Why You Need To Add A Closing Lawyer To Your Team
Posted on: 8 July 2020
Closing on a real estate property is very complicated and you may require the help of a real estate closing attorney. In some states, it may even be required to work with a lawyer as you close your sale. These are typically referred to as "attorney states." But if you don't live in an attorney state, you may wonder if you should seek help from a real estate closing attorney.
The Importance of a Real Estate Closing Attorney
Closing a home requires an understanding of state and federal laws. The real estate closing attorney makes sure that you are closing the sale in a legal manner. Otherwise, you may suffer financial penalties as a result of the closing.
After you have secured a loan, you will receive a closing disclosure document. This document will:
- Finalize the loan
- Include details of the loan
- Include the cost of the loan
Once you have signed the contract, any promises made before the contract will not matter and what will matter is what is contained in the closing document. You will want to hire an attorney who will review your document to make sure that there is nothing about the agreement that would be to your detriment. However, you can choose to request that the lender explain everything in the document that you do not understand.
Other Situations Where You'll Need a Real Estate Lawyer
If there are any outstanding liens on your home, you might want to hire a real estate attorney. Your attorney can communicate with the lien holders to make sure that they are all paid and there are no issues with the title to your home. In any situation where you feel like you don't understand an issue you are facing as you close, an attorney is worth the money.
Having an attorney assist you can remove much of the stress and anxiety that you might face when performing the closing because the attorney will perform much of the work for you. However, the attorney will not provide you with any market-specific advice and you may need a real estate agent for this purpose. Your attorney should be a part of a team that also includes an appraiser, inspector, and escrow manager. While all of these services cost money, the ultimate goal of these services is to make sure that you have more money at the end of the day.
For more information, reach out to a real estate closing attorney.
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