Realisitically, your agent should be more than capable of walking you through, and explaining all the applicable paperwork at closing - however there are quite a few agents I've seen at closings who are not experienced enough to do this.
At the end of the day, purchasing a home is one of the biggest investments of your life. Hiring an attorney to make sure all your "t's are crossed, and i's are dotted" is a wise choice. It's a very nominal fee for the "check and balance" of an attorney, and they can be invaluable in the unfortunate event that the transaction turns into a big mess.
As previously mentioned, you do not NEED an attorney but if you want to make sure you are purchasing a home with a free and clear title, as well as assist with inspection repairs, asking for credits, requests mortgage or closing date extensions, etc...then absolutely.
There are many details attorneys cover that the average consumer is not aware of let alone previed to what they should be looking for.
Be penny wise and dollar smart! Invest in an attorney, you can find one for a buyer side transaction for as little as $400!
Not every state requires an attorney for a real estate transaction and Illinois is one of them. Depending on your state you maybe required under the law.
Buying or selling a home maybe the most expensive transaction that a buyer or seller will ever conduct; this fact alone is a good reason for a buyer and seller to secure the services of a real estate attorney. In a more traditional transaction the seller has a listing broker, the buyer has a buyerâ€™s broker, and you have a mortgage broker, and Title Company or Escrow Company.
I strongly recommend the use of a real estate attorney, however, no matter who is assisting you in your closing make sure you read everything you are signing. If you do not understand something ask questions. Remember, once you have signed the document resending the transaction could prove to be nearly impossible.
Hiring a real estate attorney can save you hundreds of dollars and even thousands of dollars. Remember the saying â€œpenny wise and pound foolishâ€; that is not a good place to be when it comes to real estate.
If the buyer or seller attempts to back out of the deal with short notice, having a real estate attorney on your side can save you. Also if during the inspection period and of your course you hired a property inspector if you are the buyer any defects found that you are unwilling to take on will be cause to break the contract. It is the job of the real estate attorney to protect the partyâ€™s best interest.
This is my opinion looking at both side of a real estate transaction.
Accredited Buyer Representative
William Raveis Legends Realty Group
But you know the real estate attorney is like a life insurance for the home buying deal, kind of, you hope you never need it, but when you do you are glad you have it. Same here.... Advice, use a real estate attorney, to go with you through the contract, review it initially on your behalf just in case something is not clear, the Seller by the way will have a n attorney.... Just save a few hundred dollars somewhere else....Your attorney cannot change the price negotiated but with the seller's attorney on both sides approval they can extend dead lines, change the closing date for a reason, ask for extensions, and
you will have your attorney at your side if and when their are disputes or discussions of inspection issues
or loan commitments....
It's good advice to use one.
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