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MIG exists to serve the Memphis-area real estate investment community. Our mission is to provide our members the education, training, motivation and networking opportunities that will further the ethical investment in real estate.

 

If you think the price of education is expensive consider the cost of ignorance.

 

 

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Attorneys and Closings

Use of a lawyer in my real estate transaction?
By Joseph T Kirkland
Posted on 3/06/2017 2:55 PM

The use of an attorney may prove exceedingly helpful in the purchase or sale of your home.  An attorney, experienced in the process of home purchase, may provide a multitude of services throughout the real estate transaction.  An attorney can be most beneficial in the contract drafting stage of contract preparation by offering custom suggestions to address your particular needs in the home purchase.  While extremely experienced in helping buyers and sellers, your Realtor® or any other individual that is not an attorney cannot give you legal advice concerning your transaction.

An experienced real estate lawyer can provide tested forms and suggestions on drafting provisions and clauses tailored to your particular needs and concerns.  Additionally, an attorney can guide you through the transaction from start to finish, and beyond, should the need arise.  They can explain the legal significance of the position you are in and offer suggested resolutions based on their experience in similar transactions.

If you are not familiar with contracts, options, contingencies, addenda, negotiation, title commitment, closing protection letter,  closings, settlement statements, title insurance, recording and similar terms and concepts then, indeed you need an  experienced real estate attorney to assist you in your real estate transaction.

Pitfalls in the home purchase and sale process include improperly drafted contracts, unqualified buyers, missed closing dates, title defects, poor advice from unqualified sources, improper disclosure of material facts or defects, survey problems, lack of proper or necessary inspections, and many more.  While all risk in a real estate transaction cannot be eliminated, the risk can be minimized or managed with proper advice.