Our firm typically handles loan closings themselves. In doing so, we work with lenders to ensure proper execution of all loan documents for the purchase of property. We also do cash closings for residential purchases which follows the same basic process, only with a little less paperwork. We also do commercial real estate, and can help on the back end of estate administration concerning real estate transactions. I would say we’re a full spectrum real estate firm.
What Matters Should Someone Be Discussing With An Experienced Real Estate Attorney Before Taking Any Steps To Buy Or Sell Property In Mississippi?
Before taking any steps to buy or sell property in Mississippi, it is critical to first go over the written contract with an expert of the law. Sometimes individuals think they’ll save money by not working with a realtor in a real estate transaction.
While there is a commission attached to the transaction, it’s typically the seller that’s going to be paying your realtor their commission. So, it’s not actually costing you any additional money to have an experienced realtor guide you through the process.
On the other hand, some people just want to go about it on their own. They want to keep it simple and that’s fine.
Just keep in mind, it will be a significant burden of responsibility. There are many steps involved in the entire process, and realtors are trained to check every box as efficiently and smoothly as possible. If there’s no realtor involved, we always let our clients know to expect possible challenges. Overall, an experienced real estate attorney would recommend that you consult a realtor for your property transaction.
How Does A Real Estate Attorney Assist With The Purchasing Or Selling Of Property In Mississippi? I Already Have A Real Estate Agent, Do I Need Both?
In Mississippi the process for real estate is somewhat unique from out of state. Due to our population and the smaller size of our cities, we don’t have a lot of title companies that do real estate closings or Escrow.
Therefore, most real estate attorneys in Mississippi take on the function as the facilitator of the transaction itself. We make sure all the T’s are crossed and the I’s are dotted. Among everything that I will review, we can make sure there’s no title issues that might prevent closing.
Having a good realtor and a good real estate attorney is the best you can do. The symbiotic relationship created by their partnership creates a smooth and coordinated real estate transaction.
What Exactly Is Clear Title And Why Does It Matter In Real Estate?
“Clear title” means there are no liens, encumbrances, title defects, or anything in the chain of title that would cause potential future litigation or remedial actions.
Some examples may be as broad as there was a deed of trust or a mortgage on a property that was never released. It can be as small as when a predecessor in title signed the deed, they didn’t include their middle initial as they should have. In this case, that person wouldn’t be properly identified. A clear title means there are no issues at the time of the closing, and the buyer can purchase knowing that they should not encounter any issues going forward, including when they wish to sell the property.
A clear title is relevant for buyers because it ensures that the investment you’re making in the property is protected. It guarantees peace of mind that 5 years down the road, you’re not going to have an issue that would result in litigation or an additional expense.
What Are Some Common Issues That Affect Title That Could Hold Up A Real Estate Transaction?
Liens or judgments are common issues that appear against the seller in a real estate transaction. Usually, those are easily identified. If we run a title and discover that there are tax liens against John Brown, we will first verify the identity to make sure we are dealing with the same John Brown. In our experience this is much better than making everyone panic that John Brown may have state tax liens if this is in fact not the case. 9 times out of 10, it’s not our seller so we just move on and don’t mention it.
Sometimes the legal description for a property is not correct. Maybe the wrong property was mentioned or an additional parcel (plot of land) was sent that shouldn’t have been. Pretty often, mortgages or Deeds of Trust in Mississippi haven’t been properly released. This happens from time to time as a result of oversight by the lender. Ultimately, these are all issues our firm can clear up for you.