When it comes to the home buying process, everyone has a role to play. The real estate attorney’s role in a transaction is key. However, the insurance company can work together with the attorney, making both jobs a little easier. Read on to learn more.
What does a Real Estate Attorney do?
Although for most home buyers, the process of buying property does not involve going to court, they still need a real estate attorney. The real estate lawyer’s job is to prepare and review all the essential documents related to the sale, including the contract, agreements made with the seller, lender documents, title, and transfer documents. The real estate attorney will also be available to the buyer throughout the process to answer any questions and will most likely attend the closing as well. Occasionally, real estate attorneys will assist in the title process or help with the transfer of funds.
What is the insurance company’s role in a real estate transaction?
An insurance company is essential in getting the buyer the homeowner’s insurance they need to obtain a mortgage. Depending on the loan the buyer is approved for, they may need proof of insurance before the closing date. An experienced insurance company can determine what type of insurance is necessary and get the policy ready before closing.
How can the real estate attorney and insurance company work together?
Every party involved in a real estate transaction essentially works together to seal the deal for the buyer and seller. Specifically, the insurance company can consult the real estate attorney and vice versa if any issues arise or if the buyer has questions regarding the sale. The attorney can also work on the buyer’s behalf as the transaction progresses.
For any homeowner’s insurance policy questions, be sure to give us a call!