Real estate law question

[Fern]

If I planned to pay all cash for a new home, would it still be advisable to have an attorney representing me at the closing?

In other words, if there's no mortgage, what else does an attorney need to do?

[akaivyleaf]

Re: Real estate law question

Assure that the deed gets filed with the country registrar, and that there is a clear title to the property. Anytime I conduct business of the magnitude of a house, I would have an attorney present and representing me.

[pennywise]

Re: Real estate law question

I don't think it would be necessary to have an attorney. Some states now allow attorneys to partially represent a person. What I would do is not sign anything without full understanding and I would not sign anything I did not want to. Do not be bullied by a realtor, they just want to close the deal and get their money. If you have a realtor representing you they have a legal responsibility to you, this would cost you no additional money but will be split with the realtor who represents the seller. Never buy a house from a realtor representing both you and a seller.

[dwilliams12]

Re: Real estate law question

I agree with akaivyleaf. I would highly recommend using an attnorey for a purchase of a home. I used to be a real estate agent and you couldn't image the how much money (and headaches) attorneys have saved their customers for their minimal fees.

[cercis]

Re: Real estate law question

I'd say get an attorney. It's relatively inexpensive (when considering the price of the home) and they'll make sure all the i's are dotted and t's are crossed.

Things that could go wrong? No one records the deed. Liens against the property that were not disclosed (you buy a property subject to all liens against the property, no matter what the seller says). Paperwork incorrectly completed (this is way too common, the legal will be slightly wrong, misspellings, blanks, etc).

[BAGAGT1]

Re: Real estate law question

If you are buying a new home from a reputable builder, you could get away without an attorney (I still wouldn't recommend it), otherwise, get yourself an attorney.

[Bluezy]

Re: Real estate law question

In this day and age I would retain an attorney as a safety net. Especially if your all cash transaction is ever questioned by the IRS.

[dealsaver]

Re: Real estate law question

Public forum's like this aren't always the best places to ask legal questions.

[CRFSaver]

Re: Real estate law question

Question as for liens. Why not just get title insurance since they are the ones liable for not catching any liens...

[cercis]

Re: Real estate law question

CRF, it is true, that if the title company misses a lien, they have to pay for it. But if you have an issue from the a lien, you could end up paying a lot of money to fight the problem. Title insurance should, technically, pay it, but ...

If I foreclose on a lien and then start eviction proceedings against you, the title insurance company may or may not pay your legal fees for defending the eviction. In Texas, notice for foreclosure sale is posted at the court house and mailed to the last known address of the mortgage holder, which may or may not be the property address. So you, the new owner, may not get notice of the foreclosure. Which doesn't mean that you can't legally be evicted.

And the stress from having to defend an eviction. Not to mention lost wages as you take off to go to court. Well, that all adds up.