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Asked by Mike, 89052 Wed Jan 29, 2014

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Answers

33
Diann Tonnes…, Agent, Las Vegas, NV
Thu Jan 30, 2014
Mike, I agree 100% with Valerie's answer below. A home is probably the most expensive purchase you will ever make. The time to have someone reviewing contracts is BEFORE you sign them, not after. Most of the builder contracts are very standard, and they won't allow many modifications, but you need to understand what is in the contract to make sure you agree with it and fully understand the ramifications of all the terms. The builder's agent is working on the builder's behalf and looking out for the builder's best interests, not yours. However, that being said, if you have already signed all the contracts, it is probably not necessary to have an attorney review them after the fact. You have already agreed to the terms in the contract, so the attorney can't modify anything. And the escrow company will make sure that free and clear title is being passed to you at the close of escrow via the title insurance policy. Just keep in mind for the future that you can have your own real estate agent represent you with the new home builders at no cost to you. Those of us that deal a lot in new home sales also know what kind of concessions we may be able to get from the builder that you might not know to ask for.
2 votes
Rhonda Brink…, Agent, Las Vegas, NV
Wed Jan 29, 2014
Some agents from other states will tell you yes on the attorney , however in NV its not needed at all.
2 votes
Lesly Reiter, Agent, Longmeadow, MA
Sun Feb 2, 2014
I would recommend hiring an attorney to protect your interests. I would also make sure you have an independent inspector do an inspection on the property after the house is finished and before you close.
1 vote
I have written several for you,thank you
Flag Sun Feb 2, 2014
I have replied
Flag Sun Feb 2, 2014
you have my reply
Flag Sun Feb 2, 2014
I have an attorney. This is my house. I own it. I have the deed for it
Flag Sun Feb 2, 2014
tHIS IS not A NEW HOUSE. i HAVE OWNED THIS HOME for several years and now have it listed with people who have listed it for sale for me the owner
Flag Sun Feb 2, 2014
From experience, a must to get an independent inspector or at least your own agent.
Flag Sun Feb 2, 2014
Dee Pardue, Agent, Cypress, TX
Sun Feb 2, 2014
Every TREC promulgated contract has a place that allows a buyer or seller to have an attorney review. But most builders use contracts that their own attorneys have drawn up to primarily protect the builder. If you are not using a real estate agent, I would advise hiring an attorney to review the contract, at the very least. You need to know the answer to questions like: What if I am not happy with the construction of my home? Can I get an outside inspector to inspect home and will your builder review and address any issues from it? What if I can't get a loan after my initial pre-approval? Will I lose my earnest money and any deposits I paid? I have heard some nightmare stories from people who bought or tried to buy new construction without having a real estate agent involved. Builders are not held to the same Code of Ethics and oversight that real estate agents are.
In real life, I have had one buyer have an attorney involved--at my recommendation since the home had a "cloud" on the title. For re-sale homes, we use state-promulgated forms and agents are instructed not to insert any legal phrases. Real estate agents are thoroughly educated about the contents of a contract and the addenda so that they can explain it to their clients. We are not attorneys and cannot give legal advice however. I will say that one of my bigger concerns is how often we have contracts signed electronically without having the face-to-face conversation with our clients to make sure they understand the contract. Sometimes our clients are out of town or due to time restrictions, it is necessary to send contracts to sign remotely. Even in that case, I send a detailed summary of the contract and offer to review in detail by phone. I also provide a "Net Sheet" to my sellers to show their approximate net after closing costs, payoffs, pro-rated taxes and HOA dues. And ask my buyers to make sure they understand the Good Faith Estimate they should have received from their lender.
So unless there is an unusual circumstance, for the most part most buyers and sellers to not pay to have outside legal advice before signing a contract. Hope this helps to answer your question.
1 vote
Myra Gouger, Agent, Las Vegas, NV
Thu Jan 30, 2014
If you want to, you can. However, if you are building a new home, builders will not change a single thing in their contracts. Also if your attorney doesn't like the wording of the agreement and wants you to pull out, you will lose any deposit money and option money that you have paid. The time to have had the attorney look at the agreement would have been before you signed the agreement. Not now.
1 vote
dawn lane, Agent, Las Vegas, NV
Wed Jan 29, 2014
If it would make you feel secure , by all means hire an attorney to go over your documents. You may be able to hire someone relatively in expensively . After all you are just asking for a consultation and to review the documents . Attorneys don't usually charge much for a service like that . If , however they advise you that this agreement is not I your best interest, it may cost more if you hire them to represent you in the further negotiation of the close . You have , as you stated , already signed the agreement and this would be the formality of transferring the ownership to you . To be safe , I would strongly advise you to seek legal counsel for peace of mind . In the future, I strongly advise you to seek the representation of a professional to avoid this unneeded stress and added expense . Goodluck to you .
1 vote
Matthew D'Er…, Agent, Las Vegas, NV
Wed Jan 29, 2014
First, congratulations on your first home purchase...very cool and exiting. You've gotten a lot of opinions here. Please call me and we can talk about where you're at in the construction. I may be able to help. Matt 702.501.0973
1 vote
Valerie Edwa…, Agent, Las Vegas, NV
Wed Jan 29, 2014
If you were going to have an attorney, it should have been prior to signing any contract. Real Estate Agents are not attorneys, but we are obviously familiar with the purchase agreements and we can explain the documents to you and what is standard or not in our industry in NV.

