What the Attorney Does:
- Reviews all the papers your broker wants you to sign.
- Collects all documents required for closing in a safe place where they wont be
placed or thrown out with the trash, in which case the closing will have to be postponed
while you run around collecting duplicates and the lawyer charges more.
- Leaves a paper trail showing that you knew what you thought you were doing was what you
intended to do, and that you think you intended to have all the right documentation to
prove it. Probably.
- Takes care of obtaining title insurance, which you should be grateful for because who
knows what it is or where you go to get it.
- Prepares a closing statement, the record of who paid what to whom in exchange for what.
Dont pay your attorney until you receive your closing statement.
This Homebuyers Tip was excerpted from:
The House Trap, by Alfred Gingold, Workman Publishing, 1988.