Home Buying in 01810>Question Details

P, Both Buyer and Seller in 01810

Do I need an attorney for closing?

Asked by P, 01810 Tue Jun 15, 2010

I had an attorney go over my P&S before I signed it. Do I still need his service through closing now that I have my commitment letter from my lender?

Thanks

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Kathryn Acciari’s answer
Buying and selling real estate - these involve legal documents. A real estate agent has knowledge of the law but does not practice law. An attorney can advise you of your rights if problems arise. Ask your attorney what services he or she provides from the point of time between P&S and closing. Also ask what problems might arise. Good luck.
1 vote Thank Flag Link Thu Nov 18, 2010
P, great question about having your attorney go over your P & S before signing it. There's so much to know about real estate, having an attorney go over anything seems like a good idea. My brother-in-law is looking to buy some property. He's looking into finding a good experienced real estate lawyer that could help him. http://www.iarlaw.com/practice-areas/real-estate
0 votes Thank Flag Link Fri May 8, 2015
Hiring a lawyer for a real estate transaction is similar to many other service providers such as an accountant, plumber, painter, etc. If you buy turbo tax and take the time to answer all of the questions and do your own research, you can definitely prepare your taxes on your own. Would I recommend it? No.

Keep in mind the reason I don't recommend doing these types of things on your own is not because of all of the typical scare tactics that professionals use such as: "If you don't use an accountant you will get audited." "You will get taken advantage of during negotiations or a real estate deal without an attorney." etc.

The reason that I don't recommend it is because you will not be able to do as good of a job as a professional IF you hire someone who is very good at their job. In a real estate transaction, there are a lot of moving parts. Although you may be able to do it on your own, I can assure you that you will not feel as comfortable as you would with an attorney, and you will end up spending a lot more time than you expected researching and reviewing contracts.

A good attorney will not have to spend a ton of time on your transaction and thus the fee that they charge is typically not high cost. Your total legal bill, whether you are a buyer or a seller, should be under $1,500. In Massachusetts that is a very small percentage of the overall transaction.

I'll repeat again: you can do this on your own and if you spend enough time, you can probably get the same results. However, if you end up looking at the value of your time and the small risk that the other side of the transaction will try to take advantage of the situation, the benefit outweighs the cost.
0 votes Thank Flag Link Mon Sep 22, 2014
As a seller in Massachusetts an attorney is not required, however recommended. As a buyer, if you are taking a mortgage, the lender will have an attorney assigned to represent the bank. In most cases the same attorney will agree to represent you as a buyer at no cost.

Mike Suffoletto
617-383-7283
0 votes Thank Flag Link Fri Sep 19, 2014
You are entitled to have representation. Buying a home is a huge I highly suggest you ask the attorney who viewed your P&S their opinion. Good luck and congratulations.
0 votes Thank Flag Link Sun Apr 27, 2014
Using an attorney for any part of a real estate transaction is strictly optional.

It really depends on your financial circumstances and how comfortable you are with going it alone, without an attorney.
Web Reference: http://thehousewiz.com
0 votes Thank Flag Link Tue Jul 9, 2013
That is a good question. You do need an attorney to look at your PNS, but closing....

I havea great example for you a few years ago. I had a friend tried to sell her home few years ago. She decided to sell her home by herself (FSBO) and had her attorney only do the PNS, not closing to save some money. When she showed up at the closing table. She was threaten by buyer attorney to pay for most of buyer's closing fee. Otherwise they can't close the deal. She had to pay $5000 for the buyer. I strongly suggest you that you should have an attorney to defend you at the closing.
0 votes Thank Flag Link Wed Nov 17, 2010
Every state has its own regulations regarding useage of lawyers. You should have some form of representation either through a realtor or lawyer especially there are circumstances i a transaction that you are not 100% sure of. ie: did everything go well with inspections?
0 votes Thank Flag Link Tue Jun 15, 2010
You don't necessarily need an attorney to handle the closing, but your protection it is advised.
0 votes Thank Flag Link Tue Jun 15, 2010
You will want an attorney or title company to close yoru deal, if you are getting a mortgage, the mortgage company assigns a clisng componay for the sale. If you are purchasing cash, then yes you definately want to choose your own attormney to conduct the closing.

The closing attorney will search the deed to make sure it is free lf liens, prepares the closing docs, prorates taxes , prepares the hud and makes sure teh numbers are correct. When getting a mortgage the bankj makes sure this is done on your behalf but dont forget with cash, it is your sole responsibility.

Good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jun 15, 2010
No. You don't need an attorney for closing.

However, for the most protection, you should have one. There may be items in the mountains of documents that you'll sign that you don't understand. (There certainly will be.) Or there may be provisions in the final documents that don't reflect what you've previously agreed to. Or perhaps other items will arise--problems with the walk-through, for instance.

In some cases, your Realtor will be able to help you. And, frankly, not everyone does have an attorney at closing. So, it's your call.

Hope that helps.
0 votes Thank Flag Link Tue Jun 15, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
P,

This is a "slippery slope"...........buyers are always well advised to have their own professional representation.

Stay on the safe side.......

Bill
0 votes Thank Flag Link Tue Jun 15, 2010
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