If I buy eal estate and pay cash do i need to attend a closing?
Question Details:
If I buy a home and pay cash for it do I need to go to closing? If so, what would be involved in doing this. I was under the impression that a closing was if you intended on taking a mortgage loan.
That is a good question. I'm glad you asked. A lot of people don't bother trying to learn about their own closings and they sort of fumble their way through it.
My practice is mostly real estate closings. Since I am in the Myrtle Beach area, and since we have so many people that are either buying or selling in this area, we have a lot of people that live a great distance from here and do not want to make the drive. Therefore, we try to make it as easy for them as possible and we over-night the closing documents to them. It is not required by law that you personally appear in a lawyer's office for the closing.
It is nice however if you can personally appear, as that way its easier for the attorney to explain everything to you. You will walk away with a greater understanding about tax prorations, HOA dues, title work, title insurance, recording of the documents, deed transfer, other types of insurance matters, and so forth. But please remember. You do not have to personally attend the closing. We mail the documents to buyers and sellers all the time and are more than happy to do so.
We also know what day the documents will arrive at the client's home. We then make a special point of being available that day by phone if the client should have a question.
If you have any other questions or would like some legal help with your closing, you are more than welcome to call or email me. I am the attorney in the office and happy to help anyway I can.
Attorney Robert Johnston
Email is: LawyerSC@aol.com
Phone is: 843-828-1137
Toll Free: 888-789-8100
At its most basic, a closing takes place when a buyer hands the cash or check to the seller as the seller hands the deed to the buyer. But this leaves both sides, especially the buyer, open to a number of possible problems. The other documents that are involved in a typical (mortgage) closing deal with most of those problems, if they are done correctly. A few of them relate only to the mortgage and the loan, but there are others, such as an affidavit of title, that can be critical. There's quite a bit of preparation that's needed, even for the simplest of closings.
Mistakes in real estate can easily get very expensive. Hiring a lawyer to do it right the first time is usually the cheapest solution, in the end.
