Erwin & Associates, LLC

Attorneys are the only professionals involved in real estate transactions who are dedicated solely to representing and protecting your legal rights and interests. You may have a great real estate broker or a great lending officer, but they are not obligated by law to protect you. In fact, the best brokers and lenders will often tell you that you should consult with and be represented by an experienced real estate attorney. Those that tell you otherwise are often simply trying to "protect the deal" and their commission.

Unlike your broker or loan officer, you can rely on a real estate attorney to do the following:

- Prepare or review the proposed contract to insure that your interest are protected
- Review title insurance and survey matters
- Review and explain loan documents to determine that such documents accurately reflect the terms and conditions of your loan as you understand it
- Review and explain closing figures and documents
- Represent you at the closing to insure that the title you are given is clear, that the proper charges and prorations are being given and that all documents are in order

- Review broker's listing agreement
- Prepare or review the proposed contract
- Order and review title insurance and survey matters and clear any problems or defects
- Prepare and explain closing figures and documents
- Represent you at the closing

More importantly, if someone other than an attorney handles the above tasks, they may be guilty of the unauthorized practice of law and you will likely not have any professional recourse if they do the job incorrectly.

It is best to hire an attorney before you sign any contract or agreement. However, if this is not possible, you should insist that an attorney-approval provision or rider be signed by both parties and be included in the contract when the contract is signed. This will preserve your attorney's right to propose changes within a specified number of days, even after you have signed the contract.

If problems arise in real estate transactions or in connection with real estate ownership, you need the counsel of a real estate litigation attorney. A real estate litigation attorney is familiar with all of the transactional items handled by a real estate attorney but has the resources, knowledge and capabilities to defend or prosecute your claims in a court of law.

Title insurance is an insurance policy issued on the title to real estate property. It provides coverage, much like other forms of insurance, for claims against the title. Buyers often question why they should consider buying title insurance when their lender has such an insurance policy. The answer to that question is relatively simple: only your lender has coverage under a lender's policy so you may not have the ability to raise a claim without the cooperation of the lender and, once you have paid off that loan, that lender will have no interest in litigating an issue which no longer concerns them. When you purchase a property, it is advisable to obtain an owner's policy of title insurance. This is something your attorney can help you do.

It is important to keep matters in perspective when entering into real estate transactions. These deals involve substantial amounts of money and often involve your home. Attorneys' fees and title insurance premiums are generally extremely affordable and often represent less than one percent of the total amount involved in these transactions. To attempt to save money by not seeking the professional counsel of an attorney is very risky.



HOW DOES A REAL ESTATE ATTORNEY SERVE YOU? Attorneys are the only professionals involved in real estate transactions who are dedicated solely to representing and protecting your legal rights and interests. You may have a great real estate broker or a great lending officer, but they are not obligated by law to protect you. In fact, the best brokers and lenders will often tell you that you should consult with and be represented by an experienced real estate attorney. Those that tell you otherwise are often simply trying to "protect the deal" and their commission. Unlike your broker or loan officer, you can rely on a real estate attorney to do the following: For The Buyer - Prepare or review the proposed contract to insure that your interest are protected - Review title insurance and survey matters - Review and explain loan documents to determine that such documents accurately reflect the terms and conditions of your loan as you understand it - Review and explain closing figures and documents - Represent you at the closing to insure that the title you are given is clear, that the proper charges and prorations are being given and that all documents are in order For The Seller - Review broker's listing agreement - Prepare or review the proposed contract - Order and review title insurance and survey matters and clear any problems or defects - Prepare and explain closing figures and documents - Represent you at the closing More importantly, if someone other than an attorney handles the above tasks, they may be guilty of the unauthorized practice of law and you will likely not have any professional recourse if they do the job incorrectly. It is best to hire an attorney before you sign any contract or agreement. However, if this is not possible, you should insist that an attorney-approval provision or rider be signed by both parties and be included in the contract when the contract is signed. This will preserve your attorney's right to propose changes within a specified number of days, even after you have signed the contract. THE REAL ESTATE LITIGATION ATTORNEY If problems arise in real estate transactions or in connection with real estate ownership, you need the counsel of a real estate litigation attorney. A real estate litigation attorney is familiar with all of the transactional items handled by a real estate attorney but has the resources, knowledge and capabilities to defend or prosecute your claims in a court of law. WHAT IS TITLE INSURANCE? Title insurance is an insurance policy issued on the title to real estate property. It provides coverage, much like other forms of insurance, for claims against the title. Buyers often question why they should consider buying title insurance when their lender has such an insurance policy. The answer to that question is relatively simple: only your lender has coverage under a lender's policy so you may not have the ability to raise a claim without the cooperation of the lender and, once you have paid off that loan, that lender will have no interest in litigating an issue which no longer concerns them. When you purchase a property, it is advisable to obtain an owner's policy of title insurance. This is something your attorney can help you do. PENNY WISE, POUND FOOLISH It is important to keep matters in perspective when entering into real estate transactions. These deals involve substantial amounts of money and often involve your home. Attorneys' fees and title insurance premiums are generally extremely affordable and often represent less than one percent of the total amount involved in these transactions. To attempt to save money by not seeking the professional counsel of an attorney is very risky.