There are a number of myths surrounding the process of having an attorney review for your real estate transaction, but it can be a great choice in many cases. If there are any unique circumstances to the transaction or you just really want to have peace of mind, the attorney review process can give you that so you can move forward without worrying. Having confidence that you’ve done all you can to get through the transaction accurately and fairly can really give you peace of mind, and that’s something that money just can’t buy. If you’re still not sure whether you want an attorney review, or if your state requires it and you’re not sure how that will work, here are seven things to consider.
1). Is it worth the cost?
Some states require attorney review for a real estate transaction and other states don’t. For the states that don’t, buyers can decide whether they want to have their documents reviewed by an attorney before they go to closing. While most buyers don’t choose to do this, it can be well worth the cost if an error is detected. Since a real estate transaction involves money and legal standing, it needs to be correct. When mistakes are made it can cost a lot of money to fix. It can also mean that a buyer’s right might not be protected, and that’s a very serious concern that an attorney review can generally address and correct.
2). How much does peace of mind matter?
Even if the attorney doesn’t find anything wrong, if you’ll feel better for knowing that it was reviewed, then it’s definitely worth doing. It’s very difficult to put a price on peace of mind, and an attorney review is one of the best ways to feel good about what a real estate transaction has to offer. The attorney review process doesn’t generally take long, but if it’s done the buyer can reduce their level of worry and move forward with their transaction with a higher level of confidence.
3). What will the attorney look for?
If you’re buying a home, the documents that are used for closing will be some of the most important. It’s vital that they’re correct. An attorney review will look for discrepancies and difficulties in those documents, in order to make sure that everything from the purchase price to the exact property address to the spelling of the buyer’s name is correct. Even a simple mistake can be significant, and can end up costing quite a bit to fix. In some cases, fixing the problem isn’t really an option, because it’s something the buyer agreed to. By keeping that in mind, the buyer can see the true value of an attorney review.
4). Can you choose not to have a review?
The attorney review process can help you feel more confident about your real estate transaction. However, in states where attorneys aren’t required for closing you don’t need to have an attorney review if you don’t want one. Instead, you can choose to just let the title company handle everything. These companies rarely make mistakes, but be sure that you understand everything you’re signing at closing. Also take a careful look at the documents to ensure that there aren’t any mistakes. Even a typo can become a big issue, but these types of problems are simple to avoid with some diligence on the part of the buyer.
5). Does the attorney guarantee a good transaction?
When purchasing a house, having an attorney review isn’t a guarantee. Most attorneys won’t agree to be held liable if they miss something, the same as a home inspector and some of the other professionals who will be involved in getting you and the seller to the closing table. Despite that, the attorney is well-versed in what they should expect to see in a real estate transaction. They know what they’re looking for, and what would be considered abnormal. By being clear on the specifics, they can catch any problems and point them out before the real estate transaction makes it to closing.
6). Will the seller be upset if you get a lawyer?
If your state doesn’t require that you have an attorney for closing, the seller may not be appreciative of you getting an attorney to review everything. Don’t let that worry you, since it’s very important that your transaction is accurate and that you get what you’ve agreed to receive for the price that you expect. Your lender and others that are all invested in the transaction will be affected to varying degrees if the deal doesn’t close, so worrying about whether the seller might be upset isn’t necessary. The most important issues for you to focus on is making sure you’re comfortable at the closing table.
7). Does attorney review delay the closing?
In most cases, an attorney review won’t delay the closing. States that require it have it as a standard part of the procedure. States where it’s not required may be less familiar with it, but there’s no reason it should hold things up. Of course, if the attorney review turns up a problem that must be corrected, it’s possible that the closing could be delayed. Despite that, it’s much better to find the problem before the closing date than to discover an issue after the transaction has already been completed.
2 Point Highlight
The attorney review process can help you feel more confident about your real estate transaction.
There are a number of myths surrounding the process of having an attorney review for your real estate transaction, but it can be a great choice in many cases.
