Is A Lawyer Necessary To Close On Your New Home?


If you are in the process of buying a new home, you've likely heard that you need to have a lawyer on your team to help complete your real estate transaction. Here is what you need to know about why a lawyer will be needed to assist with this very important purchase.

A Lawyer May Be Required

Be aware that there are many states that require a lawyer to be involved in the purchase of a home. While you may not need individual representation for you as the seller, you will need a lawyer involved in aspects like the title search. Make sure that you understand your local laws regarding the need for a lawyer and that you are using one when appropriate. 

A Lawyer Helps At Several Points In The Process

There are many times where it helps to have a lawyer on your side when purchasing a home. It all starts with the initial attorney review period, where you draft and review contracts that are signed by both the buyer and seller to move forward with the sale of the home. You'll want a lawyer to look over these contracts, especially if you have never bought a home before.

There is also the mortgage contingency period, which is when the title search is performed on the property to see if the seller can legally sell the property to you. The loan approval period will require having documents reviewed by your lawyer. Finally, the closing date on the home will be the big day, where the lawyer makes sure that everything is in place and correct so that all you have to do is sign a stack of documents. 

A Lawyer Can Represent The Buyer And Seller

There are a lot of shared documents that need to be drafted and signed by both parties. It is actually possible to use the same lawyer to represent the buyer and seller. This is a bit different than the advice of not using the same real estate agent to represent the buyer and seller because you want to work with someone with your best interests in mind. However, a lawyer is going to help explain legal documents to you in an unbiased way, and it is up to you to decide if you want to move forward and sign them. 

Reach out to a real estate lawyer in your area for more information on their services.   

About Me

Understanding the Law Can Help Keep You out of Trouble

Like most adults, I always thought I had a good grasp of the basic laws of the country and those of my state. One day I learned that while, of course, I knew the major ones, I didn't even quite understand my local traffic laws. I always obeyed the law, but due to just not knowing about one local traffic law, I ended up facing a huge traffic fine and getting quite a few "points" on my driver's license due to my legal ignorance. I have since became determined to study up on the law, so I don't make the same mistake twice. I have learned a lot already, and I thought I would help others avoid ending up in the situation I did by sharing what I have learned on a blog. I hope I can help you stay out of legal trouble!

Search

Categories

Latest Posts

30 August 2021
Some divorces are not amicable. When spouses cannot agree to end a marriage peacefully and there are major assets involved, one spouse may attempt fin

26 July 2021
If you are in the process of buying a new home, you've likely heard that you need to have a lawyer on your team to help complete your real estate tran

21 June 2021
A bail bond is what you pay to get out of bail, and a bail agent is someone who can assist you with paying that fee. That is the basics, in a nutshell