Do you need an attorney to represent your interests at closing?

Absolutely. The lender’s attorney is present to act on behalf of the lender and to protect the lender’s best interests. The purchase of a home is typically the largest investment any of us will make in our lifetime. Having your own real estate attorney present to protect your investment makes sense.

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What is owner’s title insurance and do I need it as a buyer?

Owner’s title insurance is a one-time investment on probably your single largest purchase. While a lender’s policy protects the lender from defects in the title to the home, it offers no protection to you, the homeowner. For a one-time investment by you of a few hundred dollars at closing, you are protected as long as you own the property (even decades later) from back property taxes, federal and state tax liens, materialman liens, encroachments, forged deeds, zoning violations, unknown heirs of an estate, etc. Unlike other insurance policies, you are protected without having to incur annual premiums.

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Why is a homeowners warranty important?

Typically, the builder of a new home will provide a one-year warranty to the buyer from the date of the closing that the home conforms to the plans and specifications agreed upon by the parties. As a buyer, you can request a warranty for up to ten years from closing against any structural defects in the home from the builder and you may even request the protection of a warranty from the seller on an existing home. However, the sales contract should stipulate that a homebuyer warranty is available.