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Nat, Other/Just Looking in Ontario, CA

Is it smart for us to have the same lawyer as the buyer of our home, and we are not using an agent?

Asked by Nat, Ontario, CA Mon Jan 21, 2008

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To protect your legal contractual interests, I recommend you retain your own attorney in this transaction, who will solely represent your rights. Even though many states allow attorneys to represent both parties in a transaction, most ethical attorneys would not do so, because it creates a conflict of interest between the parties concerned, even with informed consent. With all due respect to the fabulous professional realtors out there, I still recommend you retain a real estate attorney because you do not want to be 'out-negotiated' by a lawyer who has superior legal and negotiation skills. Good Luck!
0 votes Thank Flag Link Mon Jan 21, 2008
Nat
No, it is not smart. An attorney knows law, however we have a saying in real estate: "We don't practice law, and lawyers don't practice real estate". You are doing yourself a disservice by not taking advantage of a Realtor's expertise of the local market.

I assume that you know that when a Realtor represents you in the purchase of a home that they "work for free", meaning the seller pays the costs of selling commission. So I do not know why you would not want to use one.

One more thing: overall sellers that sell "on their own" sell for an average of 16% less than sellers that use Realtors (NAR 2006 Seller survey). There is a big difference between knowing the legal aspects of real estate and the value of real property.

Best of luck to you.
0 votes Thank Flag Link Mon Jan 21, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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I wouldn't, especially since you're going it alone. In my area, it would only cost $250 - $450 to have an attorney representing you throughout the close and at the closing table. For that amount of money, it would provide you with peace of mind.

And what would you do if some problem occurs along the way to close; the buyer wants to delay the close several weeks for one reason or another or the attorney contacts you and asks a legal question about your property or title. At the very least, you should have you own title agency at close. If all closings are conducted by attorneys in Ontario, then I would recommend having your own legal council.

Frank Biganski, Realtor ABR
0 votes Thank Flag Link Mon Jan 21, 2008
Nat

You may want to consider hiring a local real estate attorney to protect your best interest.

Best of luck
0 votes Thank Flag Link Mon Jan 21, 2008
Yes, I suppose it could be done, But, I dont think its the best thing that you could do.
0 votes Thank Flag Link Mon Jan 21, 2008
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