Practice Areas
Types Of Real Estate Cases We Handle
The Cardwell Firm offers a full spectrum of real estate services aimed at empowering our clients and maximizing their success. We understand that these matters are important, so we do everything in our power to ensure smooth and efficient transactions. From residential to commercial real estate, we will meticulously analyze the details of your situation to determine the best course of action to move forward with. We will also make sure that you are being financially protected every step of the way.
If you are buying or selling residential property, we collaborate with lenders to guarantee the correct completion of all loan paperwork for property acquisition. From start to finish, we will go over all written contracts and advise you on any challenges that may arise along the way. Moreover, we can assist with the post-process of estate administration related to real estate transactions.
Commercial real estate transactions often involve multiple business interests and large sums of money. Our qualified lawyers will help draft and examine all necessary documents, guide you through negotiations, and provide you with invaluable counsel on all aspects of your transaction.
The greatest asset and largest investment for most families is their home. Purchasing a home is often nerve-wracking and complicated. From the first offer until the final signature, a nebula of issues can arise. Let us carry the burden for you.
Hire The Best Title And Real Estate Attorney In Laurel MS
We are the maestro of the real estate closing orchestra. Tell your real estate agent to list The Cardwell Firm as your closing agent in the sales contract, and put all your worries aside. We offer flexible turnaround times on title opinions and closings. Need something next day? We can accommodate. Concerned about the cost? Call our office to get a quote. Just like your national couriers (UPS, FedEx, USPS) we offer a graduated price model so you can get what you need, when you need it. And just like the couriers, it’s guaranteed for delivery.
For more information on Real Estate Law in Mississippi, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (601) 401-6134 today.
Real Estate Malpractice
State law requires that real estate professionals exercise duties of loyalty, obedience, disclosure and confidentiality. The most common breaches of these duties are the duties of disclosure and confidentiality. Real estate professionals are required to disclose facts affecting the value of a subject property to their clients. In addition, they are required to keep confidential anything that may affect your bargaining power. While these duties seem elementary, they can be compromised, especially in situations where a real estate professional is representing both the buyer and the seller (dual agency). While dual agency is not prohibited in Mississippi, the axiom that “no one can serve two masters” dates back to biblical times – Matthew 6:24.
The recent National Association of Realtors (NAR) settlement may lead to an increase in dual agency representation in the real estate closing context. This is due, in part, to the settlement requirement that a buyer sign a contract with a realtor in order to view properties listed on the Multiple Listing Service (MLS), and the mandate that buyers directly compensate their realtor for services rendered. This deviates from the previous commission structure where the seller’s realtor and the buyer’s realtor would split the commission determined by the seller’s listing agreement with their realtor.
As a home buyer, you may find yourself presented with a “Dual Agency Confirmation” agreement from the seller’s realtor if you contact said realtor directly. Before signing any form acknowledging or waiving the clear conflict of interest, home buyers should consider seeking an attorney to represent their interests. Attorneys are subject to a heightened code of ethics that prohibits them from “serving two masters”, unlike Mississippi realtors. If your realtor presents you with a “Dual Agency Confirmation” agreement, your best option (and likely cheaper option) is to seek the counsel of an experienced real estate attorney like those at The Cardwell Firm, to protect your interests and have an advocate that truly represents your interests.
More Information
Does Mississippi Require A Closing Attorney?
By law, you are required to have a Mississippi attorney prepare or oversee the preparation of the deed.
With that said, if a buyer and a seller only wanted to swap a deed for cash, they could do that without an attorney. While these deals are valid, they also come with potential pitfalls.
If they’re not using an attorney, they likely haven’t had a title search conducted. That means they don’t really know what they’re buying. Therefore it’s not ideal or recommended to proceed without a lawyer.
How Much Does It Cost To Close On A House In Mississippi?
In Mississippi, closing costs for purchasing a house usually range from 2% to 5% of the home’s total price. These cover various expenses associated with finalizing the real estate transaction. Common closing costs include loan origination fees, appraisal fees, title search and insurance fees, legal fees, recording fees, and prepaid expenses such as homeowners insurance and property taxes.
The specific amount you can expect to pay can vary based on the purchase price of the home, the type of mortgage you secure, and any negotiations and contingencies arranged with the seller. In these cases, it is recommended that you carefully review the loan estimate provided by your lender, which outlines the details of the estimated closing costs. Additionally, working alongside a qualified real estate attorney will help you successfully navigate through the closing process and understand all costs associated with your transaction.
Closing costs can add a significant amount of additional money to your upfront expenses when buying a home. For this reason, it is essential that you plan for these costs by effectively budgeting and staying informed on the status of your transaction.
What Is The Longest A Closing Can Take In Mississippi?
