Do I need a lawyer for closing on my house?
Sara C asked:
My husband and I are closing on our first house on Friday. Do we need a lawyer to accompany us? Thanks!
My husband and I are closing on our first house on Friday. Do we need a lawyer to accompany us? Thanks!
January 24th, 2010 at 5:03 am
yeah pretty sure
January 25th, 2010 at 3:17 am
Yes. That would be a very wise choice.
January 26th, 2010 at 11:50 pm
Yes
January 28th, 2010 at 9:28 pm
it depend what state you are in . if you are in Caifornia no we use escrow companies
January 31st, 2010 at 11:00 am
No, let the Realtor handle it.
February 3rd, 2010 at 6:40 am
YES!!! Just bought our first houose 3 years ago and he was so helpful. He made sure everything was set up and nothing was forgotten before we signed.
February 6th, 2010 at 12:43 am
You don’t need a lawyer there holding your hand but it’s the purchase of your lifetime, so get to a lawyer BEFORE the deal closes. In other words.
NOW!
Show him your purchase agreement. He will search the title make sure that you are buying the house from the true owners of the house, make sure that the title is free of any liens. Also he will make you aware of anything unusual about the property before you execute the deal like property easments, etc. So yes you need a Lawyer.
February 8th, 2010 at 9:01 pm
I live in Florida and all of the homes I have purchased we use a Title company. Who did your Title search? And checked for liens ? Sorry this probably didn’t completely answer your question but I hope it helped. If you need more info you can always email me through yahoo answers. Regards KG
February 10th, 2010 at 12:11 am
I don’t know what state you are in or the circumstances of the purchase so that makes it difficult to answer. So this is based on my knowledge and experience based on MD, OH, VA, NC, VT, CA, OK closings.
In most cases, your lender or real estate agent has taken care of the arrangements for you by now and either has a Title Company or Real Estate Attorney, depending on the state, scheduled to handle the closing. Unless you have specific concerns, this is a unique purchase, or there is some other underlying reason to spend additional money for the closing, in most cases an attorney is not necessary.
Be sure to look over all the closing documents and if you are not sure about something – ASK. Make sure you review your loan terms and they match what you were told. Do not feel rushed. This is your first major purchase and you are entitled to review and understand the documents that you are signing.
Congratulations on your first home!
February 10th, 2010 at 6:51 pm
yes and no. yes becuz u’re a 1st time homebuyer. the info an atty can provide can be invaluable 4 the usually reasonable fee they charge. if u’ve got an atty, u dont even need the realtor unless u used a ‘buyer’s agent’. on your next purchase or refinance, no becuz most contracts are pretty cut and dry. u have plenty of time 2 go over the contract/HUD statement and if after that u have questions…please consult a real estate attorney. as a side note…i buy investment property regularly and i always use the same attorney. when i buy from a realty co., my attorney knows 2 ask the realtor agent 2 leave after the close of business that pertains to the realtor/seller.
February 12th, 2010 at 1:02 pm
If this is your first real estate transaction the Yes. A good lawyer will find any mistakes that can cost you significantly more that the attorney fee.
February 13th, 2010 at 3:31 pm
The attorney that you hire will work stictly for you. The bak will hire an attorney who will also look out for your interests BUT his loyalty is to the bank first. Hire someone that is going to look out for you! Your realtor is not an attorney and can not advise you on matters of law. If your in Connecticut contact em and I can give you the names of several real estate attorneys. GOOD LUCK!
February 13th, 2010 at 3:40 pm
The time to talk to a lawyer get the full value of what they do is BEFORE you sign the purchase contract. That’s when most problems can be avoided. Now the only thing s/he can do is help resolve problems that may occur at closing. In short, at this point a lawyer is little more than insurance. And you never know if you NEED insurance until it’s too late.
So the answer is, nobody knows today if you’ll NEED a lawyer on Friday. But if you like the peace of mind of having insurance for what is likely the biggest purchase biggest loan you’ve ever made if price is reasonable, go ahead retain one.