Closing on a new house when paying cash
It's been MANY years since I was last involved in a real estate transaction and when I last did it, there were real estate agents and lawyers involved for both parties (as is the custom in this state). Hence, I just wrote checks and signed documents as dictated by my attorney.
Now, we are preparing to close on our new house in TV. (Yeah!) We plan to pay cash, hence there will be no mortgage company involved. From what I understand, most people who buy new from TV do not have their own lawyer. That leaves two questions:
1) should we have a lawyer anyway? Has anyone experienced legal troubles by not having a lawyer when buying directly from TV?
2) if we don't have a lawyer, how do all of the various fees like Archive and Recording fees and most importantly, State and County Tax Stamps get paid. Since these fees are not paid to TV, who collects this money from us and disburses it to the proper places? In NJ, that would be the function of the attorney. Who does this when paying cash for a house in TV when no attorney is involved? Does TV do this for us?
Any experience or helpful hints on closing will be appreciated.
|