There are several factors that determine the timeframe for closing on a house in Mississippi. These include the complexity of the transaction, the efficiency of all parties involved, and any potential delays that arise along the way. Generally speaking, however, the closing process in the state of Mississippi can take between 30 and 45 days from the time the purchase agreement is signed to the closing date.
It is important to recognize that situations may come about that cause closings to take longer. For instance, if there are issues with the title search or if the buyer’s financing fails, the whole closing process may be delayed. Additionally, if there are contingencies such as repairs or negotiations that must be addressed, the timeline can be extended.
To expedite the closing process, it is critical for both the buyer and seller to promptly provide all relevant information and documentation and fulfill their obligations as outlined in the purchase agreement. By working with experienced real estate lawyers, you can be sure this process will be streamlined and potential delays minimized – allowing you to reap the benefits of a successful closing.
Who Pays The Closing Costs In Mississippi For Real Estate Transaction?
As a default, it’s usually the buyer that’s paying the closing costs. However, typically in real estate sales contract negotiations, sometimes the seller will make concessions to the buyer to offer to pay some of their closing costs.
With the current Mississippi Real Estate Commission the seller typically pays for the termite inspection and real estate professional fees. On the other hand, it’s typically the buyer that will pay for the closing, the title search, and title insurance.
How Long Does It Take To Close A Property In Mississippi?
The length of time it takes to close on a Mississippi property depends on whether or not the buyer is borrowing money to purchase the property.
A cash closing in Mississippi is about 14 days on average. Sometimes it’s sooner. A cash closing is contingent upon whether the title is valid. Sometimes a cash closing can take as little as 5 days.
However, if there’s a lender involved it’s about a 20 to 30 day process due to the amount of back-and-forth involved. When a real estate contract is signed, there’s typically a delay before the lender contacts the closing attorney to request a title opinion or title commitment. Then it takes the attorney’s office on average about a week to get the title commitment prepared and provide all of the documents to the lender.
What Is The Title Opinion And Why Is This So Important?
A title opinion, also known as a title certificate or title commitment is the attorney’s statement on whether a title is marketable and a property purchase is valid. The attorney will ensure that there’s no title defects, no liens encumbrances, unpaid taxes, federal tax liens, state tax liens, or heir-ship issues if there’s an estate involved.
How Should I Prepare Beforehand To Sell My Property Or To Buy Another In Mississippi?
If you’re going to sell your property, I would recommend consulting with a realtor to get an idea of what the market is and what the potential listing price might be. Typically they can also give you some helpful tips on making your house more presentable and more sell-able. Taking these steps would be the ideal starting point.
You wouldn’t necessarily have to consult an attorney on the front-end if you have a realtor. If you’re proceeding without a realtor, the first thing to do as a seller would be to contact a real estate attorney. It is important for the seller to retain an attorney to have a real estate contract already prepared in the event that they receive an offer from a buyer.
There’s a lot of subtle nuances that go into a real estate transaction. These include the prorating taxes specific to state law. Annual property taxes here in Mississippi are often either retained or sold with the property, and this gets commonly overlooked.
Having somebody to hold on to earnest money and ensuring that the process goes smoothly is essential. Whether that accountability comes from a realtor or an attorney usually depends on people’s budgets and personal preferences. However, they definitely need to consult someone with experience in the process of buying and selling property. One thing to keep in mind is that if you are buying new property, a realtor is usually the ideal choice.
What Are Common Examples That Can Derail The Sale Or Purchase Of Real Estate In Mississippi?
Inspections often derail a real estate closing. In most real estate transactions, a termite inspection is mandatory. Once the termite inspection is done, if it turns out there’s significant termite damage, the buyer has the option to either get out of the contract or negotiate a new agreement This may include demanding remedial money paid in order to correct damages. This is not just limited to termites, as we also have mold and septic inspections in Mississippi.
Another thing that comes up sometimes is poor or unlucky timing. The process of completing the steps involved often works similarly to an assembly line. Therefore, sometimes due to volume the lenders get put behind. There’s also times where the real estate attorney falls behind, particularly if a title issue comes up that has to be fixed.
If you entered into a real estate contract as a seller and it had a closing date of July 31st, and the buyer did not meet that date then you would have the option to walk away. At that point, you can move on from the contract and try finding another buyer.
What Happens Generally At The Closing Of A Property? What Can My Real Estate Attorney Do To Make This Process Go Smoothly?
From a buyer’s perspective, if you’re working with a lender you would have received the copy of your closing disclosure. A closing disclosure contains the full details of the loan itself as well as the amount of money that you’re supposed to bring to closing.
As a buyer when you come to closing, you likely need to bring certified funds and proper identification to close the deal. You can refer to it as a down payment. A time is scheduled and the buyers will come in, then we go through all of their documents.
