Home Buying in 01095>Question Details

Jan, Home Buyer in 01095

Do I need a real estate attorney when buying a home.?

Asked by Jan, 01095 Thu Jul 30, 2009

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Hello Jan- Normally, a RE attorney will charge you about $500 to review a P&S and make suggestions on your behalf- with your interests in mind. Sometimes your lender's attorney will also offer to do this for you - free of charge- if that attorney will be doing the bank's closing work and title insurance work.
Generally, your interests do align with your lender's interests- so 95% of people do not use a separate RE attorney. It depends on the kind of property, purchase terms, value of the property, amount of your loan, and other things.
If you do use your own attorney separately, that may slow down the whole process a bit as well. Just my 2 cents. Thanks and good luck,

Ken L.
1 vote Thank Flag Link Fri Jul 31, 2009
If you are using a conventional lender, a bank,etc., their attorney will do all of the due diligence necessary to assess the home for the bank. In addition, the lender's attorney will usually represent the buyer as well and review the purchase and sale agreement and advise on any issues that may come up. I also see this kind of work in reverse, as in you pick your attorney (hopefully one that has real estate as a speciality), and he is either an approved attorney of the bank, or he/she gets that approval for your sale. Even, and especially, if you are paying cash, it is important to have an attorney in your corner. Same goes for the seller. Things that can seem so straightforward, can get complicated fast, and an attorney is what you need when that happens. Of course, we always hope for smooth sailing!
0 votes Thank Flag Link Tue Jul 17, 2012
Absolutely! or an Attorney in general.
0 votes Thank Flag Link Thu Feb 17, 2011
Hi Jan! In my own experience, and in this area, your closing costs will include the fee for the attorney that the bank will use. But the things the attorney is looking out for on behalf of the lender are definitely things you'd want to have done anyway. Things like a mortgage survey, to ensure that there are no "encroachments" on your property, and a title search to make sure there's a clear title for the property. The attorney will generally look over the purchase agreement for you as well, and organize any changes to it with the seller's attorney. Does that help? I hope so! Take care, Deborah
0 votes Thank Flag Link Thu Aug 13, 2009
No you don't, but I always use one and I recommend that my clients use one.

Too much money and too many details not spend the money upfront.

If you need a good one, fixed costs, thorough, let me know.
0 votes Thank Flag Link Thu Jul 30, 2009
Simply put, no, it is not required for you to have a real estate attorney to close on a real estate transaction. Is it prudent to have a real estate attorney, yes!!

Many real estate transactions go smoothly and a real estate attorney wasn't absolutely necessary. But many go poorly, their can be title issues, settlement issues and a plethora of other issues that can hinder your purchase. If you already have an attorney in place it makes life much easier. If you are trying to find an attorney after the fact it is like spinning your wheels.

A real estate transaction is a complex legal transaction, a real estate agent does not take place of an attorney. I highly recommend using one.
0 votes Thank Flag Link Thu Jul 30, 2009
Jan,
Absolutely. A great agent and a great Real estate attorney are the most effective and useful professionals to ensure you get through the home buying process successfully.
0 votes Thank Flag Link Thu Jul 30, 2009
I always advise my clients to retain the services of a real estate attorney. As a buyer they may opt to hire the banks attorney to work for them but I also advise them that to be mindful of the small chance that their interests diverge from the lenders then a personal attorney advisable. As a seller it's also important to review all contracts and make sure all the proper disclosures and documents are processed as their interests dictate. Real estate agents/brokers will do their best but we are not attorney's and only a qualified attorney should be used when there's a legal question of a term, contract, disclosure, permit, licence etc.

At the end of the day an attorney is another member of your "team" of professionals working in your interest to make sure you are covered in the purchase or sale of property, and typically a large amount of money also.

Hope that helps
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Thu Jul 30, 2009
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