3 Advantages of Hiring Your Own Real Estate Attorney for a Property Closing
Posted on: 23 December 2017
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Once you have found the property you want and the offer you make is accepted, all of the red tape comes out. This is when the legal contracts are made and all of the necessary arrangements take place so you can take ownership of your new home. Normally, the bank or lender you are working with will provide their own attorney to oversee the closing when you buy a piece of real estate property. However, you also have the option of hiring your own real estate attorney. But why would you do this if an attorney is already provided? There are a few good reasons why you should.
1. Hiring your own real estate attorney ensures time is given to your situation.
Lenders often hire an attorney based on who is available and who can get through the closing process as fast as possible. But when you hire a real estate attorney for the closing, this person will not be rushed by the lender and will ensure the proper attention is given to the whole process. Therefore, you can truly rely on the fact that the attorney overseeing the property closing has your best interests in mind.
2. Hiring your own real estate attorney gives you someone to ask for advice.
If there is something in the loan documents or ownership arrangements that makes you feel uneasy, your real estate attorney will be your go-to guide that can always offer professional and reliable advice. While you can always ask an attorney hired by the lender, this person's interest will be in service the lender, so they may not be as forthcoming and they may not be as accessible as your own hired attorney.
3. Hiring your own real estate attorney allows you to ensure you have the right person for the job.
In specific buying circumstances, it is best to have a specializing attorney on your side who is familiar with your buyer situation. For example, if you are buying a property that has special considerations in the deed or perhaps will be used as a commercial property, it is better if the real estate attorney who oversees the closing of the loan is familiar with this type of transaction. When you hire your own attorney for the closing, you can take the time to make sure you find the right professional for the job; whereas, a lender may not have the time to search for the right person.