When you are closing on your house, there are many unexpected fees that typically pop up. Unexpected fees are very frustrating for the buyer because sometime you may not have planned or saved up enough money for closing costs, since you were saving money to purchase your house. There are “attorney’s fees” that go along with your closing, but knowing what they are for will provide you piece of mind when purchasing your house.
One of the main attorney’s fees include a title search. The title search is in place to give the buyer full knowledge of any liens or others issues that may be involved with the property.
Other attorney’s fees include a detailed review of the contract between the buyer and seller, as well as the contract between the buyer and lender; if there is a loan that will be taken out. This allows the attorney to explain in full the specific details about the sale of the property so that each party if fully informed of their rights and what they are purchasing.
The contract with the lender acknowledges the loan amount, payment amount, and interest rates involved with the purchase of the property. The attorney ensures that the numbers are accurate and that both the buyer and lender agree upon the terms of the repayment.
There are many small steps involved to review all three of these documents, however these are the three main documents that the attorney will review and ensure they are accurate when you are closing on your house.