The purchase of a home is a significant financial and emotional investment. The process can be very time-consuming and stressful. An attorney’s role in this process is to examine legal issues and prevent future legal problems before they arise.
The attorney’s role should start with the purchase agreement. The attorney should be contacted to review the agreement and advise you as to the legal risks associated with the transaction. The attorney’s role should continue with the legal “due diligence” involved in preparing or reviewing a title insurance commitment for the property. The attorney will advise you as to the sufficiency of the legal description and the risks involved with any matters listed as exceptions to the scope of your title insurance coverage.
An attorney can also participate in the closing to the sale of the real estate. The attorney will review closing documents to determine that you have obtained all of the documents required for obtaining good title to the property. In addition, the attorney will be concerned with making sure that all other contingencies contained in the purchase agreement have been satisfied.
Attorneys generally charge hourly for representing you in the purchase of a home. On routine residential transactions, costs for such services generally range from five hundred to a thousand dollars. Greater costs are often incurred if preventable legal problems must be addressed after closing.
Author: Jason P. Lueking (bio)
Phone: 317.464.1591
email: jlueking@bamberger.com
Tags: closing documents, Jason Lueking, real estate purchase agreement, title insurance