At Home in Berks - June 2017 - 17

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If a realtor form Agreement is used, an attorney will review
it to make sure it contains the specific terms agreed to by the
parties and identify any blanks or uncompleted sections in the
agreement. With either an attorney-prepared or realtor form
Agreement, an attorney will make sure the agreement includes
all of the terms his or her client intends to be in the agreement
and provides for how various disputes arising under the agreement will be resolved. A well-drafted Agreement will save time
and money in the event issues arise between the parties prior
to the closing date.

Period of Time Between Signing
Agreement of Sale and Closing.

After the Agreement is signed and prior to closing, a title
search should be performed of the property to determine if
there are any problems with the title. Attorneys are trained
to review the title search to spot issues or problems with
the title. They will advise their client about items such as
easements granted to utilities or others that could interfere
with the intended use of the property by a purchaser. An
easement could interfere with plans to build an addition to
the house or put in a swimming pool. Easements granted
to utilities can permit the utility to come on to the property
to do work, such as cutting down trees or excavating part
of the property to repair or replace the utilities. An attor-

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ORG/PUB: At Home in Berks

ney will also review the title search to determine whether
there are any liens or judgments filed against the property,
and determine whether the seller will be able to pay those
liens or judgments with the proceeds of the sale or whether those liens will continue as liens against the property
after the sale.

Closing the Transaction.

At the closing, an attorney will either prepare or review the
deed for the property verifying the parties' names on the deed
are correct and ensure the property being conveyed is what is
intended to be conveyed. The attorney will also review with his
or her client either the seller's affidavit or purchaser's affidavit
required by the company insuring the title for the purchaser to
make sure all information in the affidavit is correct, and if not,
qualify or correct it. The attorney will also review the closing
disclosure or settlement statement to make sure that all of the
financial aspects of the transaction are correctly stated and
that his or her client is receiving what they should as the seller
or paying what they should as the purchaser under the terms
of the Agreement.
For a relatively small amount of money, parties hiring an attorney can assure that the transaction proceeds smoothly. Doing
so will prevent a nightmare and keep the dream alive.

june 2017 AT HOME IN BERKs

17


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