This mornings question is: "Do i need an attorney for my closing? What if it is a cash closing, do i need an attorney if i am paying cash?"
Even as a cash transaction, you as the buyer have a right to have an attorney, title company or closing company represent you in the closing.
If you do not already have an attorney when writing your offer, adding the statement on the purchase agreement in the paragraph of where the closing is to take place "closing to be at the buyers attorneys office", will give you time to get one and protect your rights and interests.
They will complete the title search to make sure the property is free of liens upon closing, they will review the sellers deed transfering the property to you to make sure it is acceptable and complete the closing, including preparing the settlement statement known as the HUD and conduct the actual signing. You should not rely on the sellers attorney that is looking out for the seller who is not looking our for your best interests.
IF YOU ARE GETTING A MORTGAGE
If you are getting a mortgage you do need to hire an attorney as the mortgage compnay/bank will hire a attorney, title company or closing company to conduct the closing and provide all the services to represent your best interests. You do not have to hire a serpeate attorney on top of this, but some buyers do at their added expense.
Blog updated August 19, 2010
Blog written by:
Godzyk Realty group