My husband and I are closing on our first house on Friday. Do we need a lawyer to accompany us? Thanks!
2006-10-28 14:06:34 · 18 answers · asked by Sara C 2 in Business & Finance ➔ Renting & Real Estate
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
2006-10-28 14:15:06 · answer #1 · answered by kgreives 4 · 1⤊ 0⤋
Lawyer For Closing On House
2016-11-07 00:38:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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.
2006-10-28 17:30:05 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Retaining a lawyer is not absolutely necessary, unless it is a legal requirement in your state. If you get a mortgage loan from a reputable, local lender, you PROBABLY can do without one - there are so many governmental regulations in place for the mortgagor's (buyer's) protection now for mortgage bankers that they don't dare take advantage of you. However, if you are buying on land contract, or some other "creative" method, you definitely should have a lawyer onyour side.
In any event, if you do choose to retain a lawyer, be sure s/he is a REAL ESTATE lawyer!!
It is more likely to benefit you if you retain an attorney to review your closing documents BEFORE the closing than if you just hire one to accompany you on the day of the closing.
2006-10-28 18:17:40 · answer #4 · answered by PLS 2 · 0⤊ 0⤋
You do not need the added expense of a Lawyer. The title company is the one that researches the Property for Liens, Judgements, Legal Description, Encumberances, Defects, Adverse claims or other matters subsequent to the effective date of the Title Committment. They check for overlaps, boundry line disputs, or other matters which will be disolved by an acurate survey or inspection of the premises (if needed). THEY CHECK FOR EVERYTHING. Tax information is check, to make sure there is No outstanding taxes owed on the property. If taxes are owed, they will be paid at closing, and taxes for the next year will be prorated and normally paid by the seller (look at your purchase agreement). The title company will have a copy of the purchase agreement too. Mortgages are listed on title, and the mortgage of the seller will be paid off in full, your new mortgage will be recorded by the title company.
The title company is covered by a E & O policy and this is called a Errors and Omisions. Normally by a title quaranty company - like Stewart Title just to name one.
Believe me your lender's underwriter will have gone over the title with a fine tooth comb, than your file goes to the closing department, where it is looked at again. A lender is not going to offer a mortgage on a property that is not going to be free and clear, and in first position (unless it is a 2nd mortage, where they are in first position)
Rest assured (ok) You should have already received (by state law) your Loan application, Good Faith Estimate and Truth in lending. If you have not, please please see your loan officer and demand it - so you know your program, rate, closing costs associated with your loan.
If you still feel nervious, than by all means, have an attorney present or see one before the closing....
Enjoy your new home....
2006-10-28 19:41:58 · answer #5 · answered by W. E 5 · 1⤊ 0⤋
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!
2006-10-28 14:19:12 · answer #6 · answered by Margaret K 3 · 1⤊ 0⤋
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.
2006-10-28 14:13:38 · answer #7 · answered by No More 7 · 0⤊ 0⤋
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.
2006-10-28 14:21:29 · answer #8 · answered by TaxGirl 2 · 0⤊ 1⤋
This Site Might Help You.
RE:
Do I need a lawyer for closing on my house?
My husband and I are closing on our first house on Friday. Do we need a lawyer to accompany us? Thanks!
2015-08-06 14:53:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋
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.
2006-10-28 16:15:36 · answer #10 · answered by Anonymous · 0⤊ 0⤋