3 Reasons You Should Have an Attorney Present at Your Real Estate Closing

The decision to purchase residential or commercial property may be one of the biggest financial decisions you will ever make. Once you choose the right property, you want to make sure everything else runs smoothly throughout your real estate closing. Since there are so many laws and procedures involved, real estate closings can be confusing. Having an attorney present at your real estate closing, especially one with real estate experience, can be extremely beneficial.  

 Here are three reasons why having an attorney at your real estate closing is preferable to having a notary present: 

1.Different Laws for Different States

 Each state has different laws regarding real estate closings. In some states, a lawyer is required to handle some parts of the transaction; in others, it is not required. The following states require the physical presence of an attorney or other types of involvement at real estate closings: Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and West Virginia.

 In Louisiana, having an attorney present at your closing is not required. However, it is in your best interest to hire someone familiar with the contracts and paperwork you will be required to sign. Whereas a closing attorney will review documents relating to the sale and answer questions you may have about the documents, a real estate attorney will be able to address any problems that arise during the closing process. 

2.Up to Date Documents

 Before you arrive at your real estate closing, your lender should have shown you and helped you understand the documents you are about to sign. You should already know who will be responsible for signing which documents in the closing packet. However, sometimes lenders make a change to the closing documents, and if this is the case, you will want your attorney to look over the amended documentation and make sure the conditions are reasonable.

Your attorney will also review the settlement statement and verify that all the math as well as any prorations of taxes or Home Owner Association dues are correct.

 3. Addressing Issues with Title

 Prior to the closing you may have had your attorney review the title search performed on your real estate and help you negotiate title insurance matters and/or issues with the title. However, many issues can arise during a real estate closing. More often than not, the standard realtor's form will be inadequate to address special circumstances.

 If an unresolved title issue is presented at the closing, it is best to resolve it immediately while everyone is present. Many title issues can be resolved by filing one of three common documents:

 • A quitclaim deed removes an heir and clears up title among co-owners or spouses; 

• A release of lien/judgment removes a paid mortgage or spousal or child support lien; 

• A deed of reconveyance records the payment of a mortgage under a deed of trust.

Homestead Title is a full-service title and escrow company. Since 1934, we have provided our customers with competent, thorough, and professional service. Prior to each closing, we search public records to clarify legal and financial risks for lenders, realtors, and other stakeholders in the real estate transaction process.  Our energetic and capable team of real estate title professionals provide accurate investigations, rapid turnaround time, streamlined paperless delivery, and exceptional customer service. For more information, call us at (504) 581-6427 and let us provide you with a smooth and efficient real estate closing.