Why Do I Need A Closing Attorney?

Buying a home can be an exciting endeavor, but unfortunately, closing attorneys are often a necessity. Even though the process is lengthy, walking away during closing happens frequently.

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Panic often begins to creep in after the purchase offer is accepted and it builds from there. It’s normally a day or two before closing when full-scale terror sets in. Buyers are often inclined to cancel entirely.

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Well-written purchase offers usually consist of contract contingencies that must be removed within a certain period of time. This contingency period is the time that allows the homebuyer to cancel the contract before closing. Buyers rarely walk away before the last moment. Some of the common reasons include:

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• The Termite Inspection Reveals Extensive Damage

• The Appraisal Is Not High Enough

• You will find Clouds on the Name

• The Home Inspection Reveals Important Defects

• You Get Out Cold Feet or the Seller Backs

• Your Financing Falls Through

• You Decide You Do Not Want to Stay in a High-Risk Region

• The Residence Is Not Insurable

• There Are Differences Between HUD-1 and Your Good Faith Estimate

• Errors Prevent Closing on Time

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How Much Does A Real Estate Attorney Cost?

Many people wonder whether to retain a realtor or a legal representative who handles real estate. Generally, real estate attorneys may be able to save you money in the short term.

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Although you do not legally have to have a real estate agent to buy or sell a home, they are often helpful and can make the process easier. Only a lawyer can perform a title search and do other things like preparing the contract of sale and officially closing the deal. Without a realtor, it’s a good idea to hire a legal representative for the final closing. Plus, developing a relationship with a reputable lawyer can make further decisions (such as how to leave your home to your kids), advice, and representation simpler.

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Many real estate lawyers offer an initial consultation without a fee. Regardless of whether you hire a realtor or a lawyer, having professional support is always a good idea. 

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In fact, sometimes, it is a good idea to have both a realtor and a real estate lawyer. You can expect to pay between $150 and $350 an hour for an experienced legal representative. Some representatives, however, charge a fee per service, such as reviewing a contract or preparing closing files.

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