why do i need an attorney for closing

Why Do You Need A Closing Attorney When Buying A Home?

1. Increase Clarity. Having a closing attorney help you during the home buying process can be a great help, simply...
2. Examine Documents. For all the documents used during the home closing, a lawyer can provide a final review, making...
3. Assist With Purchase Agreements. A lawyer can be a lifesaver when it comes...

Full Answer

How much should a lawyer charge for a closing?

Why do I need an attorney at closing? A closing attorney is an attorney hired by the seller, buyer or the buyer’s lender to handle the paperwork relating to the sale of the home and the lender’s documentation. … The attorney’s role is to prepare closing documents and follow the terms of the purchase and sale contract.

Should I hire an attorney for my closing?

Dec 21, 2017 · Why Do You Need A Closing Attorney When Buying A Home? 1. Increase Clarity. Having a closing attorney help you during the home buying process can be a great help, simply... 2. Examine Documents. For all the documents used during the home closing, a lawyer can provide a final review, making... 3. ...

What are the responsibilities of a closing attorney?

Aug 31, 2018 · Why You Need A Lawyer At Your Closing. A real estate attorney helps manage the details of your closing. According to the Georgia Multiple Listing Service, over 9,000 residential homes were sold in June of 2018 in Atlanta and it’s surrounding counties. Fulton, Gwinnett and Cobb counties topped the list with over 1,000 homes sold in each area for the month.

What are the duties of a closing agent?

Jan 26, 2021 · Purchasing real estate is not always a cut and dry process, which makes having a real estate lawyer highly beneficial. Oftentimes, you may encounter a few contractual disputes or title challenges that a real estate closing attorney can help resolve. Hiring an Attorney for Your Real Estate Closing. The purchase or sale of a home is one of the most important and largest …

Which states require attorneys for real estate closings?

Here's a list of Attorney Only States: Alabama, Delaware, Georgia, Massachusetts, New York, North Carolina, South Carolina, Virginia, West Virginia.

Can you close on a house without a lawyer?

In some state jurisdictions, it's also a mandatory prerequisite to hiring an attorney to gather all the documents and legal advice needed in the pr...

Would I still require a real estate attorney if I don't live in these states?

While certain states require attorneys at closing, not all do. Say, for instance, if you live in Indiana then your state would not require that you...

Preparing to go home shopping

If you’re a first-time homebuyer, it might seem strange that you need to have a lawyer present during your closing, but they’re just one of many individuals ready to help you through the process of purchasing a home with as little stress as possible.

Closing time

You’ve gone through the home search, offer process, negotiations, and home inspection; now it’s time to sit down at the closing table and sign a lot of papers. It’s good to know what to expect in this situation before you arrive. The closing attorney you select will give you detailed instructions of what needs to be done beforehand.

Why a closing attorney is so helpful

Beyond simply explaining and distributing paperwork during a closing, a real estate attorney helps manage the details of your closing, ensuring everything happens appropriately according to the parameters of the sale of the home.

Selecting the right closing attorney

As the buyer, you’re able to select the closing attorney for your home purchase, and while your real estate agent may suggest someone they’ve worked with in the past, the final decision is still up to you.

Does Florida Require an Attorney for a Real Estate Closing?

Are you required to hire an attorney for a real estate closing in Florida? While many states will require you to have a real estate attorney present when you close, Florida does not. But these laws can change rapidly, so be sure to check your local and state laws for the most up-to-date, accurate closing requirements.

What Does a Real Estate Attorney Do?

What exactly does a real estate attorney do if you already have a real estate agent? When you hire a Florida real estate attorney, they will be on your side and have your best interest in mind throughout the entire process, including preparing and reviewing the purchase agreements, mortgage, title, insurance, and transfer paperwork.

Hiring an Attorney for Your Real Estate Closing

The purchase or sale of a home is one of the most important and largest transactions a person or family makes in their lives.

The Benefits Provided By An Attorney

Mortgage documents and purchase/sale agreements are legally binding contracts. Despite this, many people sign without really understanding what they are agreeing to. Our lawyers will sit down with you, review all of the paperwork and explain the documents to you before you sign them.

Get The Benefit Of Our Experience

Our lawyers have more than 30 years of experience working in real estate. We know your rights as a buyer or seller, and we know how to protect them. Let our decades of legal experience guide you through the closing process. Contact our firm today for assistance; call 866-583-9129.

What happens if you don't have a clear title?

Without clear title, the sale may become much more complicated . Upon receipt of a real estate purchase agreement or a request from a bank or mortgage broker, the closing attorney will begin to check the title to the property being sold.

What is title examination?

