Virginia Real Estate Closing Attorney
Virginia Real Estate Closing Attorney for Residential Real Estate Transactions
As residential closing attorneys, we are dedicated to representing buyers, sellers, and lenders in all aspects of residential real estate closings. We are experienced in all types of residential property transactions, including (but not limited to) sales contracts, title searches, deeds, mortgages, deeds-in-lieu of foreclosure, leases, and leases with the option to purchase.
Helping Avoid Mistakes
As an experienced real estate closing lawyer, firm-founding attorney Mark Hurt understands the importance of making sure that clients have a clear understanding of what is required at closing. Mark works tirelessly to ensure that families are fully prepared for everything that comes with buying or selling a home in Virginia, empowering them to avoid common mistakes and misunderstandings that could compromise the outcome of a transaction.
If you or a loved one is contemplating buying or selling a home, we invite you to call our offices at 276-623-0808 to schedule a free consultation with Virginia real estate lawyer Mark Hurt.
The Law Offices of Mark T. Hurt proudly serve residents of Abingdon and the surrounding communities in Washington County, Virginia.
Why Should I Hire an Experienced Virginia Real Estate Lawyer?
Real estate home purchases often involve significant financial risk. As such, it is critical to hire a Virginia real estate lawyer who can help make a home purchase or sale an easier, more secure process.
As an experienced real estate lawyer, Mark Hurt can assist in drafting all necessary paperwork related to residential real estate transactions and ensure that all agreements are completed correctly, helping to avoid costly pitfalls. He also tenaciously works to protect client interests throughout each step of the process.
Ensuring That All Necessary Paperwork Is Properly Completed
In Virginia residential property sales, there is a slew of paperwork that needs to be completed in addition to the real estate purchase and sale agreement, a deed, and perhaps a promissory note. Often – especially in transactions between a seller and a purchaser without a real estate broker – critical, legally-required documents may be inadvertently not executed or not delivered. In these cases, liability may arise, or other complications can exist.
With an experienced Virginia closing attorney, this will not happen.
What Types of Real Estate Matters Does The Law Offices of Mark T. Hurt Handle?
At The Law Offices of Mark T. Hurt, we handle a variety of residential real estate matters, including those involving:
- Title searches
- Title insurance
- Real estate closings
- Remote real estate closings
Regardless Of Whether You Are a First Time Home Buyer or a Seasoned Investor, Experienced Virginia Real Estate Attorney Mark Hurt Can Help Navigate the Closing Process.
Real estate transactions are often multi-faceted, involving many parties and significant assets. As an experienced real estate closing law firm, our dedicated team stands ready to answer clients’ real estate questions and protect their interests and investments, whether you’re buying or selling real property, refinancing an existing loan, or transferring property deeds between family members or co-owners.
What Is Title Insurance, and Do I Need it?
Before closing a real estate transaction, it is essential to always have title insurance, as title insurance protects you against any title defects or irregularities in a home’s legal title.
Title insurance is not required by any state or federal statute, but it is typically required by mortgage lenders to protect their loans. However, even if title insurance is not required by a lender, a purchaser will nonetheless often want to secure title insurance to protect their interests.
How Do I Ensure That Any Title Issues Are Resolved Before Closing On a House?
A title search is a legal document that shows the history of the property and its owners, including any liens (money owed) against it. In most cases, we will order the title search for your property and review it for any title issues that may need to be remedied before the closing.
Once a title search has been performed, we carefully review the title for defects and irregularities so that we can inform a purchaser of such matters. In rare cases, unexpected matters may be reflected in the title search, such as an easement that may have been granted to a neighbor long ago. When these matters exist, we can advise you as to the legal effect of such matters, as well as possible cures for the same.
What Expenses Is a Seller Typically Responsible for Paying in a Home Closing?
In Virginia, residential real estate sellers are often responsible for the following costs associated with selling a home:
- Closing costs. These are fees paid to third parties, such as title companies, attorneys, and appraisers. They generally represent 1-3 percent of the purchase price of the home.
- Taxes on sale proceeds. State and local governments sometimes collect taxes on real estate transactions, which the seller is responsible for paying at closing.
What Expenses Is a Buyer Typically Responsible for Paying in a Virginia Home Closing?
The buyer’s costs in a residential real estate transaction in Virginia typically encompass the following:
- A down payment, which can be made with cash or with a combination of other funds and seller financing.
- Earnest money deposit, which is typically 1% of the sales price and held in trust by the seller. If an individual withdraws an offer, they may forfeit this money. The seller may keep the earnest money if there is no counteroffer from another buyer within a certain amount of time but is expected to return it if a new contract is signed.
- Loan origination fees. These are fees charged by lenders for processing loan applications and closing loans. They usually range from 1-4 percent of the loan amount (but can be higher in some cases).
Who Pays for Other Closing Costs?
In addition to the costs and fees noted above, there will be other closing costs (also known as settlement fees), which are paid by the buyer and/or seller at closing. These include title search and insurance, loan processing fees, and an attorney’s fee for drafting documents such as the purchase contract and deed. In some cases, closing costs can be rolled into a mortgage loan amount instead of being paid out-of-pocket at closing.
Call Today to Schedule a Free Confidential Consultation With Experienced Real Estate Lawyer Mark Hurt.
If you are considering buying or selling a home or other residential real estate in Virginia, call The Law Offices of Mark T. Hurt at 276-623-0808 to schedule a free consultation with experienced real estate closing lawyer Mark Hurt.