If you haven't already signed, it is advised that you get some help so you know what deposit are refundable and what are not. and of course when and why you can cancel and expect a full refund of your EMD...... If you all ready signed, it still would be good to know what your rights are if anything goes wrong so you don't miss a DEADLINES and forfeit your right to cancel under the terms that are most advantages to you as the buyer.

Agents are usually the ones that guide you through home buying process but typically once you talk to a builder, without an agent, the builder will not pay the agents commission which means you would be responsible for it if you choose to have one.

Sadly most buyers are not aware that they can bring their own agent to purchase a NEW home in order to have the benefit of their experience and have the builder pay the agents commission. When they learn that they can have their own agent, it is typically too late. Buyer's must have their agents with them when they FIRST look at the homes/models in order for the builder to agree to pay for the agents commission.

Valerie Edwards
Premier Real Estate
(702) 371-5533
1 vote
Fritz Walter, Agent, Milford, CT
Wed Jan 29, 2014
I would have hired a buyer's agent and an Attorney. Just my opinion... Max protection.
1 vote
Dawn Houlf, Agent, Las Vegas, NV
Wed Jan 29, 2014
having a real estate attorney review your contract would be a wise move.

I do have and have dealt with many real estate attorneys and would be more than happy to suggest a few.

You may contact me at 702-236-6266

Dawn Houlf'
Exit Realty Number One
10655 Park Run #100
Las Vegas, NV 89144
http://www.dawnhoulf.com
http://www.sharebuildersinc.com
1 vote
Truman Flemi…, Agent, las vegas, NV
Wed Jan 29, 2014
If you don't trust your realtor... but no, you don't need one in vegas.
1 vote
Damon Bottic…, Agent, Las Vegas, NV
Wed Jan 29, 2014
Having a Realtor represent you would have been at no cost to you and the guidance you receive from an experienced agent can, at times save you lots of money and/or grief. You're already in contract, so at this point, having an attorney review the closing documents is probably not necessary, but if there's anything you don't fully understand in the docs, then go ahead and hire one. ...next time around hire a good agent...they're a lot cheaper and do a lot more than simply reviewing closing documents. Those of us with experience already know many of the builders tricks and can provide money saving insights thru the whole buying process from start to finish.
1 vote
Scott Wells, Agent, Las Vegas, NV
Wed Jan 29, 2014
It's not a bad idea if it makes you more comfortable. It isn't legally mandated. In Nevada, you're in charge of your transactions.
Feel free to contact me for any questions or representation if you require any. Please contact your current agent first. If you don't have one, call me.
1 vote
Lauri Bauer, Agent, Las Vegas, NV
Wed Jan 29, 2014
My first suggestion would have been to have a realtor represent you rather than allowing the one that represents the builder but it sounds like that is too late. At this point, unless everything you read is perfectly clear to you, I would invest in having an attorney look it over. I am not saying this lightly, I strongly recommend it!! Good luck with your new home!

