Reasons for Having a Real Estate Attorney Present at Closing

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So far everything has gone well: You've found the perfect house, and you've obtained a mortgage with a low interest rate. You've agreed to the closing date, and now you're thinking of some new furniture or some additional landscaping for your new home. So why not save a little money for those items by skipping a lawyer and handling the closing yourself?

Legal Language

Buyers and sellers alike can often find the closing process confusing. According to the Diamond Law Group, there are numerous documents to prepare and sign as well as documents to record, taxes to pay and transfer and insurance provisions to make. However, most of this is couched in legal terms unfamiliar to the average buyer and seller. Not only will an attorney make sure that all documents are handled according to the law, he will also be able to explain the meaning of the formal language and terms.

State Laws

While many laws governing real estate transactions are the same everywhere in the country, some are specific to individual states. For example, in California sellers must disclose certain information such as known defects, the existence of any environmental dangers, items to remain on the property, and whether a death has occurred on the property within the prior three years along with the circumstances surrounding it. If the buyer opts for a home inspection, California law prescribes what the inspector can and should look for during the inspection. Those same real estate laws enumerate the closing costs that a buyer should expect to pay.

Dispute Settlement

While it may seem that the purchase agreement is straightforward, disputes can arise at the closing over the cost of the property, time of possession, personal property remaining or being removed, and even zoning or restrictions concerning use. A real estate lawyer has the expertise to help settle any such disputes before the closing is finalized.

Real Estate Agent or Lawyer?

Many buyers and sellers believe that the real estate agent can handle any procedures that are part of the closing. However, the real estate agent's duty is to act as an agent for the buyer or seller only; he usually does not have the legal expertise to settle any disputes or difficult situations that may arise. Most participants in a closing will find that the additional cost of a lawyer is money well spent.

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