Amidst the potential chaos of a real estate transaction, problems could arise at every corner. Proper legal representation from a firm such as Grimm & Grimm in LaGrange Indiana can help avoid many of the problems involved in real estate. The professionals involved know they are working with someone who can help themselves and knows what they are doing. A bad transaction or finagling on the deal could pass with an individual. With the right representation, that would not happen.
A common problem is the rejection of a title. A lender will not like it. The buyer clearly has to handle the problem, and they only found out about it after settling the funds, working with the appraisers, and generally dedicating time to this project.
The answer around this issue dates back to grade school- do homework. An attorney can demand a preliminary title report. This is essentially an advanced title from the title agency (often free of charge, especially with representation) that will provide any obvious features from the real title report. It is a rough draft, but it will catch any major issues. It cannot legally act as a final title report, as that needs to be done through official channels. But, it sets the expectations and stage. If anything does come back (and it is deal-breaking) buyers will save plenty of time without having to wait three or more weeks for a full title.
Furthermore, have a copy sent to the financier. This can be set-up through a legal agency. Click Here at Grimm & Grimm in LaGrange Indiana to learn more about how paperwork is transferred and shared properly with the right resources. Essentially, the lender will receive the report and it will be backed up by the attorney. This will help protect against any future issues with the property.
Make it a precedent and a habit to purchase title insurance. This helps for after the deal closes. If anything was missed in the final report, it is backed up by the attorney who also sent one to the financier. Everyone is on the same page. It is a great system for saving time and keeping an eye on the overall business transaction.
