At closing day, expect to come to a crowded room since virtually everyone will be around. That will include your real estate agent, your seller’s agent, and the title company and mortgage lender. But what about a real estate lawyer? Should you have a real estate lawyer at the closing day?
Legal experts advise that you have your attorney present at the occasion. Based on what a real estate attorney can do, it makes it ideal to have one present at the closing day. Many individuals have successfully closed a deal without a lawyer. If you don’t want to take chances, getting a real estate attorney will be a smart move.
Since a massive sum of money is involved, an attorney’s protection is what you need. Not only do they draft out some important documents, but they also give expert advice that might benefit you in the long run.
The Role Of An Attorney
To fully determine if you need a lawyer at the closing of your deal or not, it is paramount you understand an attorney’s role. An attorney’s work goes beyond the closing day, as you will need their assistance to sign the agreement of purchase and sales.
With such assistance, rest assured that every document you will sign will be in your best interest. During the closing day, an attorney will ensure that the loan document you sign is prepared and accurate in terms of the agreed fees.
If you ever have any questions that you wish to ask, your lawyer will answer them and even negotiate on your behalf. Due to your lawyer’s immense experience in real estate, mistakes are less likely to happen, and you will guide all through the processes.
Before Closing Date
Right before the closing day, your lawyer could be of assistance to negotiate for repairs before the home can be closed. Aside from that, they also study the title documents to determine if another individual or body has a stake in the home you want to buy.
There have been cases where the seller failed to pay property taxes, leading the government to have a lien against the house. When you have an attorney behind you, such a situation is less likely to happen. Your attorney will search for title documents to make sure there are no hidden surprises.
Depends On Your State
In most states in the US, an attorney must be present at a real estate closing. These states include Connecticut, Delaware, Alabama, Kansas, Mississippi, Maryland, etc. In this case, the lawyer is representing your mortgage lender, not you. If you want legal representation, it will incur some additional fees.
Conclusion
Whether your state made it mandatory or not, having a real estate lawyer present at closing day will save you tons of headaches. There are things you’re likely to miss, which an experienced lawyer won’t. Although the cost isn’t always friendly, you will eliminate mistakes that could even cost you more.