Buying Your Home:
Settlement Costs and Information
II. Buying and Financing a Home
A. Selecting an Attorney
Before
you sign an agreement of sale, you might consider asking an attorney to
look it over and tell you if it protects your interests. If you have already
signed your agreement of sale, you might still consider having an attorney
review it. An attorney can also help you prepare for the settlement. In
some areas attorneys act as settlement/closing agents or as escrow agents
to handle the settlement. An attorney who does this will not solely
represent your interests, since, as settlement/closing agent, he or she
may also be representing the seller, the lender and others as well.
If choosing
an attorney, you should shop around and ask what services will be performed
for what fee. Find out whether the attorney is experienced in representing
home buyers. You may wish to ask the attorney questions such as:
What is
the charge for negotiating the agreement of sale, reviewing documents and
giving advice concerning those documents, for being present at the settlement,
or for reviewing instructions to the escrow agent or company?
Will the
attorney represent anyone other than you in the transaction?
Will the
attorney be paid by anyone other than you in the transaction?
Please
note, in many areas of the country attorneys are not normally involved
in the home sale. For example, escrow agents or escrow companies in western
states handle the paperwork to transfer title without any attorney involvement.
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