I was told that hiring a real estate lawyer is not absolutely necessary, since there is a lawyer who functions on behalf of the lender to prepare the proper paperwork. Does anyone have any recent experience with this? It would be almost an additional $1,000.
If you're purchasing a home w/out an agent, it would be a good idea to have a RE Lawyer look over the paperwork and give you advice. Some lawyers will just charge you their initial consultation fee anywhere from $100 p/h to $200 p/h. I think having him review it, is a wise decision. You're correct about a mortgage lender not being able to provide you with R.E. information, unless he/she knows an agent that would be willing to look over your papers. Good Luck and Prosper...;*!*;...
No its not necessary; your main issues is to ensure you get the property with clear title and title insurance That said, where a lawyer comes into play is not all the closing documents but if you where to run into problems before the closing is with specific language of the sales agreement and how its applied to situations which arise after the inspection of the home , Remember the sales agreement is drafted by the selling agent it favors the seller not the buyer, beware of any timing requirements, do you have a inspection clause to get out of the deal if inspection goes bad, it also will address if and how you can get back your escrow monies if the deal fails etc If your savvy then probably not; buying new construction probably not, buying older home needs work, has lead issues or buried oil tank maybe then might be a good idea
There are lawyers that prepare paperwork and represent the title company and the lender. The buyer and seller sometimes hire lawyers to represent them. The contract forms themselves are usually standard forms drawn up by the state- but anything that is crossed out or added can change the meaning in a way that you may not be aware of. Having a lawyer look that stuff over should not cost you a thousand dollars. But- no- most people do this without an attorney. And that means most people have no idea what they are obligating themselves to.
If your question is do you need to hire an attorney to represent you in a real estate purchase transaction then the answer is no. If you feel as if you would want to hire one for some reason then that decision is yours to make. Most states have in place a lot of agencies that would protect you and make sure things are handled properly according to the state laws of the state in which you reside. In California we have escrows and title to handle most of the paper work in closing real estate transactions. These two companies working together make sure the property is properly transferred, they ensure that all the funds are given and paid to the proper individuals. They also make sure a clean title is passed on to you as the buyer. In a few states, such as Georgia there are attorneys that do the closings as oppose to escrow officers. These attorneys work closely with the title company making sure that all the proper paper work is completed prior to the closing of any real estate transaction. These attorneys do not represent the buyers or sellers. They are there simply to ensure that the transaction close according to the state laws governing real estate sales. In the early stages of purchasing property you would be dealing with a mortgage banker/broker or bank to obtain proper financing. Then you would have a real estate agent to assist in obtaining your house you are seeking to purchase. Each of the companies mentioned above would have staff attorneys on their staff to make sure all state and federal laws are observed. I hope this has been of some benefit to you, good luck. FIGHT ON
I bought a house last year and didn't need a lawyer. During closing, the seller is the one that has everything prepared. They say it's good to have a lawyer, just in case there is something you don't understand or a clause involved that is not to your benefit. But a good realtor should be able to explain everything you do not understand.
