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Yes and No.
Yes, it is always good to have attorney counseling you on the meaning of any legal document you are signing. No, it is not always necessary to have an attorney to sign standardized bank documents in a refinance unless you want to fully understand the refinance and make sure that you are getting what you bargained for.
Bottom line - Having an attorney at a refinance closing is a really great way to make sure that the interest rate your thought you were getting is right, that it is either fixed or is adjustable in the way you understood it. It is also important to understand the rather large fees charged (and buried) in a refinance. On average, a refinance costs $5000 in bank fees. Bottom line - $250 for an hour appearance fee is a drop in the bucket compared to these fees and will help you feel comfortable with what you are signing.
Hiring the attorney, the problem is how to hire and attorney who can make these sorts of appearances profitable and desirable to do and also be qualified. Usually an attorney belonging the Illinois Real Estate Lawyers Association (IRELA) www.irela.org will be competent in Illinois to represent you and usually has flat rates that are reasonable.
If you are hiring an attorney generically, try these tried and true questions and technics:
1) Find three attorneys that serve the geographical area you need service in
2) Confirm that the attorneys speak your language
3) Call each attorney and ask three questions:
Based on your discussed with the attorney, you should be looking for the following answers:
For more information about NLO Nelson Law Office, please go to: http://www.nelsonlawoffice.com/contact.html
To see David Nelson's video on YELP go to: http://www.yelp.com and then search for NLO Nelson Law Office.
Yes, it is always good to have attorney counseling you on the meaning of any legal document you are signing. No, it is not always necessary to have an attorney to sign standardized bank documents in a refinance unless you want to fully understand the refinance and make sure that you are getting what you bargained for.
Bottom line - Having an attorney at a refinance closing is a really great way to make sure that the interest rate your thought you were getting is right, that it is either fixed or is adjustable in the way you understood it. It is also important to understand the rather large fees charged (and buried) in a refinance. On average, a refinance costs $5000 in bank fees. Bottom line - $250 for an hour appearance fee is a drop in the bucket compared to these fees and will help you feel comfortable with what you are signing.
Hiring the attorney, the problem is how to hire and attorney who can make these sorts of appearances profitable and desirable to do and also be qualified. Usually an attorney belonging the Illinois Real Estate Lawyers Association (IRELA) www.irela.org will be competent in Illinois to represent you and usually has flat rates that are reasonable.
If you are hiring an attorney generically, try these tried and true questions and technics:
1) Find three attorneys that serve the geographical area you need service in
2) Confirm that the attorneys speak your language
3) Call each attorney and ask three questions:
- How long have you been in practice in Illinois
- How many residential real estate closings have you done on average over the last five years
- What is your flat rate for representation at a refinance including any trip charge
Based on your discussed with the attorney, you should be looking for the following answers:
- I have practiced in Illinois for over 5 years
- I do at least 10 residential real estate closings per year and it is one the core concentration areas of my practice.
- I charge a flat rate fee of $250 per refinance for up to 1 hour of representation. Trip charge is maximum of $100. {This illustrates that the attorney understands how to be profitable and thereby of good service both in the City and Suburbs} Attorneys who charge too little and are unprofitable are not motivated to provide good and competent service and should be avoided. Value is the golden rule in purchasing legal services whereas price is simply irrelevant.
For more information about NLO Nelson Law Office, please go to: http://www.nelsonlawoffice.com/contact.html
To see David Nelson's video on YELP go to: http://www.yelp.com and then search for NLO Nelson Law Office.
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