Is it necessary (or recommended) to have an attorney present for a closing on a refinance, or simply to have him/her review the documents?

Question

Is it necessary (or recommended) to have an attorney present for a closing on a refinance, or simply to have him/her review the documents?

Answer

Are you the buyer/borrower or seller?

If you're the buyer, you shouldn't be doing a purchase without a lawyer involved, preferably from before you sign your agreement of purchase. If you're already past that point, you certainly want a lawyer to actually represent you at the closing, because no one else will have your interest at heart, and if you just complete the closing, you may be giving up important rights that could be caught and prevented by your lawyer.

If you are the borrower in a refi, it's less critical, because if it's a residential refi, there's not really much you can change, but you should definitely read all of the documents you are being asked to sign, and make sure that there are no inaccuracies or mistakes. In a residential refi, you have a 3-day period in which you may rescind [undo] the loan, so be sure you have the document for that.

If the property is commercial, or even a residence that you own and rent out, you should have a lawyer represent you.

As seller, if there are any issues, and especially if there are title issues, you need a lawyer.

In every case, it is not sufficient to have a lawyer "review" the documents. The lawyer has to be involved in order to provide you with effective counsel, and just reviewing the documents and letting you try to negotiate will not result in your having representation and the protection that it can provide.

Also, whatever your role in the transaction, be sure to get copies of every document you signed and ask for a copy of the title insurance policy or "marked-up" title insurance commitment [the title settlement agent will know what that this] at the closing,

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.