The mortgage lender will not provide an attorney for you. If there is an attorney at the closing, be assured that unless you signed a retainer agreement hiring that attorney to represent you, that attorney is representing someone else. The answer to whether you need an attorney is quot;it depends.quot; (Sorry, but true.) If you are questioning ANYTHING about the transaction, I would advise hiring an attorney for a flat fee (as opposed to an hourly rate) to review the paperwork prior to closing (if it s a basic buyer/seller transaction, reviewing the paperwork should not take more than a couple of hours, at most) and possibly accompany you to the closing. Again, if it is a simple transaction, the closing should not take longer than a half-hour or so. You can very likely get legal representation for that amount of time (two hours to review documents, plus accompanying you t the closing) for around $1000.00 or so. It seems like a lot of money, but considering what you re paying for your home, I think it would be a good investment.
If you re purchasing a home w/out an agent, it would be a good idea to have a RE Lawyer look over the paperwork and give you advice. Some lawyers will just charge you their initial consultation fee anywhere from $100 p/h to $200 p/h. I think having him review it, is a wise decision. You re correct about a mortgage lender not being able to provide you with R.E. information, unless he/she knows an agent that would be willing to look over your papers. Good Luck and Prosper...;*!*;...
This is probably one of the biggest purchases you will ever make in your life. There is no one involved who is looking out for your interests. The mortgage lender will not provide an attorney to represent you. It is a very good idea to retain an attorney who will watch out for your interests.
Your mortgage lender cannot and will not advise you on the terms of the real estate purchase agmt. That is not his job. Most purchase agmt esp. for residential real estate are standardized. However, if you have any doubts/questions about a term, it is best to get legal advice.
buying a home is a big deal. it s better to use caution and get an attorney to look at the deal than not.
I am a Mtg Broker and as long as your loan is approved through the Mtg Co then they had to of reviewed the Purchase Agreement you signed. It then when ready to closes usually is closed by a Title/Attorney Co that is provided to you which you pay for out of your closing costs. Now if you just want personal reassurance most Mtg Companies have a good relationship with their closing attorneys and they may review it for you just to ease your mind...Good luck!!!
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