Before the closing of your home, there are a number of steps that you need to take. A real estate closing is the point that title passesfrom seller to buyer. Balances are assessed, payments are made, and contracts are signed. There are a number of mistakes that can be made during the closing process so it is important to have an experienced real estate attorney to ensure that the process goes smoothly. There are a number of documents that you need for a real estate closing including: a copy of the signed contract, including any and all addendums; all contact information for all of the parties involved including sellers, buyers, real estate agents, lenders, bankers and brokers. If there is a HOA involved, then you need the contact information for the home owners association and all of the association’s rules and regulations. You also need all information regarding the loan payoff for the seller including information about the loan, the account information, and social security number of the buyer.
There should also be a survey of the land along with a house inspection and home warranty information if there is any. During the house inspection you should also have a termite inspection done prior to closing. You will also need a copy of the mortgages, wills,deeds, trust, power of attorney, or any other documents related to the transaction. It is also very important to make a list of repairs that need to be made to the house before the closing. This is one of the most important steps to ensure that you are not stuck with the costs of repairs after the closing is completed. At the time of the closing both parties must present: drivers license for identification purposes; tax ID information and social security number of both the buyer and seller; and a certification of funds or proof of bank wire for all closing funds from buyer.
In Alabama a licensed real estate attorney is required to draft and prepare all legal documents involved in a real estate transaction. This refers to the titles, deeds, power of attorney and any other documents related to the transaction. Alabama is one of the only states that requires a licensed real estate attorney to draft and prepare all of the documents for a real estate closing. There are many other reasons to hire a real estate attorney, and not a personal injury lawyer, to walk you through the closing process. The Alabama property attorney can help you negotiate many different costs associated with the closing process such as who will have to pay for the repairs to the house, the buyer or the seller. As buyer you will need to sign the real estate contract along with any addendums.
