Should You Hire a Real Estate Attorney for your Residential Closing?
Congratulations! You have located the home of the dreams. While you may think it's unnecessary to hire an attorney to assist you with the closing process the fact is that hiring an attorney now might save you lots of problems and money later.
Whenever you make an offer on a house, your realtor assists you throughout the negotiation process. Whenever you strike a deal, whether you are the buyer or the seller, the broker will set up a contract for sale. When there is any language contained in the agreement that you don't completely comprehend, you need a real estate attorney. A lawyer not only describes what you're signing, but also tells you when it is in your very best interests to do so. A lawyer may suggest modifications to the standard agreement.
Lawyers often do more to defend your interests. They'll look for things such as third party rights to use a part of your property. A utility company, for instance, could have buried a power line in your backyard or have an easement permitting it to do so in the future. If you do not hire an attorney, much of the work involved with purchasing a house falls to the title company. Some title companies won't accept that liability and require that you hire an attorney. Some mortgage companies will not let you attend the closing without counsel, either.
Not everybody involved with the purchase or sales of your home is on your side. Your realtor wants the deal to go through because that is how realtors get paid. The seller's realtor feels the same way. If anything happens at closing that you're not comfortable with, the different professionals will likely urge you to sign the deal anyway. For these reasons, it is extremely important that you retain a real estate attorney who will protect your interests and help you land your dream home, not a money-pit.
If you would like more information about residential real-estate closings, please don't hesitate to contact us. The Law Offices of Peter J. Lamont & Associates is a business, personal law and real estate law firm. We regularly handle residential real estate transactions throughout New Jersey and New York. Tel. (973) 949-3770 E-Mail. firstname.lastname@example.org.