As a real estate attorney, I will explain all of the documents to them before they sign. At our office, we do everything we can to minimize the length of time that real estate closings take. We do this by filling in the dates on forms prior to the buyer arriving and using scanners to expedite the process. We also try to have the buyer and seller sign their documents separately.
To the extent possible, confidentiality should be respected between buyer and seller. Here in Mississippi, typically it’s a single attorney representing the entire transaction. So, our role is to try to make things go as smoothly as possible.
Our firm has utilized the platform Qualia with much success. Qualia is a cloud-based platform for closings. At the beginning of the closing process, the buyers, sellers, real estate agents and lenders are all invited to file in Qualia.
They can also use the platform to securely exchange documents, messages, and conduct Zoom meetings. It’s very functional and also has the added perk of providing the buyer and seller with copies of their legal documents. Further the documents are uploaded to the platform so that if they are needed at any time in the future, they remain accessible.
For more information on Real Estate Law in Mississippi, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (601) 401-6134 today.
What Are The Types Of Real Estate Typically That Your Firm Would Work With?
Our firm typically handles loan closings themselves. In doing so, we work with lenders to ensure proper execution of all loan documents for the purchase of property. We also do cash closings for residential purchases which follows the same basic process, only with a little less paperwork. We also do commercial real estate, and can help on the back end of estate administration concerning real estate transactions. I would say we’re a full spectrum real estate firm.
What Matters Should Someone Be Discussing With An Experienced Real Estate Attorney Before Taking Any Steps To Buy Or Sell Property In Mississippi?
Before taking any steps to buy or sell property in Mississippi, it is critical to first go over the written contract with an expert of the law. Sometimes individuals think they’ll save money by not working with a realtor in a real estate transaction.
While there is a commission attached to the transaction, it’s typically the seller that’s going to be paying your realtor their commission. So, it’s not actually costing you any additional money to have an experienced realtor guide you through the process.
On the other hand, some people just want to go about it on their own. They want to keep it simple and that’s fine.
Just keep in mind, it will be a significant burden of responsibility. There are many steps involved in the entire process, and realtors are trained to check every box as efficiently and smoothly as possible. If there’s no realtor involved, we always let our clients know to expect possible challenges. Overall, an experienced real estate attorney would recommend that you consult a realtor for your property transaction.
How Does A Real Estate Attorney Assist With The Purchasing Or Selling Of Property In Mississippi? I Already Have A Real Estate Agent, Do I Need Both?
In Mississippi the process for real estate is somewhat unique from out of state. Due to our population and the smaller size of our cities, we don’t have a lot of title companies that do real estate closings or Escrow.
Therefore, most real estate attorneys in Mississippi take on the function as the facilitator of the transaction itself. We make sure all the T’s are crossed and the I’s are dotted. Among everything that I will review, we can make sure there’s no title issues that might prevent closing.
Having a good realtor and a good real estate attorney is the best you can do. The symbiotic relationship created by their partnership creates a smooth and coordinated real estate transaction.
What Exactly Is Clear Title And Why Does It Matter In Real Estate?
“Clear title” means there are no liens, encumbrances, title defects, or anything in the chain of title that would cause potential future litigation or remedial actions.
Some examples may be as broad as there was a deed of trust or a mortgage on a property that was never released. It can be as small as when a predecessor in title signed the deed, they didn’t include their middle initial as they should have. In this case, that person wouldn’t be properly identified. A clear title means there are no issues at the time of the closing, and the buyer can purchase knowing that they should not encounter any issues going forward, including when they wish to sell the property.
A clear title is relevant for buyers because it ensures that the investment you’re making in the property is protected. It guarantees peace of mind that 5 years down the road, you’re not going to have an issue that would result in litigation or an additional expense.
What Are Some Common Issues That Affect Title That Could Hold Up A Real Estate Transaction?
Liens or judgments are common issues that appear against the seller in a real estate transaction. Usually, those are easily identified. If we run a title and discover that there are tax liens against John Brown, we will first verify the identity to make sure we are dealing with the same John Brown. In our experience this is much better than making everyone panic that John Brown may have state tax liens if this is in fact not the case. 9 times out of 10, it’s not our seller so we just move on and don’t mention it.
Sometimes the legal description for a property is not correct. Maybe the wrong property was mentioned or an additional parcel (plot of land) was sent that shouldn’t have been. Pretty often, mortgages or Deeds of Trust in Mississippi haven’t been properly released. This happens from time to time as a result of oversight by the lender. Ultimately, these are all issues our firm can clear up for you.
For more information on Real Estate Law in Mississippi, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (601) 401-6134 today.
Learn more about our comprehensive real estate services.
