Home Buying in Massachusetts>Question Details

Max, Home Buyer in Massachusetts

Almost close to closing on REO, being told by friends and family to get my own lawyer. Do you think it's wise?

Asked by Max, Massachusetts Sat May 16, 2009

to do so this late in the game?

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6
Real Estate Attorneys are like car insurance: You're not happy to pay until you need it, and when you need it, you REALLY need it. Homes are very expensive transactions, and attorney fees are so modest it seems like the safe way to go. For the protection they provide, its really quite the bargain. Trying to bring one in after you hit the speed bump is usually a day late and a dollar short.
1 vote Thank Flag Link Mon May 18, 2009
If there's ever a question if you need a lawyer, then in my experience it's always those times you could use one the most. At this point it can't hurt to have an attorney's expert opinion.

Hope that helps
Web Reference: http://www.MaldenHouse.com
1 vote Thank Flag Link Sat May 16, 2009
Are you financing this purchase or are you paying cash? I assume you've already signed a P&S.

I highly advise having a lawyer for real estate purchases in MA,period and ESPECIALLY on an REO or short sale ... the earlier in the game they are involved, the more help and protection they give you ... like helping you put together (or at least explain) a P&S that best protects you. And, of course, to research the title so that you are assured that everything that you are purchasing is totally clean (and therefore, you're not inheriting any problems that you didn't already know about.)

If you're financing, then your lender would have about as much interest as you in having clear title for the most part ... and in Massachusetts you have the right to select the closing attorney. Were you offered this option?

If you're paying cash ... who is doing the title search for you?

The bottom line is that someone needs to be doing all the necessary "background checks" for the house, condition of title, liens ... etc ... someone not on the selling side (even your lender's attorney would be better than working with the seller's attorney).

Ideally, you want an attorney who is representing your best interests and if you have any question or unknown about this property, it would be well worth your piece of mind to bring in an attorney to make sure that something wasn't overlooked ... even at this late date. You may end up risking your deposit, but I assume that is only a mere fraction of what you'd be putting down for the purchase. So, better late than buying into a mistake.

Best of luck.
Web Reference: http://www.commonmoves.com
1 vote Thank Flag Link Sat May 16, 2009
Yes and yes. You should always have your own lawyer. Do not depend on banks lawyer. They are looking out for the bank.
1 vote Thank Flag Link Sat May 16, 2009
Your own lawyer will look out for you, no the bank. REO's can be tricky and you want to make sure your all on the same page. There may be language in the closing docs that aren't in your favor, it's wise. You have done all your due diligence in regard to inspections and so on?
Web Reference: http://BonnieRaymond.com
1 vote Thank Flag Link Sat May 16, 2009
Max,

Good Luck with your purchase. I am a real estate attorney and yes it sounds self serving but yes you should obtain counsel. The Seller will be represented, the bank will be represented and you will be on your own. There are several ugly clauses if things go badly, you can always use someone on your side. A Buyer's attorney is often inexpensive especially if you have them also represent your lender. If you want feel free to give me a call or email at 508-969-9988 or andrew@raalaw.com. I do not charge until after we speak and you decide to formally hire me. Do not hire anyone who works hourly or will charge you for merely talking to you about getting hired. Best Wishes - Andrew
0 votes Thank Flag Link Mon May 18, 2009
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