While everyone has different goals when buying or selling a home, the process can be quite complicated for both sides, and it is easy to get off track. With so many legal problems to consider, hiring the proper professional to keep you informed and assist you could be a wise decision.
While there are various types of closing attorneys, we're primarily speaking to real estate attorneys that can represent either a buyer or a seller at closing with the goal of making the transaction as smooth as possible. Without a closing attorney, neither party could represent their own interests.
A closing attorney may serve as an in-house counsel to a title agency or title underwriter, advising escrow agents on various matters. An attorney in that capacity will occasionally advise clients about realtors. However, if you're buying or selling property and getting ready to close the transaction, the phrases "closing attorney near me" and "real estate attorney" can be used interchangeably.
Who Should Hire the Closing Attorney?
While a real estate agent is frequently involved in the preparation of a purchase contract, it is recommended that you hire a closing attorney or lawyer to prepare or review the purchase contract conditions and handle any additional paperwork.
However, it becomes more of a necessity in less typical cases that require more sophisticated contracts, such as the following:
- Buying real estate in another city, state, or nation;
- Buying or selling property with a critical issue, selling property as part of a divorce settlement, trying to sell property under a mortgage due to serious financial troubles, and purchasing real estate at a special sale (e.g., estate sale).
How Much Does a Closing Attorney Cost?
All of the benefits of having a closing attorney on your side come at a cost that must be weighed ahead of time. While the cost of hiring a closing attorney varies, below is the most usual pricing range to help you estimate how much money you'll need to pay.
Most closing attorneys in the United States will charge hourly charges ranging from $150 to $350. The cost is usually proportional to the attorney's experience in the trade.
If an attorney charges set rates, with the overall cost determined by the type of service provided, the range can be $500 to $2000, depending on the contract's intricacy and other considerations. The charge may also be based on the price of the property being sold.
The Benefits of Having Your Attorney Represent You
Aside from saving time and hassle, choosing a closing attorney to represent you offers a few important advantages, including the following.
Providing legal and professional advice
A closing attorney's expertise and experience can benefit both sellers and buyers because he or she is well-versed in the closing procedure. In addition to identifying potential legal issues and avoiding unexpected complications, a closing attorney can help you obtain financing, gain access to additional resources, evaluate your documents, provide useful advice with your best interests in mind, and keep you updated throughout the process.
Making sure the documentation is right
Given that selling and buying a home requires a substantial quantity of paperwork, having a closing attorney ensure that the contracts are properly formed and conform with applicable law can be useful.
Having someone manage the negotiations for you to achieve a good deal
A closing attorney should not only negotiate the selling or buying procedure on your behalf, but also ensure that you are getting a fair price. If the procedure involves more difficult circumstances, a closing attorney will ensure that the title is correct, negotiate the crucial point of content including any tiny print that does not comply with your requirements and reach an agreement acceptable to all parties.
The Disadvantages of Hiring an Attorney
While the benefits of employing a closing attorney exceed the drawbacks, there are several circumstances in which hiring a closing attorney may be a mistake.
Big expenses
Statistically, most real estate closings are routine processes that may be completed without the assistance of a closing attorney. So, if you have a simple transaction or a limited budget, you may be secure with just the real estate agent and the title business working on your case.
Your case might become a battleground
If your closing attorney is seeking a reason to argue with the opposing party, such as nitpicking every minor detail in the contract, the case may devolve into a conflict, slowing down the process and increasing costs if you're paying by the hour.
The bottom line
While some consumers may be put off by the cost of engaging a closing attorney, the benefits frequently surpass the costs, making it a wise decision all around. Among other things, your closing attorney can prepare or review your contract, ensure that all of the documentation is in order, and assist you in negotiating the best possible deal. Your closing attorney's primary responsibility is to safeguard your interests while guiding you through the process.