Best Business Attorneys in Bartlett, TN

Some states require an attorney to be involved with the closing, though that list does not include Tennessee. But even in states where it is not required there are several advantages to using an attorney to do your closing. A closing attorney is also better equipped to identify and handle problems with real estate transactions than non-attorneys. And most importantly, non-attorneys cannot offer legal advice about any part of the transaction. The costs of using attorney and non-attorney closers tend to be similar, so it does not make a significant difference in expense using one over the other.

A great deal of work goes into making sure the buyer gets good, clear title to property in a real estate transaction. This effort includes a title examination, which is a study of the records related to the history of ownership of the property. A thorough title exam should turn up any questions of ownership, defects in the title, or potential claims against the property. Sometimes litigation is required (suit to quiet title) to clear a cloud on the title, such as the existence of a lien, a property line discrepancy, boundary dispute or easement. Matters such as these most often require litigation to clear the title; they are generally not matters you can resolve at the closing.

The closing attorney examines title so they can give an opinion on the status of the title. The goal is to provide an owner with assurances about their rights to the property and anything that might affect those rights. This is a massive cost-saving measure that protects owners of property from unexpected problems with a major investment and sellers from liability for not disclosing something they knew or should have known about. The cost of the title examination is nothing compared to lengthy litigation real estate.

A HUD (Housing and Urban Development) home is a house that was purchased through an FHA (Federal Housing Authority) loan but was later foreclosed by the government. HUD homes are prime targets for flippers since they are usually sold far below market value, although often in an as-is condition.

An attorney can help you in countless aspects of your real estate transaction, including negotiating a deal that meets your price while also protecting your interests. An experienced real estate lawyer can explain the risks and benefits of a particular transaction to enable you to make an informed decision. Your attorney can also handle issues at the pre-closing stage so that your closing is primed for success. However, any closing agent will tell you that something unexpected always comes up at closing, no matter how well prepared you are. Having an attorney present at the closing or on-call means you can deal with whatever issues arise and conclude the transaction successfully whenever possible.