Why Do You Need A Closing Attorney When Buying A Home?
Getting ready to buy a new home?
Wondering if you need a closing attorney?
When you’re buying a home there is a lot of paperwork, documents, payments, and other things to deal with. While you may not realize it, a closing attorney can be a huge help to you during the entire closing process.
There are many types of lawyers and attorneys, but using a reliable closing lawyer is essential if you’re going through a real estate closing.
Below are the top reasons you need a closing attorney when buying a home.
1. Increase Clarity
Having a closing attorney help you during the home buying process can be a great help, simply because they can help you make every part of the process more clear. They can help you understand complicated documents and procedures and reduce any vagueness that occurs in home buying paperwork.
If anything isn’t clear in the purchase agreements, titles, or other documents, a closing lawyer will help to sort it out. They will ensure that everything is clearly understood by both parties.
Communication is crucial when it comes to a home sale. A closing lawyer will help you to successfully and clearly negotiate terms when it comes to the loan and the sale.
2. Examine Documents
For all the documents used during the home closing, a lawyer can provide a final review, making sure that everything is accurately written. They will help ensure that there aren’t any surprises or confusing parts for either party.
If any issues are discovered then the closing lawyer can help to resolve them and edit the terms to the satisfaction of both you and the other party.
The lawyer can help with real estate documents but they can also assist with loan related documents. These documents may include a settlement statement, a deed, a note, a deed of trust and other types of loan documentation that may be required by a lender.
3. Assist With Purchase Agreements
A lawyer can be a lifesaver when it comes to helping you deal with purchase agreements. They can explain the forms and make sure you understand what you’re getting into when making a purchase.
A lawyer can help decipher all of the legal texts and make sure you’re well prepared in knowing your obligations when purchasing the home. If there is anything that you don’t understand they can help make it clear to you.
Even more importantly, if you have specific needs and desires a closing lawyer will help you negotiate with the seller and other parties to meet your needs. This will ensure that in the end, the agreement is pleasing to you and other parties.
4. Reviewing the Title
A lawyer can also help when it comes to reviewing all of the property’s title information. It is important to know exactly what you are dealing with and what the state of the title is. You need to fully review a preliminary title report.
A lawyer can be a huge help and can assist with the search for a title. They will be able to find the title for you and review the title for any errors or liens that may have an impact on your real estate purchase.
Additionally, an attorney can assist you when it comes to purchasing title insurance. Title insurance can help the buyer and the lender in the case that a problem or issue is discovered with the title at a future date.
5. Coordination and Communication
When it comes to communicating throughout every part of the buying process, a lawyer can be an essential tool. While they can review and edit documents and make sure you are getting what you need with the agreements, they can do a lot more for you as well.
Closing attorneys can help to coordinate communication between all parties including the purchaser and the seller. This may also include real estate brokers, surveyors, the seller’s mortgage, potential homeowner insurance companies, inspectors, and contractors, the seller’s attorney, and any other parties who get involved for various reasons.
The attorney can also help to coordinate the closing dates and the schedules of the parties involved.
6. Facilitating the Closing Process
It should go without saying but a closing lawyer is, of course, an essential part of the closing day itself.
In addition to the many moving parts leading up to the sale, they will also help facilitate the actual closing process and make sure that everything goes smoothly. They can help ensure that everyone is satisfied with their end of the bargain when it comes to signing over the property.
The buyer and seller will both be present at the closing but a title company representative, a real estate broker, and the attorney of any lending institutions used may also be present.
Additionally, the seller may have their lawyer present. As a result, it’s essential that you have a lawyer of your own there as well. This will help to balance things out and help you avoid getting a bad deal since the seller’s lawyer will be working in their interest at all times.
7. Managing Disbursements
The closing attorney can also help a lot when it comes to the disbursement of any transaction amounts and fees that occur with the sale. There may be a lot of fees associated with the sale, depending on the specifics of the purchase.
Some possible fees can include real estate broker fees, county taxes, fees for homeowner insurance, payoff fees of existing loans, pest inspector fees. There can be a lot of various parts to deal with and a lot to keep track of.
Luckily, a closing lawyer will be an expert at dealing with these types fees. They can offer a lot of assistance when it comes to these disbursements and can keep track of everything for you.
8. Consultation Services
Even if you don’t think you need to use a lawyer for the actual closing, a lawyer can still be an incredibly valuable resource that you can use throughout the home or real estate buying process. If there is anything you are unsure of in documents, agreements, or titles, consulting with a lawyer is an excellent idea.
No matter how a home seller found you, whether it was through traditional methods or through more modern marketing methods such as Realty Flux, you’ll likely have questions every step of the way. From start to finish, a closing attorney can be an enormous help.
Additionally, a lawyer can also help you to understand the sometimes complicated procedures and tax consequences of buying a home and help you make sure you know what is to be expected when it comes to your taxes for the year.
Choosing the Perfect Closing Attorney
No matter what your specific needs are the chances are that an attorney can help you with the process. They can also help the legal jargon become more clear to you.
Whether it’s your first time buying a home or you’ve been through the process before, an attorney can help you know exactly what you’re getting into.
Looking for help with your home or real estate purchase? Check out the Halt Lawyer Directory now to find the perfect closing attorney for you.