Real EstateAttorney

Notatestpilot

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Notatestpilot
I’m looking at buying a home from (unlisted) private sale.
Will the title company I’m using take care everything or do I need a real estate attorney to review closing documents?
 
I’m looking at buying a home from (unlisted) private sale.
Will the title company I’m using take care everything or do I need a real estate attorney to review closing documents?
Very likely your title company has a real estate attorney on staff who is reviewing the package. But I'd ask.
 
In my state most documents are pretty "canned" documents. IE they are state approved "fill in the blanks" type documents. Most are federally guided. So you can probably get all the info pretty easily to educate yourself on what you are looking at. The Title Co does most of the leg work, but be prepared. I have caught more than a few mistakes made by the title companies I have used. Make sure you get the closing documents several days in advance of closing. That gives you the opportunity to review them on your own. You don't really need them looking over your shoulder putting pressure on you to hurry up while signing. Most closers I have dealt with are pretty good at explaining the documents if you don't understand. And if you trust them. Real estate agents often don't understand the documents you will be signing. It's amazing, but true. Totally EXPECT numbers to be transposed, names to be misspelled, legal descriptions to be wrong, prices to be wrong etc. Nobody will proof read anything, so make sure you do and have the time to do it, and not under any pressure. Thus all documents need to be in my hand at least 3 days prior to closing, and in paper so I can make corrections and notes.
 
I’m looking at buying a home from (unlisted) private sale.
Will the title company I’m using take care everything or do I need a real estate attorney to review closing documents?
Depends on what state you are in. In some states, closing and title exams are considered the practice of law and lawyers do all residential closings. In other states, title companies take care of the whole thing and lawyers only get involved if there’s a problem.

If you are getting a mortgage, your choice will be made by your bank.

Thats all separate from the question whether you need a lawyer in the purchase contract end. Most states have pre-approved canned documents. But even then, you need to understand what they say and make choices when there are options.
 
Disclaimer - it has been decades since I sold my house by owner - But it was easy to facilitate. I used the attorney from the title agency to review the contract. It was a modest additional fee to use the attorney to review the contract after I found the buyer. It was very much worth the extra money to know I did not miss anything.

The title agency gave me a standard contract and met with the attorney for a few minutes after I found a buyer. I asked the attorney what I need to do next since I did not use a realtor - he laughed out loud. He told me “you brought us a signed contract from the buyer”. The transaction was a straight forward process. These days - I am not sure it is as easy to find a qualified buyer. We are considering selling our house in the next few years and I am wondering if “for sale by owner” is as straight forward as it was then. I was the seller - I understand you are the buyer in this transaction. If I was buying a property today without representation - I would have an attorney look at the contract to make sure I was protected.
 
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The title agency is basically title insurance so they are insuring against their mistakes. Typically the buyer and seller sign a POA to the title agency to correct small mistakes anyways. Yes they make lots of mistakes.

If you want to sit down and read the documents it’s pretty straightforward. Pull out your calculator etc. Don’t trust their math.

Usually the title agency will make you sign away your right to claim certain types of liens (unpaid bills). Even a lawyer won’t check or guarantee this for you. You can call the city / county to ask if any unpaid bills or liens utilities on the property and you’ll learn from that. Also go online your location may or may not have free online data available. Also learn if your taxes are paid in advance or in arrears and you can negotiate the pro-rations if you want to save a few bucks. Up to you and whatever you and the seller agree to.
 
I’m looking at buying a home from (unlisted) private sale.
Will the title company I’m using take care everything or do I need a real estate attorney to review closing documents?
I bought 20 acres on a private sale in Florida. The title company handled everything to a "T".
 
thank you very much, this has been a tremendous amount of guidance. I really appreciate everyone's responses.
 
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