When you think of a lawyer you might think of criminal court proceedings or divorce, but an experienced attorney can come in handy in a variety of situations. Having a lawyer on your side during closing when buying a house is one of them.
Why Have An Attorney?
For most people, buying a house is the largest purchase they’ll ever make. Having someone there who is familiar with real estate law and can ensure the process goes smoothly can be a big asset.
Oftentimes closing is the most important part of the entire sale and there are a lot of steps involved such as:
- Preparing the deed and other papers
- Passing the title from seller to buyer
- Paying balance of the purchase price/navigating mortgage loans
- Preparing the closing statement
- Signing and executing documents
An attorney can help with each of these steps, explain them and ensure that every part is carried out properly including identifying potential title defects and ensuring your deed and the buy-sell agreement provides what was agreed upon. They can also help you make sure the seller doesn’t try to make last-minute changes or back out and manage any last-minute disputes.
Oftentimes the seller, broker and lending institution will have an attorney present during closing and it can put you at a disadvantage if you’re the only party without one. Hiring an attorney to help with this process can help you ensure fairness and efficiency during the closing process so you can move into your new home with less stress.
Real estate proceedings may be more complicated than you think and if anything, having an attorney can provide you with peace of mind during this monumental purchase.