Good response from Mary and Jerry.
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