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Buyer paying cash for real estate, do we have to have a Real Estate lawyer?

Santa Anna, TX |
Filed under: Real estate

Buyer paying cash, there will be no mortage holder, besides making sure all taxes are paid to date, what else must we do? Will there still be closing costs, taxes,ect...And who pays for them ?

Attorney Answers 4

Posted

Not necessarily, a lot depends on local practice. In some states, title companies usually handle closings.

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Posted

Mr. Levy is correct. In my state, CA, title companies handle real estate closings not attorneys. Ignore the other response. Check into local practice in your state. If a title company can do it let them do it.

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Posted

You may or may not need a real estate attorney. If you or the buyer need title insurance, you will need to contact a title company. They will walk you through the process and get the legal work done for you. If you do not need title insurance, you could still use a title company or you could use a real estate lawyer.

You probably need a contract, which will set out who pays for what closing costs. Also, you will need to have a deed created in order to transfer the property from your name into the buyer's name.

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Posted

If you own the home but don't own the dirt under it, it's a rather worthless investment. I would suggest that the most important thing an attorney would do is certify title. One of the many roles an attorney serves in a closing is confirming that the title aka the history of the property is clear and that the Seller can convey good clear and marketable title to you. Perhaps I'm biased but paying an attorney a nominal fee in comparison to the funds expended on the investment is money well spent. Attorney's are a small fraction of "closing costs" and yes...you certainly will still have expenses related to the closing. Recording fees, adjustments, etc.

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