Post # 1
We just completed the home inspection on Wednesday and luckily, there was nothing deal-breaking or surprisingly wrong with the house. Now it’s up and onward to the loan application and purchase&sale.
Did you hire an attorney to look over all of the legal documents for you? The bank we are lending from has their own attorney to cover their part, but I guess its good for us to hire our own attorney to make sure our interests are covered as well.
What exactly does an attorney look over for the buyer?
How much does it cost?
I guess I’m just very aware of every penny coming in and out of our account, and the thought of spending another potential $1,000 for an attorney isn’t appealing…
Post # 3
I think some places require that you have an attorney to handle your closing (I know in Ontario they do), but where I live, there is no need. All of the mortgage paperwork is so standardized now, so as long as you’re going with a conventional or FHA loan, you’re fine. If it’s something less common like rent-to-own or owner financed, that’s when you may want to bring in an independent set of eyes.
Post # 4
We had an attorney handle ours, our agent reccomended him. It got rolled into closing costs and was about $300 I believe.
Post # 5
I did, but it wasn’t nearly $1000 to have him. I think it was about 1/2 that.
Post # 6
We didn’t. But my FIL does mortgages, so we had him with us the whole time.
Post # 7
We didn’t. Most of the documents are standard so there shouldn’t be anything strange in there but if you aren’t sure about the terms, you might want to have one.