By: Rick Davis
Share This Post
Do You Need a Lawyer at the Closing Table?
Rick Davis shares his thoughts on the need for lawyers at the real estate closing table in this article for MortgageLoan.com.
. . . Real estate attorney Rick Davis of Rick Davis Legal in Leawood, Kansas, said that attorneys provide a valuable service during closings. When hired by a buyer, their job is to study the paperwork that the buyers are signing to make sure that these documents are correct.
“Most home buyers do not deal with contracts on a regular basis, and a home sale often involves a significant amount of money,” Davis said. “Having an attorney to ensure the paperwork is all correct or to help ensure the sale closes if there are issues can be very valuable to all parties.”
Attorneys are especially helpful if there is something unusual about the real estate transaction, Davis said. Maybe there are existing tenants on the property that buyers are purchasing. Maybe the sale involves a complicated financing structure. Maybe there’s even a pending lawsuit involving the property.
. . .Attorneys are important, too, when issues pop up unexpectedly during the closing, Davis said. What if the buyer gets nervous and wants to back out on closing day? What if a title search uncovers a lien against the property? What if a last-minute easement or boundary issue comes up? Attorneys can help resolve these issues, Davis said.