Do I Need An Attorney for a Real Estate Closing?

Buying or selling a home is one of the biggest and most important financial transactions of your life. There are many complex issues involved in real estate transactions. There are also many parties involved with different roles and different interests – buyers, sellers, real estate agents, a lender, an appraiser, an inspector, and a title insurance company. One thing is certain, you need an experienced real estate attorney looking out for you.

When Should I Hire An Attorney?

If you are a buyer, you should hire an attorney as soon as you have a contract to purchase real estate. You may even want to identify an attorney to understand their services and fee structure before you make an offer on a home. Once you have an accepted contract, your attorney will help you understand the terms and contingencies of the real estate contract. Your attorney can negotiate inspection issues and the terms of the contract to better protect you. If you wait too late to hire an attorney, you are restricting your attorney’s ability to best protect your interests. In addition to these initial tasks, your attorney will also monitor contract contingencies, make sure clear title is properly transferred to you, and explain the voluminous lender documents at closing.

If you are a seller, it is best to hire an attorney before you list your house for sale. Your attorney can review the listing agreement with you if you are using a real estate agent. Your attorney can also advise you on how to complete the real estate disclosures to the prospective buyer. Once you accept on offer to purchase your house, your attorney will explain the terms and contingencies of the real estate contract with you and negotiate contract modifications and inspection issues. Your attorney can also assist you with ordering title insurance, ordering a survey, making sure municipal requirements are met, preparing closing documents, and monitoring contract contingencies.

Buying or selling a home is a complex financial transaction. Your attorney has a duty of loyalty to you and your best interests. Contact Campbell Sanuw Law to set up a consultation 708-485-4500

Categorised in: Estate Planning, Real Estate Law