I find myself frequently having conversations with potential clients asking why they shouldn’t use a title company to handle the closing of their new home. Why spend more money to hire an attorney when a title company can close the deal for less? Excellent question.
Sure, a title company can create the documents necessary to close the deal. They can also generally guide the parties on some issues that might come up, such as what additional requirements must be met when the seller is considered a “foreign person” under FIRPTA.
However, what title companies don’t do is make sure the buyer’s interests are protected. Below are five significant examples of how a buyer can benefit from hiring an attorney when purchasing real property. An attorney will:
- Protect your contractual rights. An attorney can review the contract to make sure you understand your contractual rights and ensure you take the steps necessary to protect those rights. As an example, most contracts include a right to inspect the home. I suggest that you make sure you receive the inspection report well before your inspection period runs out. That way, you will have time to review it, discuss it with your attorney, and decide how …read more
Source:: Legal Scoop