FSBO, auction, optioned, assigned, some flips, simultaineious and bank owned are also situations where an attorney will prove essential.
Here in FLoirda tille companies facilitate the purchase and sale of most real estate. Those choosing to use an attorney are electing to subsititute 'attorney time' to replace any of the dates on the contract. Add that time disregard to that attitude of the 'Too Big To Care" banks and you've created a real convulted mess with too many cooks in the kitchen.
Now, all of this must be taken in light of your situation. What will be the structure of the ownership of the sller? What will be the structure of your ownership? The answer to these questions dictate the level of oversight needed by an attorny, finanacial adviser and your accountant. 1031 exchange to LLC all impose special requirements. The professionals you work with will be able to advise who needs to be invited aboard.
Real estate is a very fluid business, not well suited to YES or NO responses.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Seriously, I would say that the need for attorney involvement is more likely due to non-forms issues. There may be zoning concerns or concerns over the meaning of CCRs or easements.
Below I said sellers were more likely to need attorney review. What I was thinking there is they might have tax issues or disclosure (Form 17) concerns.
That said, agent errors on forms can keep the contract from being a binding contract, so a buyer having an attorney review the contract might prevent a seller from backing out. That hasn't been that much of a concern in the past, but in this market you never know. Better offers do come in from time to time. The WR Legal Hotline question from 5/7/13 involves a situation where the seller was trying to back out on a forms issue.
That said, if you work with an agent with whom you trust, you should feel comfortable in knowing your agent is advocating for your benefit and you might opt to forgo the added cost of an attorney review.
Please let me know if you have any questions, my answers are free and I am never too busy to help! Contact me directly 206-501-7837 or phoebe@SheSellsSeattle.com; you can view all available listings int the Seattle area at http://www.SheSellsSeattle.com