Do I need a lawyer to purchase or refinance my home?
TECHNICALLY NO. However, in North Carolina a licensed attorney must certify the status of the title to property to the title insurance company in order for the title insurance company to issue title insurance to the lender and/or new owner. Also, most lenders require an attorney to conduct the closing of the transaction. Finally, there are non-attorney settlement services that will close the transaction after paying an attorney a nominal fee to certify the title; however, these services do not offer the same protections that you have with an independent attorney representing you. Typically, employees of these establishments do not have the educational background or experience of an attorney. Additionally, they are not bound by any ethical code of conduct regarding the handling of your money. Also, the cost to you is generally cheaper if you use an attorney. Finally, they do not have a license that took years to obtain at stake.
I need a document; can’t I just use a form off of the internet?
YES. However, internet forms are very general in nature and may not provide you the outcome for which you were hoping. Also, not all documents can be completed by just filling in the blanks. Many times special language needs to be inserted in order that your document provides the protection you want. An attorney looks at the big picture as well as the details to make sure you achieve the outcome for which you are looking.
Do I need a survey?
NO, if you are refinancing your home. YES, if you are purchasing a home (unless it is a condominium) Lenders typically do not require a survey and will tell you that you don’t need one. They are correct in that you don’t need one for them; however, you should have a survey done before you close so that you are made aware of any issues that may exist regarding boundary issues, encroachments or easements. Once you close, it is too late to go to the seller to have them remedy a problem. A survey gives you the opportunity to discover any potential problems before you close.
If you are purchasing a townhome, you may not need to obtain a survey.
Not sure you need a survey? Well, read this article to find out why you should have one.