So, we have signed the contract for the house, we've decided on a mortgage & locked in at a certain rate. What's next? We are going to hire an inspector, but do we need to hire an attorney for a title search? What exactly does this attorney do?
Thanks in advance for any help. I'd like to be armed with as much info as possible..
2007-06-17 12:14:28 · 9 answers · asked by patch 1 in Business & Finance ➔ Renting & Real Estate
yes yes yes yes. Yes the attorney does the title search. After the signing of the contract you have 3 days two cancel the cantract. The attorney is there to protect you and your investments.
2007-06-17 12:16:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In most states the home will be closed at a title company that will do the title search for you. You don't need a separate attorney for this since you would pay for it twice. You need one to go over the contract for both the home and loan documents....and to protect you in the transaction.
Hire only an ASHI inspector if you can find one in your area, since almost anyone can take the classes and proclaim themselves an expert.
The attorney reads over the documents and gives his input (but since you already signed them it is a bit late) you can also have him be present at closing, and help you if the gas and termite inspector or home inspector reveals a problem.
I recommend them even on new builds as you would be surprised on what they will overlook.
2007-06-17 12:24:05 · answer #2 · answered by Ginger 6 · 0⤊ 0⤋
If your not using a bonafide real estate person, you need title insurance. There are real estate attorneys that will handle the closing for you. You will want your property surveyed, termite inspection--I don't remember what all. I hired an inspector that was not qualified for my first house. Get everything you can inspected. They will make sure your deed and loan are recorded and prorate taxes and insurance and whatever else you agree too. Best to have a professional help you out. The mortgage people should be helping you out with what you need and do the closing. I guess it depends on where you get your loan and where you live. . .
2007-06-17 12:58:59 · answer #3 · answered by towanda 7 · 0⤊ 0⤋
The mortgage company usually does the title search for you, and make sure it is clear. I would hire an attorney, when I purchased my home there were alot of little things that were suppose to have been taken care of upon moving in that were not. It was agreed upon signing the paper work, but the things never got fixed. Just to cover yourself in case of an incident like this I would hire one.
2007-06-17 12:42:31 · answer #4 · answered by Lil's Mommy 5 · 0⤊ 0⤋
I would not even have made a down payment without an attorney. Some people will try to draw up bogus contracts that you sign without reading usually.
2007-06-17 12:25:03 · answer #5 · answered by Your #1 fan 6 · 0⤊ 0⤋
the respond on your question relies upon on the place you reside. a minimum of in long island, you would be a fool to no longer have an lawyer characterize you in connection with the acquisition of a house. there are an incredible sort of matters that would exist which you likely do no longer even understand. i'd desire to start itemizing them right here yet your head could be spinning. anybody who tells you which you do no longer want a real belongings lawyer a minimum of in long island, purely does not understand what they are speaking approximately. the acquisition of a house is oftentimes the main important purchase a individual will make of their existence. that isn't a place the place you desire to "shop a pair of dollars". genuine belongings brokers commonly are brokers for the broking - no longer the shopper. Their problem is to be certain the deal is going via so as that they get their cost. they actually do no longer care approximately keeping your pastimes as a results of fact the shopper. in actuality, I even have, regrettably, been in contact in distinctive circumstances the place they tell "a million/2-truths" with the intention to get the deal accomplished.
2016-09-27 23:43:56 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Your Realtor and mortgage broker/banker should make arrangements with a title company to execute a title search and issue a title commitment.
2007-06-17 12:17:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You'll definitely need an attorney for the closing. It's all legal mumbo-jumbo.
2007-06-17 12:17:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes you should hire one to go over the small details and to protect your interest
2007-06-17 12:17:27 · answer #9 · answered by milton1007 4 · 0⤊ 0⤋