Additional Closing Services
Deed Preparation
A real estate deed transfers property ownership from one party to another. The experienced team at Murphy Law can write the deed. A warranty deed conveys full ownership of the property and guarantees the title is free and clear of all liens and encumbrances. It also ensures that the owner has the right to sell the property. A quit claim deed conveys ownership from one party to another and are often used between family members. It does not guarantee that the title is free and clear.
As your lawyer we’ll be able to prepare any deeds you’ll need in future instances as well. Through our streamlined process, Murphy Law is ready to create any deed you need.
What Is Power of Attorney?
A Power of Attorney is needed if the buyer or seller cannot attend the closing, or if they wish to add someone to manage personal assets.
A Power of Attorney grants someone the ability to manage assets. A power of attorney usually includes all assets held by the principal, such as real estate, bank accounts, and stocks. The terms of the contract, including what can and cannot be managed, are determined at the time the agreement is established.
Limited terms for power of attorney of property can also be established, narrowing the scope to a specific transaction the principal wants the agent to handle on their behalf. Two witnesses are required at the signing of a power of attorney of property for it to be valid. Murphy Law in Raleigh, NC is able to draft any power of attorney papers you may need.
What Is a Lien?
At Murphy Law, we work hard to insure that all of the behind the scene issues are cleared up before you show up at the closing. Issues relating to liens, judgements, credit cards, etc., are all things that need to be cleared up before the closing can take place.
The Definition of a Lien: A lien is a legal claim or a right against property. Liens provide security, allowing a person or organization to take property or take other legal action to satisfy debts and obligations. Liens are often part of the public record, informing potential creditors and others about existing debts.
When there is a lien in place on a piece of property, the lender has a legal claim to at least part of the residential unit or land. If the person who owns the property defaults on the lien, then there is potential to lose the house, land, apartment, or other residential housing that was initially purchased.
Because a lien is a financial obligation that is owed to a creditor or lender, it is usually not possible to sell the property for a full price. The resale value of the house or land decreases due to these types of loans. In some circumstances, no buyers are ready to purchase a home with a lien still on it. It is essential to know how these may change a real estate deal, and that’s where we come in.
If there are any liens on the property you’re purchasing, we are sure to find them and work to resolve the situation for you so that you don’t have to worry.
About Murphy Law
Margaret Willis Murphy graduated from Campbell University School of Law and has been practicing residential real estate law in Raleigh, North Carolina since 1999 and Murphy Law has been serving the Raleigh, Cary, Wake Forest and Garner ever since. We assist our clients with a wide variety of services including home purchases, mortgage refinances, investment property purchases, foreclosure purchases, construction loan closings, equity line closings, residential property management issues, contracts with new builders, contract negotiation, contract review, lease option contracts, buyer representation, seller representation, builder representation, issues with liens, filing of deeds and deed preparation as well as power-of-attorney preparation. To learn more or to contact us to get started on your closing, click here.