The title examination is for the purchaser and the lender to evaluate title to the real estate. The purchaser will need to know whether there are certain restrictions of use, easements, encroachments or whether the title is marketable and clear for the seller to transfer the property to the purchaser. The closing attorney will identify any existing ...

What is a closing attorney?

The closing attorney is available to explain documents such as a deed, a note, a deed of trust, a settlement statement, disbursement at the end of the transaction and loan documentation required by the lender. Record and disburse: The closing attorney is literally responsible for closing on the transaction and distributing all monies.

Why do real estate attorneys help?

Provide peace of mind to all parties. Thanks to their experience and education, real estate attorneys can provide some peace of mind for all parties involved. They help protect clients from legal disputes and streamline the closing process for a smooth sale.

What is a fact checker in real estate?

In many ways, real estate attorneys serve as “fact-checkers.” Agents can often defer to an attorney’s better judgment, concerning everything from initial contracts to the breakdown of final closing costs.

What is the job of an attorney?

According to Cowart, the attorney’s primary job is to review, and sometimes draft, the title and contracts and to facilitate the closing process; in states where an attorney’s participation is not mandated, title companies typically conduct these steps.

What do attorneys do before transferring a property title?

Before transferring the property title, attorneys evaluate public records on a property’s history, to uncover any potential liens or other issues that might negatively impact the title for the new owner.

How much does a real estate attorney charge?

However, some attorneys charge a flat fee for their assistance in real estate transactions, and these costs can range from $950 to $5,000. The buyer usually foots the bill for this expense, but they may negotiate for the seller to pay the fees in some instances.

What can an attorney do in a contract dispute?

Attorneys can also act as a mediator between buyers and sellers in a contract dispute. The attorney can look back on the sale documents and provide both parties with an unbiased, legal perspective.

What is the law of the land?

The law of the land is also evident in the importance that real estate attorneys must adequately determine the legal description of the real estate. The description must be consistent with the homeowner’s mortgage and the deed. The attorney must also describe to the borrower, the specifications and terms of all the real estate documents.

Is it legal to be a non-attorney in Alabama?

The state of Alabama has made it legal for non-attorneys to manage and be in control of closing transactions. However, they are limited in their role and involvement in other matters dictating the closing process. The phrase non-attorneys encompasses terms such as the assistant to an attorney, other parties involved in the home buying process (such as title companies), etc.

What is a settlement agent in Virginia?

The Real Estate Settlement Agents Act authorizes licensed attorneys, title insurance companies, real estate agents, real estate brokers, and financial institutions to serve as Settlement Agents. This means that by law, the purpose of this Act is to provide consumer protection safeguards and to define who can lawfully provide real estate settlement services in Virginia. Basically, this says that Virginia’s state government requires that you have an attorney closing or title company present at closing for real estate transactions to provide you with legal advice should you need it for when you’re ready to buy a house.

Do you need an attorney for closing?

Being a sought-after retirement destination, it is essential for retirees as well as other buyers to know that it is mandatory to hire an attorney for the closing transaction. Your attorney will have the responsibility to gather all legal documents, the necessary paperwork, and make preparations for all facets that grant the homeowner legal rights. The attorney will also have a right to determine the validity and legitimacy of the property as well as the title to the property.

What is a real estate closing attorney?

Much like Virginia, for property closings in West Virginia, real estate closing attorneys coordinate the closing or settlement process for the property being purchased. A real estate agent or attorney facilitates the closing by coordinating these activities necessary to ensure that the title to the property is transferred according to the terms of the purchase, sale contract and that the funds are accounted for on a settlement statement.

Does Massachusetts require an attorney to close a transaction?

The state of Massachusetts places great emphasis on having an attorney for closing transactions on any real estate. The attorney is responsible not just for closing, but they are also required to be actively involved in the processes that need to be taken care of before and during the closing. Moreover, it is illegal for notaries to conduct the closings. Also, the attorney is also responsible for determining the adequacy of the title draft, doing the deeds, and managing the legal transfer of the property.

What is the role of a real estate agent?

A real estate agent or attorney facilitates the closing by coordinating these activities necessary to ensure that the title to the property is transferred according to the terms of the purchase, sale contract and that the funds are accounted for on a settlement statement.

1 attorney answer

As with many situations, the answer is "it depends." No you are not legally required to have an attorney to represent you as buyer or a seller. But please do not stop reading yet. The decision to have or not have an attorney at closing can have serious impact...

Kevin M. Veler

As with many situations, the answer is "it depends." No you are not legally required to have an attorney to represent you as buyer or a seller. But please do not stop reading yet. The decision to have or not have an attorney at closing can have serious impact...