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Old 05-28-2008, 12:42 PM
 
23 posts, read 112,801 times
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Does anyone know if I need to get an attorney to do the settlement and title work if I purchase a new home?
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Old 05-28-2008, 09:20 PM
 
Location: Delaware
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Absolutely! A settlement attorney will make your life easier--it's like having a guardian angel on your shoulder at the closing table. A good settlement attorney will check for errors, explain the HUD-1 settlement sheet to you [the document that delineates the settlement cost to the buyer(s)], and go over the terms of your mortgage with you (sometimes the actual loan officer will come to settlement to do this, but that is rare).

The attorney's office will also perform the title search which is CRUCIAL in purchasing a home. As a homeowner, you have the right to what is known as a clear, marketable title--meaning you have the right to purchase a home without a "cloudy" title. You absolutely want to have the attorney's office perform a title search to ensure that there are no encumberances, judgments, or liens against the property. It costs anywhere from $100-$200, but it's money well-spent.

If I may ask, where do you live and where are purchasing property? I may be able to recommend a good attorney for you.

(Hope this helps!)
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Old 05-22-2009, 06:29 AM
 
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If I settled on a home and everyone approved the settlement sheet (the bank, title company, real estate agent, buyers, and sellers) and the buyers and sellers sign off on it, & checks are issued, can the title company come back the next day and say there was a mistake and the seller now owes another $5000 in closing costs? Or, is the title company or bank on the hook for the mistake?
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Old 05-22-2009, 06:42 AM
 
Location: Greenville, Delaware
4,726 posts, read 10,315,858 times
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To my understanding DE is a mandatory "attorney state" for real estate transactions. By contrast, many states relegate all the legal stuff to the title company. I don't believe there's any choice here. If you are working with a realtor, they will normally direct you to a law firm that does real estate settlements. It's normally pretty routine stuff -- easy money for them. If no realtor is involved but there is some realty company you know and feel comfortable with, you could certainly ask them who they routinely use.
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Old 05-22-2009, 06:54 AM
 
Location: Kirkwood, DE and beautiful SXM!
12,054 posts, read 20,249,072 times
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You must have an attorney to close on a home in Delaware. Let us know where you will be purchasing, and many of us can recommend several real estate attorneys. Make sure that the attorney specializes in real estate.
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Old 05-22-2009, 07:27 AM
 
604 posts, read 1,778,474 times
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Are you buyng a new home or home new to you?

In any case, you will need an attorney but the sales agreement you would generally use if you are buying an existing home through a Real Estate Agent will be more protective of your interest than the Builder's sales agreement. Heretofore, the Builders could dictate to buyers that they would not let an attorney take a look at their builder-favoring agreement prior to signing but since the times are bad for Builders you can give a try to insist that your attorney check the contract prior to your signing ANY papers. The builder or his/her agent may balk but it is worth a try in the interest of protecting your interest. And then let the attorney take a look at the agreement and make you aware of the negatives, IF ANY, before you put the non-refundable deposit.

Again as others have written - where and when the purchase is to be made - a list of attorneys can be made available to you .

Taylorbilthomes: As to the attorney's/title co.'s recourse for collecting the 5K would depend on the paperwork signed between the attorney/title co. and the seller.

Last edited by armx; 05-22-2009 at 07:34 AM.. Reason: add some more
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Old 05-22-2009, 11:10 AM
 
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Old 10-21-2009, 05:48 AM
 
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Default How many days before one has to select settlement attorney

How many days before one has to select settlement attorney to buy a house in Newark, DE? What are attorney fees?

I'm a first time buyer from PA. Can you dsuggest an attorney with references?
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Old 10-21-2009, 12:57 PM
 
604 posts, read 1,778,474 times
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Generally, a lawyer would be chosen by you as you are in the process of - looking, choosing and about ready to write the agreement - to purchase a home.

Once you have an agreement the seller, their agent would be looking for your lawyer's name. So that appropriate paperwork can be forwarded and into the "pipeline".

Feel free to diret mail me for attorney names if you don't have them yet.
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Old 10-22-2009, 06:25 PM
 
46 posts, read 97,353 times
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If you are buying a new house from a builder, do you need an attorney? If so, and if you know, please tell me where I can find reference to that requirement. I'm looking for some reference to a state law that requires that the BUYER needs an attorney in such circumstances. I know that many people believe this to be true but I want to find some evidence.
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