contract is binding legally. Once the buyer signs it, they are required to fulfill the terms defined in the contract. The only exception is when they are unable to acquire financing or if the seller backs out of the deal. Before they sign the sales contract, they should hire an attorney. Their attorney reviews the sales contract and explains the terms. This helps them avoid unwanted circumstances.
Investigating the Title and Title Insurance
The closing attorney is responsible for verifying the property title. They conduct a search for all transfers for the last twenty years. The attorney must provide the buyer with title insurance. This guarantees the buyer will receive a refund of their down payment or earnest money if problems arise. If the seller isn’t the legal owner, they cannot continue the transaction as they don’t have the legal right to sell the property.
Evaluating the Mortgage Contract
The buyer needs an attorney to review the mortgage contract. Revised lending laws require all lenders to establish affordability before approving a mortgage. However, there remain lenders who used predatory practices. A Real Estate Attorney In Bel Air MD is familiar with these practices. They could identify terms that are unethical or could lead to foreclosure.
The attorney negotiates with the lender to modify these terms. They could also evaluate current interest rates and help the buyer achieve more appropriate terms. The closing attorney doesn’t protect the buyer fully.
Maryland home buyers must take measures to protect their interests. This prevents them from facing excessive and unaffordable costs. They need an attorney to enforce their rights during the closing. While an attorney is provided during the closing, he or she isn’t there to protect all parties thoroughly. Buyers who need to hire a Real Estate Attorney in Bel Air MD should contact Attorney Michael S. Birch today.
