Five Reasons You Should Have a Lawyer at Closing

It is always a momentous occasion to close a real estate deal, especially if it is your first time buying a property. And while a closing should be the end of your troubles, the fact of the matter is that something can always go wrong at the last minute and throw your entire transaction into chaos. Here are five reasons you should always have a lawyer with you at closing:

1. They can catch any paperwork errors that were overlooked
   • By the time you get to closing, all the paperwork related to it has properly been looked over dozens of times, so you would think any errors would have been caught by then. And yet, periodically there will be mistakes that make it through all the way to closing, including basic issues like misspelling names, getting the wrong address, or listing the wrong survey data for the property. A lawyer can catch these issues and make sure they are corrected before it is too late.
2. They can identify potential title defects
   • For a real estate transaction to go through, it should generally be free of any title defects. These may include issues like an existing lien on the property, or any undisclosed easements or covenants that affect a prospective homeowner’s property rights. A lawyer can catch these omissions and deal with them, to ensure the buyer does not get any nasty surprises after closing.
3. They can review financial documents for you
   • The financial documents related to real estate transactions can be exceedingly complicated, and that makes it easy to miss if something is wrong. However, even a tiny error with a mortgage’s financing can become incredibly costly, and potentially invalidate the entire deal. Making sure everything is in order at closing can make sure the transaction goes through smoothly, without fear of financing issues popping up at the last minute.
4. They can help deal with any unexpected problems
   • Even after months of negotiations, it is still possible for problems to emerge just as the real estate deal is closing. The buyer or seller may suddenly get cold feet and try to back out, or they may suddenly announce they want to make a change to the contract of sale. A lawyer can help smooth out these problems and perform any last minute negotiations that are needed to ensure things go smoothly.
5. They can help you avoid unnecessary expenses
   • Real estate transactions are expensive by nature, and you do not want to face any additional unnecessary or unexpected costs. If you are not careful, though, you could face additional expenses at closing from the other party trying to renegotiate their responsibility for closing costs. A lawyer can help ensure you only pay what you must, so you can focus on your deal.

    At David J. Lorber & Associates, PLLC, we assist clients throughout New York who are looking to buy or sell real estate. We will guide you through the process and help you minimize your legal and financial risks. Call us at (631) 750-0900 or contact us online to schedule your Free consultation at our Setauket office.