Closing

[Account Closed]

Do I need to hire a lawyer to read over the deed and other legal documents? Would my real estate agent be able to handle that kind of task?

[John Moore]

If this is your first purchase I would retain an attorney and he can handle the closing as well. I would go to your local real estate investment group and find out who does the most title work and then I would speak to my realtor and see who he recommends. In my Pennsylvania you arae not required to use an attorney, you can use a title company. I would suggest you use an Attorney so he can educate you what you should be looking for in a contract in order to protect you, what clauses you should include in order to get the most protection as possible, what personal items stay with the house, etc. A final walk through inspection, escrow funds if you find damages or if their items are not out of the house on time, how much you might charge them if they don't vacate on time, etc, etc. Obviously you want as much protection as you can get so I would get an Attorney on my side as soon as possible and use him from this point forward. Shop for price as the Bar has suggested rates and some are off the charts, while others realize it's a cookie cutter real estate transaction and will charge accordingly. Most Title Policies have a set fee, in many instances at closings you willl find a lot of Junk fees, but they attempt to make as much as possible. If they realize you are a professional and are going to have an ongoing relationship they may cut you some slack. This is not a legal opinion, just food for thought.