Asset Protection Strategy
Your assets are the result of your toil pursuing of the American Dream. Over the years you’ve been a hard-working and dedicated individual. You have made many sacrifices over the years with the goal in mind that your heirs might live a better life than your own. Your legacy matters. With a little planning, we can ensure that your assets are safe from the government, creditors, and family strife.
Mississippians plan for catastrophe and the unforeseen by purchasing insurance products with ongoing premiums. At The Cardwell Firm, our estate planning options offer the same level of protection as insurance, without the recurring premiums. It is never too early to ensure that your family is provided-for and ease the burden on them once you have moved on from this life.
We work seamlessly with local financial advisors to formulate a strategy that offers the utmost security for your assets, while also allowing you to enjoy your golden years, and the fruits of your labor
We tailor your asset protection strategy to your needs and your budget. The full spectrum of asset protection tools are within our clients’ reach, from a simple life estate deed to a revocable trust. It is our goal to provide the highest level of available asset protection while simultaneously implementing probate avoidance measures that will ease the burden on your family once you are gone. Accordingly, we offer the following estate planning bundles that provide our clients unmatched value (itemized estate planning measures are also available upon request):
- Foundational Asset Protection Strategy: Simple Last Will and Testament for both spouses; Evaluation and Drafting or Revision of Real Property Deeds (MS).
- Legacy Asset Protection Strategy: Detailed Last Will and Testament for both spouses (recommended for minor children); Medical Power of Attorney for both spouses; Durable Power of Attorney for both spouses.
- Comprehensive Asset Protection Strategy: Tailored Revocable Living Trust; Advanced Last Will and Testaments, including Trust provisions; Medical Power of Attorney for both spouses; Durable Power of Attorney for both spouses; Advanced Healthcare Directives for both spouses; Nomination of Guardian for both spouses; Transfer Deed; Final Disposition; unlimited ongoing support for changes to estate planning.
Start Your Asset Protection Plan Today
Business Law
Business ownership is not for the timid. Half of all businesses fail within the first five years. Every day, every month, every quarter, and every year, all present new and often unforeseen challenges.
Taxes. Payroll. Customer service. These are challenges that every business owner faces.
Liability Protection. Human Resources. Cash flow management. These are growing pains that come with success and expansion.
If you are reading this, you’ve experienced sleepless nights concerned about the current issues facing your business. You’ve packed your work laptop for family vacations. You’ve stood at the crossroads wondering how your business can continue to grow despite having limited time and resources. You’ve taken risks. You’ve been knocked down. You’ve peeked over into the abyss of failure.
But you are a survivor. You are undeterred. You are destined for business success and a lasting legacy.
At the Cardwell Firm, we understand you. We are authorities on the challenges that you are facing because we have lived through them. We can ease your burden by implementing measures that will protect your successful business from jeopardy. Every successful business needs a savvy attorney that can jump on grenades and identify pitfalls in the road ahead. Multi-state businesses have teams of attorneys on payroll dedicated to fighting and advocating on the business’s behalf.
What we offer at The Cardwell Firm is the same level of dedicated protection and foresight enjoyed by multi-state, large businesses, without the commitment of placing an attorney on your company payroll. We offer legal compliance and human resources guidance. We draft custom and reusable business contracts that can protect you from liability and prevent cash flow interruptions with customers. We can collect what you have rightfully earned from difficult customers. We draft liability waivers and disclaimers to insulate your business from liability.
The Cardwell Firm will conduct an annual comprehensive wellness examination (CWE) of your business. A custom CWE will identify areas of weakness that your business is facing, or will potentially face as it grows. After identifying your business’s areas of need, we can tailor a measured approach to resolving the issues at your pace, and within your budget.
Schedule a Comprehensive Wellness Examination (CWE) for your business today.
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Energy Law
Laurel and its surrounding sister communities are driven by the oil and gas industry. Our firm is streamlined so as to avoid unnecessary delays in work product, but trusted by industry barons to deliver. We have extensive experience in all upstream and downstream oil and gas related issues. From timely completed preliminary title opinions to division order title opinions; farmouts to joint operating agreements; leases to options; surface use to damage waivers. In addition, we are proud to serve the oil and gas services industry for all their employment and service contract needs.
The Cardwell Firm is now extending its services to mineral and royalty owners as well. Utilize our industry know-how to maximize the value of your mineral holdings.
While Oil and Gas comprises the bulk of our Energy Practice, we are experienced in issues associated with alternative energy (wind and solar), as well as traditional energy generation issues experienced on the consumer side. We are also pleased to serve Electrical Power Associations in obtaining certificates of public convenience and necessity for facilities and transmission lines before the Public Service Commission, and any easement and right of way needs for obtaining landowner permission to construct new lines and substations. Contact our office today for more information.
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