5 Problems a Real Estate Attorney Can Fix (...And 2 We Can't)

TL;DR

Real estate closing attorneys in North Carolina draft deeds, perform title searches, do title curative work, help with entity formation, provide consultations for disputes, but may refer landlord-tenant disputes and bankruptcy issues to other specialized attorneys.

Transcript

as many of you know I'm a real estate attorney in North Carolina and sometimes I think real estate law might get a bad rap as being boring or people might think that transactional attorneys really don't get to do much real legal work and I am here today to tell you a little bit more about what real estate closing attorneys do in North Carolina more... Read More

Key Insights

• ❓ Real estate closing attorneys focus on more than just closings; they also draft deeds and ensure the accuracy of legal descriptions.
• 👨‍🔬 Title searches are essential before bidding on properties in foreclosure auctions to identify any existing liabilities.
• 💦 Title curative work involves fixing issues with the title, such as defective legal descriptions or missing signatures.
• 😒 Real estate attorneys can assist with entity formation, especially when clients plan to use entities for property purchases.
• ❓ Attorneys can provide consultations to address real estate-related issues or disputes, such as easements or neighbor disputes.
• 💼 In some cases, real estate attorneys may refer landlord-tenant disputes and bankruptcy issues to specialized litigation or bankruptcy attorneys.
• 📅 Real estate attorneys prioritize their closing calendar and may not handle litigation matters that could disrupt closing schedules.

Questions & Answers

Q: Why is the legal description in a deed important?

The legal description in a deed ensures that the correct property is conveyed. A defective legal description can render the entire instrument invalid, causing issues for the grantee.

Q: Why is it necessary to do a title search on a property before bidding on it in a foreclosure auction?

Doing a title search is crucial because winning a property in a foreclosure auction means taking title subject to any existing judgments, liens, or encumbrances. It is essential to be aware of any potential liabilities associated with the property.

Q: What is title curative work, and why is it important?

Title curative work involves fixing any issues with the title, such as defects in legal descriptions or missing signatures. It is important to ensure a clear and marketable title before transferring or selling the property.

Q: Can real estate attorneys help with entity formation?

Yes, many real estate attorneys assist clients in forming entities like LLCs or corporations, as these entities are commonly used for property purchases. It is efficient to have a knowledgeable attorney handle both real estate and entity formation matters.

Summary & Key Takeaways

• Real estate closing attorneys in North Carolina draft deeds and ensure the accuracy of the legal description, which is crucial for property conveyance.

• They perform title searches on properties in foreclosure to identify any existing judgments, liens, or encumbrances that may affect the property after auction.

• Attorneys handle title curative work to fix any issues with the title, such as defective legal descriptions or missing signatures.