If coordinating moving dates is a real problem, we can try to arrange for a use and occupancy agreement-but it should be in writing and address issues such as responsibility to insure, assumption of liability, possibility of damage to the property and a contingency in the event that the owner has to evict in order to regain possession. That is a matter for negotiation at the purchase and sale agreement stage. It depends on the loan program offered by the lender. It is a policy of insurance that protects the lender and, if purchased by the buyer, the owner of the property from claims against the title to the real estate. In such an instance, the insurance policy would cover where the attorney would not.
Points are fees charged to bank customers for the use of money.
Because the bank attorney represents only the bank, and you pay him or her for that purpose only. Accordingly, unless the closing impacts on the validity of the security interest being given to the bank, its attorney will not get involved in aspects of a closing which are strictly between buyer and seller. No matter how good a lawyer he or she is, the bank's attorney does not care about the terms of your purchase and sale agreement, whether or not the subdivision restricts the hanging of wash in the backyard or the fact that the seller assured you that the last month's rents were returned to the tenants and all security deposits were being held in the manner required by statute. We usually charge a flat fee for the entire transaction, with the understanding that the fee can increase if problems arise.