Maryland consumers shouldn’t enter into real estate transactions blindly. These transactions require a more advance understanding to prevent potential issues. These problems could lead to unfair mortgage terms or take benefits away from the buyer. Real Estate Lawyers in Bel Air MD help these consumers by protecting their interests.
Reviewing the Terms of the Sales Contract
The sales contract defines all limitations imposed by the seller. It specifies who pays the closing costs and any additional requirements for the buyer. It details the price accepted by the seller and how the funds are transferred to the seller from the buyer’s lender.
An attorney reviews the terms to determine if there are any hidden terms. These terms could relate to the real estate agent’s commission or how it affects the sale of the property. It could also include contingencies in which the buyer doesn’t understand.
Explaining the Real Terms of the Mortgage Loan
The attorney reviews the mortgage loan documentation. They explain the terms to the buyer in a way that helps them understand their real obligations. Additionally, the attorney identifies any terms that could relate to predatory lending practices. These practices could cause foreclosure in the future.
This is why the attorney calculates the total mortgage and payments. They compare these requirements against the borrower’s income. If the lender didn’t establish affordability, the attorney could request a modification to prevent potential foreclosure due to an inability to pay.
Inspecting the Title Information
The closing attorney must conduct a title search to determine if the seller can sell the property. However, the attorney acting on the buyer’s behalf can inspect the title for the same purposes. This prevents a fraudulent sale of real property. It also prevents the buyer from losing their down payment if the sale cannot be completed.
Maryland consumers have the legal right to use a legal representative when buying a home. An attorney prevents them from suffering a financial loss due to title issues or predatory lending practices. Consumers who need to hire Real Estate Lawyers in Bel Air MD may Click here for more details about their services today.
