The purchase and/or financing of your home is probably one of the most significant purchases of your life. Why would you consider making this purchase without working with a lawyer? Minnesota courts determined that helping someone to fill out form did not constitute the practice of law so title insurance companies will fill out the forms but that doesn’t mean they are providing you with legal advice like your lawyer would.
Normally, people are concerned about the fees associated with securing an attorney. Virtus Law has developed a solution. When you procure your title insurance through Virtus Law, we will necessarily be working with your purchase agreement and can assist and help you to understand your rights and obligations. This insurance is the exact same type of title insurance you procure through non-attorney title insurance companies who rely upon non-attorneys for portions of the examination and policy issuance. Our title insurance rates are competitive and market based rates, the same range of rates you would find with non-attorney based title insurance companies. If you are a real estate salesperson, consider referring your clients to us so that they have a resource for the legal aspects of their closing agreements. Real estate professionals actually reduce their legal exposure on regulatory matters, increase client satisfaction, increase client confidence, and can even reduce the risk of failed transactions.
Just as when you close on a real estate purchase, when you refinance your property, you have the option to be represented by an attorney. Many forgo hiring an attorney and rely upon the advice of title insurance companies. Title insurance companies are not allowed to provide legal representation as it violates the unauthorized practice of law statute. There are, however, attorneys that will provide the same title insurance services that the title insurance company provides, as well as providing you with sound legal representation, all with comparable prices. This gives you peace of mind that all the details are correct and a lawyer can explain every document you have to sign so that you understand the important details of the transaction. A lawyer also handles the paperwork and removes a lot of the hassle. Particularly for multi-property or complicated re-finance deals, this can add up to a lot of value. Sometimes, your lawyer may even spot unexpected issues.
- Your lawyer will look at the original real estate contract to ensure that a refinance is an available option. Sometimes, contracts limit the frequency you can re-finance so that it’s only an option every few years. With investment property, you may even be able to secure the reduction of prepayment penalties or yield spread maintenance provisions.
- Other mortgages may be involved that affect your ability to refinance if, for example, there are multiple mortgages on a piece of property or other liens against the property such as judgement liens or mechanics liens. You may still be able to re-finance or restructure, you’ll just need to follow a different set of steps.
- If there are any questions or issues that arise, having a lawyer representing you means you have an ally advising you and helping with any negotiations over the details. Since a real estate lawyer has a good, nuanced understanding of the law and of real estate contracts, they can help construct favorable solutions quickly.
- Timing can sometimes be an issue with getting your property refinanced and a lawyer can help advise you on how to handle issues such as a change in career or financial circumstances or a situation where the value of your home has dropped and you’re left with a low loan to value ratio. There are ways to address these problems that require a phone call to the right person to explain the situation, a new appraisal, or perhaps a year in your new career to more clearly show finances.
- There are different options available when you refinance property and a lawyer can help you explore your options. If you’re refinancing because of an impending foreclosure, for example, an attorney can help negotiate the details with the bank to give you the time you need to get your financial situation back on track. In other situations, there are options to take some cash out of the equity of your home when you refinance, often done if you want to do some home improvements.
- If you’re facing bankruptcy of having some other issue with your mortgage, you may be facing a drawn-out and complex legal battle. In this case, it’s even smarter to have a lawyer on your side to find the best solution and protect your rights.
The lawyers at Virtus Law Firm have many years of experience handling real estate matters. Let one of our team members handle your re-finance and give you the peace of mind that everything is just as it should be. Call 612.888.1000 or email us at firstname.lastname@example.org to schedule your appointment today.