Make sure your rights are protected during real estate transactions.
For both the buyer and seller, a real estate closing can be both an exciting and nerve-wracking moment. It's almost time to complete the transaction and move forward with your life — but there's also a lot that can go wrong, and the prospect of a deal falling through at the last minute is not one to be taken lightly. When you're faced with those issues, it's important to know you have legal representation on your side.
Unlike some states, Indiana does not require that you have a real estate attorney physically present during closing. You are allowed to handle closing on your own. However, as with all legal matters, just because you can do it on your own doesn't mean you should. There are many legal issues that can come up either during closing or down the road, and having a lawyer with you during closing can go a long way to protect your rights.
Why it's in your interest to have an attorney at closing
Again, even though you don't have to hire a lawyer for a real estate closing in Indiana, it is very much in your interest to do so. Some of the reasons why include:
- Preparing and reviewing contracts. There is a lot of paperwork involved in a real estate closing, and each document needs to be properly prepared, carefully reviewed, and double-checked for compliance with local and state laws. Your attorney can review each contract and ensure that you know exactly what you are signing before you sign it.
- Ensuring compliance with building codes and permit guidelines. Again, there are many ways to unintentionally run afoul of state or local laws during closing. An experienced real estate lawyer can ensure that building codes and permit guidelines are met.
- Handling last-minute complications. Perhaps an issue comes up during the final walkthrough or the buyer's financing or insurance falls through. Or, perhaps there is a more mundane problem, like a severe weather event or illness on the day of closing. With a real estate attorney on your side, you will be protected if any last-minute complications come up.
- Navigating difficult circumstances. Situations like foreclosures and short sales absolutely need an attorney's attention to ensure that every party's rights are protected. Even if you don't think there are any special challenges, you need a lawyer to do their due diligence and ensure there are no hidden problems such as liens or debts on the title.
- Navigating unusual terms and contingencies. If your transaction includes anything out of the ordinary, such as an agreement that the seller can continue to occupy the property for a period of time after closing, you definitely need an attorney to ensure those terms are handled properly.
Above all, if you're considering going into closing without a real estate attorney because of the cost to hire one, you are playing with fire. While there is an up-front cost to hire a lawyer, that cost is much smaller than the risk that something could go seriously wrong and you are left on the hook.
Get peace of mind with an experienced real estate closing attorney
Whether you are buying or selling a property, having the right lawyer on your side during closing is essential not only to protect you financially but also to ensure your peace of mind. With the right lawyer, you can focus on your big transition while we handle the paperwork and ensure your rights are protected during the transaction.
If you are moving toward closing on a residential or commercial property, our attorneys are prepared to help. Give us a call or contact us online today to speak with an experienced Indiana real estate lawyer at Hocker Law LLC.