The price you pay for a knowledgeable real estate attorney when buying a property could be the best money that you ever spend. There are several reasons for this – one being that they have no interest in the transaction other than to see that you understand what is going on and to see that your best interests are protected.
You might be thinking that in a real estate transaction your real estate agent and loan officer are supposed to be doing this, which is true, but while most of those people do have your best interests in mind, they may come across situations that they have never seen, from a legal perspective, and will seek counsel of a real estate attorney anyway.
Another reason why you should have an attorney, especially from a home financing perspective, is to help you understand the terms of your mortgage, both at the closing table, and what could happen to it down the road.
The vast majority of mortgage professionals are looking out for your interests because that is how they do business and build a relationship with you. However, many people who are in the process of losing their homes today, especially those who bought them in the days of very loose lending guidelines, can look back at the paperwork and see that they got something other than what they thought they were getting. Many of them had no attorneys helping them.
A credible lending professional who has nothing to hide will welcome this party into the transaction.