Profile picture for Yazanhasanmu

Do I need a lawyer?

I found a house that I am planning to buy. It is new construction and will cost around 180,000. I do have the cash to pay full price when buying although I don't know if this is a wise thing to do but I am not planning to take loans. Would this make closing fees much less when selling as the bank has no role in the process ? I am not sure if I need a real estate attorney when I buy the house for closing or to make the whole process safer.
  • May 15 2013 - Iowa City
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Answers (5)

Profile picture for The LaPeer Team
Call the title company and they can send you a list of fees that will have to be paid at closing if you're a cash buyer. Unless there is some other agreement between you and the builder, this should be it as far as fees.
  • May 15 2013
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Profile picture for Bob Idakaar
New Jersey is a state where most use an attorney for a closing.
You can also use a title company.
BUT, good advice is to pay an attorney for their knowhow and to protect your best interest.
The little bit of money you think you may save is not worth the peace of mind knowing you have legal representation whne you purchase your home or sell your home.
  • May 15 2013
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Iowa is an abstract state. You will need an attorney to update the abstract. 
  • May 15 2013
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It really depends on what is customary for your area. Personally I would always use an attorney since buying a home is such an important process. It is a small price for such a great level of care.
  • May 15 2013
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There would be no loan origination fees or appraisal (optional with cash purchase).

But there would be title closing costs, property taxes and any applicable deed taxes (vary by county and state).

If you're not using a real estate agent, I would urge you to have an attorney review the contract prior to signing.
  • May 15 2013
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