Does a Home Buyer Need an Attorney at Closing?
If you’re buying your first home or even if you’ve bought a home before, you may be wondering whether you really need to have an attorney’s help with the transaction or if you can simply rely on your agent to make sure that everything goes as planned. Some states require attorneys to be present at closing. New York doesn’t require that a buyer hire an attorney, but there are several important reasons why you shouldn’t try to forgo legal counsel.
The Seller Will Have Counsel
If one party in a transaction has counsel and the other doesn’t, the party without counsel will be at a serious disadvantage. The seller’s attorney could incorporate terms into the sale contract that aren’t standard or aren’t what you agreed to, but it may take a legal perspective to identify them.
Understand Your Title Search
Prior to purchasing a property, you need to conduct a thorough title search and obtain title insurance. When you’re looking for real estate representation Howard Beach, you should work with a firm that has a good working relationship with a well-established title company. Only an attorney and not the title company itself can completely explain the significance of the findings in a title search.
Ensure That the Seller Has Provided All Necessary Documents to Complete a Transaction
There are several important documents that go into a closing besides just a sales contract and a deed. Your bank may wish to see an exhaustive list of materials, particularly when a transaction involves the sale of a condominium. You may need some help understanding some of these materials. If, for example, a condominium’s governing documents contain restrictive covenants, your attorney can help explain them to you. Ultimately, an attorney can verify that all of the necessary documentation is accounted for and that their content is satisfactory to proceed with a purchase.