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What's in it for me?

I'm new at this buying process, so I need your help.  I'm buying an out-of-town property.  Closing set for next week.  Attorney confirmed closing with me today and also said he would be representing the Lender (my out-of-town Credit Union), too.  As the Buyer, I am responsibile for paying both MY attorney and the BANK's attorney.  In this case, THEY ARE THE SAME PERSON.  Then why do I have to pay the Bank's attorney fee?
  • January 16 2009 - Long Island City
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Answers (3)

Usually in this case where the attorney is representing both you and the bank he will give you a break.  So if two seperate attorneys would each charge $400.  He may do it for $600.  Ultimately you will have to discuss it with him. 
  • January 17 2009
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Profile picture for Chris A. Lewis
If you are not sure I recommend contacting the attorney.  If you are uncomfortable with it being the same person request another attorney to either represent you or the bank.
  • January 16 2009
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The attorney has to review the closing documents and usually there is only one fee; however, in some states attorneys close loans whereas in some states title companies close loans. Maybe he's charging you a doc review fee and closing fee.
  • January 16 2009
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