Laura Bauer
Foundation Realty, LLC
702-370-1072
lauri365@aol.com

http://www.trulia.com/voices/profile/Real_Estate_Pro-Las_Veg…
1 vote
mgmtlv, , Las Vegas, NV
Wed Jan 29, 2014
Here in Nevada it is not necessary, but in some states it is.... if you trust your agent and their knowledge then no, but it is always advised if you have questions they can't answer.
1 vote
Chad Roberts, Agent, Henderson, NV
Wed Jan 29, 2014
If you are not well versed in the home buying process and all of the necessary documentation involved, it may be in your best interest to hire a professional.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
1 vote
Mark Perry, Home Buyer, Lake Las Vegas, Henderson, NV
Wed Jan 29, 2014
I wouldn't waste the money here in Nevada. Just read the contract. There shouldn't be any surprises.
1 vote
Thomas Moser, Agent, East Northport, NY
Wed Jan 29, 2014
I think that hiring an attorney to assist you would be money well spent.
1 vote
Aldoxx63, Other Pro, Brownsville Township, PA
Mon Feb 3, 2014
It will be difficult for one realtor to handle any questions or negotiations and remain neutral to both parties. I can't imagine one attorney handling the contract for both parties for the same reasons.
0 votes
cmarcum2010, Home Buyer, Lexington, KY
Sun Feb 2, 2014
I think it is always good to have an attorney weather it is a new or an older home. This what happen when my father die. And my Aunt thought she was the only heir to there mothers property. She had a attorney and he told her she was the only heir. Which wasn't true but the buyer didn't find this out until after my Aunt had passed away. They went to get a clear title and couldn't do it, because they hadn't cleared everything with the heir to the property. Which was myself and two brother that were still living. The buyers had to take out a loan to pay us our share of the property. Which didn't seem right to me at the time. Now that I am older and my husband is faced with the same problem with family property in Ky. we have talked to a lawyer and we now know what to do keep this property free and clear. Some lawyers are good with this type of law and some are not so be careful who you choose.
0 votes
Snuffles, Both Buyer And Seller, New York, NY
Sun Feb 2, 2014
Don't cheap out on that. This is the US. We are sue happy. You want a lawyer to revirpew contract to protect your interests. At the end of the day, assume everybody is out to make a buck or take advantage of you. A builder is one of the worst, with delays to delivery, sitting on your deposit for cash flow, or swapping in cheap appliances instead of ones presented. You want a lawyer to make sure the contract is fair and not to the sellers advantage without you knowing...and if your lawyer doesn't do due diligence you sue him back.
0 votes
You are so right.
Flag Sun Feb 2, 2014
Kim Katsenes, Agent, New Lenox, IL
Sun Feb 2, 2014
It's always a good idea to hire an attorney to review closing documents for the purchase of a new home. Since your buying from a builder and working with the builder's agent, don't you think it would be nice to have someone acting on your behalf? The small fee you pay an attorney to make sure the property Deed is correct, review the builder's contract and your lenders docs is worth it's weight in gold!
0 votes
j_borkowski, Home Owner, Stedman, NC
Sun Feb 2, 2014
aGAIN i REPEAT. i HAVE HAVE AN ATTORNEY
0 votes
j_borkowski, Home Owner, Stedman, NC
Sun Feb 2, 2014
i AM not BUYING A NEW HOME. i AM SELLING MY HOME AND HAVE AN ATTORNEY WHO HAS DEALT WITH MANY HOME CLOSZINGS
0 votes
Peter Orisses, Agent, Bayside, WI
Sun Feb 2, 2014
You should most definitely use an attorney. You should have an experience Real Estate attorney review the contract to see if there are any terms and conditions that could possibly jeopardize you or make you responsible for certain things that you are not aware of. The attorney will also hire a tittle company to investigate for any outstanding liens,survey issues and any C of O issues. I highly recommend hiring an attorney. This purchase is most likely, one of the most expensive purchases you will make. Don't be penny wise and dollar foolish.
0 votes
Angeline Sac…, Agent, Estero, FL
Sun Feb 2, 2014
If that will be the only person looking out for you - yes! I would also recommend you have a home inspector look at the property. I am sure the builder did a great job but their sub- contractors are human.... & we all can/ do make mistakes that are unintentional.
0 votes
Brenda Frazi…, Agent, Marietta, GA
Sun Feb 2, 2014
Although the Attorney could help with legal verbage he or she will not know what the market is doing and if you are protecting your investment like a local Realtor would. Remember the Listing Agent is not representing you they are representing the builder. It is almost more advantageous to hire a Realtor and pay for them rather than an Attorney.
0 votes
Weebitcabin, Home Buyer, Santa Teresa, NM
Sun Feb 2, 2014
Find out the owner's name.
He will be your grantor.
Go to the registry of deeds at the county seat.
Find the name of his grantor, and see if his is a warranty deed.
Repeat this for probably the past fifty years..
Go to the lien box to learn of any attachments (money that may come from the property needing to be paid by ou possibly).
You have searched the title, and if it is clear, buy the property!
0 votes
Anita Madison, Agent, Carmel, CA
Sun Feb 2, 2014
It certainly couldn't hurt since your don't have a Realtor looking out for YOUR best interests! Your lawyer will look out for anything that could come up later and haunt you. (That is what a good Realtor will do and it wouldn't have cost you what a lawyer will). Good luck!!
0 votes
Realtors do not search titles. Lawyers do. You can do so yourself.
Flag Sun Feb 2, 2014
since when do Realtors practice law?
Flag Sun Feb 2, 2014
Vicky Lobos-…, Agent, Washington, DC
Sun Feb 2, 2014
Definitely! Better pay your own attorney to explain all the in's and out's and best of all somebody too look after your best interest.
0 votes
Phil Scheinm…, Agent, Las Vegas, NV
Thu Jan 30, 2014
Hi Mike,

