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Why Home Buyers Need Their Own Attorneys Even When Working with a Title Company

 Posted on September 22,2022 in Real Estate Law

Fairfield County real estate lawyerWhen you are purchasing a home, there are so many details to address that it can sometimes feel overwhelming. Not only are you dealing with meeting all the requirements regarding financial information that your financial institution needs for your mortgage, but there are also other things that your bank or mortgage company will require. One of these required is title insurance. At this point, some buyers make the mistake of forgoing having their own real estate attorney and instead allow the title review company to handle everything. This can have serious financial ramifications later on.

What Is Title Insurance?

Every time a property is purchased, sold, or financed, there is a record of that transaction filed in the public archives of the municipality where the property is located. There is also a record of any other liens or other events that may be filed against the property.

When a person is purchasing a property, the mortgage holder requires them to purchase title insurance. The insurance company will hire a title review company to search the public archives to find out if there are any issues that could affect the ownership of the property. Once the title company determines there are no issues, the title insurance company will issue title insurance.

Why Should a Buyer Not Just Depend on the Title Review Company?

Perhaps one of the most important reasons why a buyer should not depend on the title review company is that the company is not working for the buyer – it is working for the title insurance company. This means the company does not have the buyer’s best interest in mind. A real estate attorney does.

There is no law in Connecticut that says a home buyer must hire a real estate attorney to represent them in a transaction. This is one reason why a buyer may rely on the title review company for legal protection. However, title review agents do not have law degrees and cannot offer the buyer any legal advice should an issue arise. Even a sale that appears to be fairly straightforward can have issues that could result in tax issues or other legal and financial consequences that having an attorney could have prevented.

A title review agent is also not allowed to draft any legal documentation that may be needed to correct issues and protect the buyer. Without a real estate attorney involved from the beginning, the need to hire one later in the purchase process can end up delaying the closing and even cause the transaction to get canceled if this delay violates any contracts between the buyer and seller.

Contact a Fairfield County Real Estate Attorney

If you are purchasing a home, make sure you have a skilled Stamford, CT closing attorney protecting your interests in the transaction. Call Law Offices of Daniel P. Weiner at 203-348-5846 to schedule a free consultation.


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