If there is anything that is "out of the box" or if you have ANY questions about a real estate transaction or there is anything that you are unsure of in any capacity, then you should hire a real estate attorney to review any concerns you may have. That said, you need to hire an attorney who actually specializes in real estate. There are so many attorneys in the phone book that seem to have a â€œgrocery listâ€ of jobs (like a jack-of-all-trades) that they â€œspecializeâ€ in but I would make sure you employ a lawyer whose primary business is real estate. I have a large clientele that is made up of physicians and one of them made the analogy; hiring a lawyer who does not do real estate is like hiring a foot doctor to do brain surgeryâ€.
This in no way denigrates the wonderful foot doctors out there, it just shows the difference of ability in each field!
I hope this helps,
Russell M. Lewis
REALTORÂ®, Broker, GRI, CLHMS
AvenueOne Properties, Inc.
901 W. Ninth St. #110
Austin, Texas 78703
(512) 531-3150: Office Direct
(512) 472-4722: Office Fax
Here, in Illinois, we use real estate attorneys on the majority of our transactions. Having been involved in hundreds, maybe thousands of transactions I am certainly familiar with many of the intricacies and pitfalls involved with a home sale/purchase. I have heard all the questions, and listened to the attorneys solutions. So I could easily sell/purchase my own home, without the help of an attorney.
And yet, I would hire an attorney, at my own expense, each and every time. They're worth every penny. I have seen so many instances where an attorney has helped extricate a client from a sticky spot, or found a simple interest rate error on their loan documents, that I might easily have overlooked (my eyes glaze over when going through those loan packets).
A real estate attorney in our area runs from as low as $300.00 up to about $1,000.00. An excellent investment, in my opinion.
While many states routinely close real estate transactions without lawyers, some do it as a matter of practice. If there is ANYTHING that you aren't clear on with respect to the contract, a lawyer is a good participant. All real estate agents are required to suggest attorney review.
Again, it's really a matter of locality- many states operate with buyers/sellers that don't use lawyers; some areas use them in the majority of closings.
Do you really need one? It boils down to your own comprehension of all of the documents that you'll be signing. Real estate agents can't practice "law"- for that reason, they will go over each point in the contract (in most areas) and if you are unclear at all, a lawyer would be the recommendation for a full explanation.
This is perhaps a question that should be directed to an attorney along with specific concerns.
In most business transactions "hind sight is 20/20." Many individuals wish they had consulted an attorney after the fact.......your timing is perfect.
The "Eckler Team"