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Springer Law Group FAQs
What are the different types of real estate transactions?
There are many different types of real estate transactions: refinances, purchases, construction loans, development loans, foreclosures, and short sales.
You may think that purchasing a home should be a fairly straightforward and simple process. Think again! There is a lot of action happening behind the scenes, with many players: buyers, sellers, selling agents, listing agents, home inspectors, termite inspectors, surveyors, homeowners’ insurance agents, flood insurance agents, mortgage loan officers, mortgage processors, mortgage underwriters, mortgage closers, appraisers, title examiners, title underwriters, title insurers, sellers’ attorneys (or settlement companies), buyers’ attorneys (or settlement agents), and more. If all of the necessary players to the transaction do not fit together in the perfect manner and do their jobs to the best of their abilities, the transaction has the potential to be arduous and stressful.
Who brings all these players together?
Your closing may take place at an attorney’s office or at a settlement company. You may have heard one or both of the following assumptions regarding the use of attorneys for real estate transactions:
1.) That an attorney is not really needed for a real estate transaction and
2.) That an attorney’s fees are much higher than those of a settlement company.
Although the real estate transaction may seem cut-and-dry at first, any number of issues can arise after the contract is signed and before the closing occurs. First, it is important to have an attorney review the contract BEFORE you sign on the dotted line. Once you sign the contract, you cannot easily change its terms. Second, it is important to have an attorney representing you for the duration of the transaction, as issues may arise at any time. If a dispute occurs between you and any other party to the transaction, no one but an attorney can give you legal advice or representation without engaging in the unauthorized practice of law. As a licensed attorney, I can offer you legal advice and representation as a part of your real estate transaction.