LendingTree.com Discusses the Importance of Using a Real Estate Attorney

Released  May 15, 2007
By Megan Greuling

CHARLOTTE, N.C., May 15, 2007– People are often reluctant to get attorneys involved in their personal transactions, but when it comes to buying a home, smart consumers should refuse to proceed without one.

Whether you’re buying or selling a house, your team of experts should include a REALTOR® as well as a real estate attorney. The REALTOR® can help you find the right house or the right buyer and negotiate the deal, while a lawyer can review any offer you make or receive and make sure that all of the contractual “I”s are dotted and “T”s are crossed. Many consumers make the mistake of asking their REALTOR® for legal advice, which could potentially get both the consumer and the REALTOR® into hot water.

Some buyers and sellers are inclined to hire non-legal services that claim they can do all the legal work you need. That said, some mortgage lenders will require that you use a lawyer to ensure the deal will close as anticipated.

A lawyer’s role can be as broad or limited as you want, but if you’re buying a home your attorney should, at a minimum participate in the following:

• Help you understand the purchase contract, including how you will take title on the property.

• Prepare and register all the legal documents.

• Clarify the terms of the mortgage and work with your bank.

• Attend the closing and review all the papers you will be required to sign.

• Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.

If you’re selling a home, your lawyer should:

• Review or prepare the purchase and sale agreement.

• Prepare the deed.

• Attend the closing and review all the papers you will be required to sign.

• Arrange for transfer of security deposits.

• Arrange for insurance certificates if needed.

About LendingTree, LLC

LendingTree, LLC is the nation’s number one online lending exchange, providing a marketplace that connects consumers with multiple lenders that compete for their business. Since inception, LendingTree has facilitated more than 20 million loan requests and $152 billion in closed loan transactions. LendingTree provides access to mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans, credit cards and high-yield savings accounts via www.lendingtree.com and 800-555-TREE.

Launched in 1998 with headquarters in Charlotte, North Carolina, LendingTree, LLC also owns and operates LendingTree Loans sm, LendingTree Settlement Services, LLC, GetSmart®, and HomeLoanCenter.com. LendingTree, LLC is an operating company of IAC.