Did the builder give you a discount for not using a realtor? I haven't heard of any builders willing to do this.

Why would you turn down the advise of having a very experienced person in your corner?

Even now you seem disoriented in not knowing when and how to use an attorney in a real estate purchase.

We all feel we can do it ourselves... who needs a doctor when I have a wet nurse...

If things work out good than count yourself lucky. But when things go wrong, it never seems to fail that the person runs to a realtor for help after the fact.

Did you know that a realtor can contribute to your closing costs?

Perhaps if you choose a realtor and asked them if they would be willing to contribute to your closing cos... you might just be $500 richer and would certainly know the answer of when to an attorney involved...

Just something to ponder for the next Mike who is reading this!


Wish you the best

Phil
0 votes
Great advice, thanks!
Flag Sun Feb 2, 2014
Frank Liu, Agent, Las Vegas, NV
Wed Jan 29, 2014
Do not wast your money! If you do it, you make 2nd mistake. Because you do not hire a buyer's agent, it is your 1st mistake that costs your nothing. Without buyer's agent help, you are still in 3 protections: 1) builder shall give 10 year construction warranty to your new home, 2) title officer as an attorney whom is 3rd party handling your COE and the title insurance shall pass over a clear tile to you, 3) builder's agent shall treat you in fair according to NV law.


Frank Liu
NVWM Realty
6260 S Rainbow Blvd
Las Vegas, NV 89118
702-742-2373 Cell
702-462-5882 Office 702-664-6368 Fax
Frankliuc21@yahoo.com
0 votes
Scott Wells, Agent, Las Vegas, NV
Wed Jan 29, 2014
It's not a bad idea if it makes you more comfortable. It isn't legally mandated. In Nevada, you're in charge of your transactions.
Feel free to contact me for any questions or representation if you require any. Please contact your current agent first. If you don't have one, call me.
0 votes
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