Should I have an attorney review my purchase documents?
In some states, attorneys draft the purchase documents, act as the escrow agent, distribute the funds and record the deeds and/or mortgages. Arizona is not one of those states. Escrow offices are available and offer such services as holding and distributing funds, providing title insurance through their title plants, and providing accounting servicing for some continuing debt. Title insurance protects the buyers from most claims against the title. We strongly advise against closing any real estate purchase or sale without checking for title defects and obtaining title insurance. You may know that you haven’t taken out a second lien on your property, but do you know for a certainty that no one else has made a typographical error in a legal description that now includes your property? Real estate transactions must be in writing to be enforceable.
