If you’re going to sell your property, I would recommend consulting with a realtor to get an idea of what the market is and what the potential listing price might be. Typically they can also give you some helpful tips on making your house more presentable and more sell-able. Taking these steps would be the ideal starting point.
You wouldn’t necessarily have to consult an attorney on the front-end if you have a realtor. If you’re proceeding without a realtor, the first thing to do as a seller would be to contact a real estate attorney. It is important for the seller to retain an attorney to have a real estate contract already prepared in the event that they receive an offer from a buyer.
There’s a lot of subtle nuances that go into a real estate transaction. These include the prorating taxes specific to state law. Annual property taxes here in Mississippi are often either retained or sold with the property, and this gets commonly overlooked.
Having somebody to hold on to earnest money and ensuring that the process goes smoothly is essential. Whether that accountability comes from a realtor or an attorney usually depends on people’s budgets and personal preferences. However, they definitely need to consult someone with experience in the process of buying and selling property. One thing to keep in mind is that if you are buying new property, a realtor is usually the ideal choice.
What Are Common Examples That Can Derail The Sale Or Purchase Of Real Estate In Mississippi?
Inspections often derail a real estate closing. In most real estate transactions, a termite inspection is mandatory. Once the termite inspection is done, if it turns out there’s significant termite damage, the buyer has the option to either get out of the contract or negotiate a new agreement This may include demanding remedial money paid in order to correct damages. This is not just limited to termites, as we also have mold and septic inspections in Mississippi.
Another thing that comes up sometimes is poor or unlucky timing. The process of completing the steps involved often works similarly to an assembly line. Therefore, sometimes due to volume the lenders get put behind. There’s also times where the real estate attorney falls behind, particularly if a title issue comes up that has to be fixed.
If you entered into a real estate contract as a seller and it had a closing date of July 31st, and the buyer did not meet that date then you would have the option to walk away. At that point, you can move on from the contract and try finding another buyer.
What Happens Generally At The Closing Of A Property? What Can My Real Estate Attorney Do To Make This Process Go Smoothly?
From a buyer’s perspective, if you’re working with a lender you would have received the copy of your closing disclosure. A closing disclosure contains the full details of the loan itself as well as the amount of money that you’re supposed to bring to closing.
As a buyer when you come to closing, you likely need to bring certified funds and proper identification to close the deal. You can refer to it as a down payment. A time is scheduled and the buyers will come in, then we go through all of their documents.
As a real estate attorney, I will explain all of the documents to them before they sign. At our office, we do everything we can to minimize the length of time that real estate closings take. We do this by filling in the dates on forms prior to the buyer arriving and using scanners to expedite the process. We also try to have the buyer and seller sign their documents separately.
To the extent possible, confidentiality should be respected between buyer and seller. Here in Mississippi, typically it’s a single attorney representing the entire transaction. So, our role is to try to make things go as smoothly as possible.
Our firm has utilized the platform Qualia with much success. Qualia is a cloud-based platform for closings. At the beginning of the closing process, the buyers, sellers, real estate agents and lenders are all invited to file in Qualia.
They can also use the platform to securely exchange documents, messages, and conduct Zoom meetings. It’s very functional and also has the added perk of providing the buyer and seller with copies of their legal documents. Further the documents are uploaded to the platform so that if they are needed at any time in the future, they remain accessible.