Memphis attorney Vincent Perryman discusses Real Estate Law with Neal Hanna Part 1

Memphis attorney Vincent Perryman discusses Real Estate Law with Neal Hanna. Real Estate Law in Memphis TN involves contract negotiations, development issues, entity planning, setting up corporations or LLCs to own or develop properties. The closing process when selling a Memphis house involves, negotiating the contract, selecting a closing agent, relaying the closing agent to the lender and finalizing paperwork. The process of closing on the sale of a house differs from state to state, but in Memphis, TN it lasts around 30 to 45 days. A title abstract is created and then a title commitment will be sent to the lender. The Memphis resident selling the house will need to obtain the pay off of the existing loan if one exists. About three days before closing the closing documents are created and a hard figure of the closing costs will be calculated based on local Memphis and Federal interest rates. The party responsible for closing costs will need to get a cashiers check or have the money wired. At closing the buyer and seller are generally not in the room at the same time. The buyer will go through the documentation and then the seller receives the money and signs all paperwork at that time as well. The number one issue at closing on a real estate sale in Memphis is when the buyer is presented different terms and numbers of interest rates and closing costs. Occasionally repairs may not be complete at closing that were requested in the contract on condition of sale. This can be worked around in an extension contract. With the market down, investment property is the hot item in the real estate market right now. This video is brought to you in part by http://www.midsouthattorneys.com

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• Memphis Real Estate
• Memphis Attorney