Do I need to have a Lawyer with me at closing? -

I m closing on my first home in March of this year (2007) should I have a lawyer present? If so, what will the lawyer take care of and how much will it cost me? My broker will also be at the closing.

If you feel like you need one you can, but it isn t requried. If you feel uncertian about what you are signing it might be a good idea, but most of the paper work is pretty self explanatory, just make sure to read it and ask questions before you sign if something doesn t make sense. You can still back out at the closing if you change your mind.

Are we talking about the US? The process varies by state. In the west you would go to the title company and sign the paperwork there. No lawyer would be present most times. Not even a RE agent in many cases. The other side is not there either. In the east the process tends to be over a table with all parties including lawyers. Or the buyer is in one room and the seller in another. Part of the difference has to do with standardize contracts, market conventions and the history of the title. The west has a shorter history so the title documents are cleaner as a general rule. While I am not fan of paying a lawyer for services not needed you do need to make sure everything is in order. If you have a mistake it can be costly to fix later. If the lawyer can review everything (assuming again you are in a state that uses lawyers for real estate transfers) then they do not have to be present. Note I have bought or sold over 20 properties and they have been in different locations so the process does tend to vary based on where the property is. Are you getting title insurance as the buyer (not the policy a lender requires)? I strongly suggest a buyer always has title insurance. This is a specific policy that covers the buyer and is not the same as the policy you will need to buy to benefit the lender.

If you have never closed before, or even if you have, it is a good idea to have a lawyer present at closing. Depending on where you live it may cost a few hundred dollars, but just think of it as a kind of protection that might save you literally thousands of dollars in the long term.

If it is not customary or necessary to have an attorney present at the closing, I would definitely have one review the contract and conditions and be on call for questions and issues that may arise at the closing.