Did you know an attorney is required for real estate closings?

On Behalf of | Jul 23, 2020 | Real Estate Law |

The laws governing real estate transactions vary from state to state. In Georgia, an attorney must oversee all real estate closings. It’s important to understand what this means for you. An attorney hired by a party other than yourself is not going to be looking out for your interests.

Attorneys are often hired by mortgage lenders

When it comes to residential real estate transactions, many states rely on the title company to handle the closing and any matters concerning escrow. In Georgia, these tasks fall to an attorney. In most situations, only one attorney will be involved in the closing process. The vast majority of the time, the attorney will be representing the buyer’s lender. If the buyer is paying in cash, they will likely hire an attorney on their own. However, the seller always can, and often should be represented by legal counsel as well.

Take a proactive role in protecting your interests

Most buyers will need financing to purchase their home. Many will turn to a bank or a private lender to secure a mortgage. The lender will be more than happy to supply an attorney to oversee the closing. This is because the attorney will be representing the interests of the lender. The lender’s attorney is not going to be too terribly concerned with any legal discrepancies which may impact your home.

This is why it’s important to take a proactive role when it comes to protecting your interests. An attorney who is representing you is more likely to spot potential areas of concern. Your attorney can also help address any issues that need to be resolved prior to the closing. Once you have closed on a property, it’s pretty much a done deal. Your legal options will be severely limited.

If you’re buying or selling a home in Georgia, don’t rely on an attorney supplied by a mortgage lender. You should discuss your needs and options with a skilled legal professional who is committed to looking out for you.