Typically in this area it is very typically for both sides to have an attorney and it IS STRONGLY ADVISED to do so. There job is to review all the documents, offer you the title insurance, review your lenders paperwork, sellers attorney/ title paperwork, and advise you on your decisions throughout the process to make sure you are not taken advantage of. In my opinion its not worth saving the $400 or $500 if everyone else is represented by an attorney and you are unrepresented and not familiar with the process. These Q&A advise blogs are somewhat general and you certainly should have someone reviewing the specifics of your transaction that has YOUR best interests in mind.
The seller does have an attorney as do the buyers. In NY the contract has to be reviewed by both attorneys once agreed upon by the buyer and seller.
The "host" of the closing is typically the lenders attorney but not always.
If you need a referral, let me know.
Good Luck, and get representation! Protect Yourself!!
Welcome to Rochester!
It makes good sense to protect yourself with the single
biggest purchase of your life by hiring an attorney
who specializes in real estate transactions.
It is common here in New York to have an attorney represent the Buyer in a purchase transaction. I know elsewhere in the country this is not necessarily the case. Frankly, I canâ€™t understand how anyone could proceed with signing important legal documents without an attorney present to review and advise.
A good real estate attorney seeks to do two things in a purchase transaction:
1. Protect her client. This includes a review and revision of the contract of sale to remove any harmful language/requirements. Also a review of the title report to verify there are no obstructions to you, the Purchaser, receiving a good "clean" title at closing. Lastly, a thorough review and explanation of the closing documents.
2. Help the Purchaser accomplish the goal of homeownership. A good real estate attorney understands that buying a home is a happy time: someone's dream is about to come true! Thus, the adversarial nature of the contract transaction gets toned down to a matter of reasonable conversations betwen the Purchaser's and Seller's attorneys. This isn't a lawsuit or divorce case, so the good real estate attorney has to tone down the rhetoric and find reasonable compromises---while still protecting his client---so that the goal of the contract is achieved: a home purchase.
Hope that helps!
If you are planning on doing any real estate transactions here in Rochester, do yourself a favor and look up Steve Pheterson, Esq. He is one of the BEST real estate attorneys in town. It is worth it to spend a little money to avoid a closing nightmare.
Hope this was of help to you. If you have any questions, feel free to contact us at 1855JOEBUYS@gmail.com.
Joe & Pam