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We had an accepted offer. (we are the buyers) The 1st thing everyone seems to be asking us is who our real estate lawyer is. We haven't asked out realtor about this yet.
I thought there was one appointed by the bank at some point? No?
Can someone give me the quick run down on whether I need to be searching one out right now? THANK YOU!
You should. Bank lawyer will not look out for you and your interests, but be there to make sure bank has its rear covered. It is smart to have person looking out for you and your interests at the closing table. They are not that expensive. Most are well under $1000. Their oversight, priceless. Your realtor should not be choosing your lawyer. You are the buyer. Ask friends and colleagues at work for quick references. Big RE websites sometimes offer lists of professionals that are associated with home buying process, and some offer ratings as well.
You should. Bank lawyer will not look out for you and your interests, but be there to make sure bank has its rear covered. It is smart to have person looking out for you and your interests at the closing table. They are not that expensive. Most are well under $1000.
I 100% agree. Have your own lawyer who will represent your interests.
Quote:
Originally Posted by kingeorge
Your realtor should not be choosing your lawyer.
Absolutely, your real estate agent should not be choosing your lawyer. You should be choosing your lawyer. However, if to this point your agent has proven to be trustworthy then there's no reason not to give strong consideration to an attorney your agent recommends. If your agent isn't trustworthy enough for you to accept their recommendations then you probably shouldn't have hired them in the first place. If your agent has done nothing but earn your trust to his point and you're still afraid that they're in cahoots with an attorney, home inspector, etc that they've recommended chances are the problem is that you're paranoid and you're off your meds.
Quote:
Originally Posted by kingeorge
You are the buyer. Ask friends and colleagues at work for quick references. Big RE websites sometimes offer lists of professionals that are associated with home buying process, and some offer ratings as well.
[sarcasm]Great advice. Ask your friend or co-worker who bought a house five years ago who is a good real estate attorney. Ignore your agent's recommendation. What do they know? They only take part in more real estate transactions annually than the average person does in a lifetime. There's no way they could have any valuable insights or knowledge which they could be basing their recommendation on. Chances are they're just getting a kick back and that's why they've pushed you to hire that attorney.[/sarcasm]
My realtor told me he's never done a transaction in MA where the buyer DIDN'T have a lawyer. Fees are usually in the $1000-1200 range. If you find one who charges less than $1000, they are probably either not that good or they're hiding some of their fees somewhere else (such as charging a couple hundred more for title insurance). Which brings us to another topic, you need to think about whether you want to buy title insurance. You can buy title insurance from your lawyer, but I recommend shopping around before you get to the closing table.
[sarcasm]Great advice. Ask your friend or co-worker who bought a house five years ago who is a good real estate attorney. Ignore your agent's recommendation. What do they know? They only take part in more real estate transactions annually than the average person does in a lifetime. There's no way they could have any valuable insights or knowledge which they could be basing their recommendation on. Chances are they're just getting a kick back and that's why they've pushed you to hire that attorney.[/sarcasm][/quote]
My realtor told me he's never done a transaction in MA where the buyer DIDN'T have a lawyer. Fees are usually in the $1000-1200 range. If you find one who charges less than $1000, they are probably either not that good or they're hiding some of their fees somewhere else (such as charging a couple hundred more for title insurance). Which brings us to another topic, you need to think about whether you want to buy title insurance. You can buy title insurance from your lawyer, but I recommend shopping around before you get to the closing table.
I would not trust realtors for much. Most people can get good closing lawyer for $500-$1000, unless very complex and difficult transaction. Most are not.
You would be surprised how many people forgo lawyers and fail to do any homework prior to purchasing home, expecting their agents/lenders/inspectors to worry about their issues.
I just bought a house in MA. My lawyer did everything.... drafted/finalized the P&S- made sure to put in terms from what the buyer/seller agreed upon (what was to be repaired for example), ordered the Title insurance, flood cert, etc. and all the closing and registering/filing docs with the State. There was a lot of back and forth between my lawyer and the seller's lawyer. The only thing my realtor did was the original "Offer" in terms of documentation. So yeah, it looks like you need a lawyer.
thanks guys, this was really helpful!! I vaguely remember finding a lawyer 5 yrs ago when we were buying but wasn't 100%. I'll ask around today.
By what point in the process is it crucial to have one? before the P&S? before the inspection?
As a buyer with an accepted offer, you should find one sooner rather than later because you don't want to call a lawyer in a week and say "Hey I need you to look at a P&S for me TODAY". You'll have an inspection within a week, then you agree on any concessions the seller will give you. In your Offer there will be a date which the P&S will need to be drafted (this will probably be delayed because it's the end of the month and lawyers are extremely busy with closings right now). The seller's lawyer is responsible for drafting the P&S. Once it's drafted, it's your lawyer's turn to read the P&S, change around some wording to protect you and also draft a Buyer's Rider. Please don't hire a lawyer who doesn't bother to attach one, so ask about it when you are calling up lawyers today. A lawyer who only charges $500 will probably not spend the time to attach this Rider and who knows where else he/she is cutting corners.
Shouldn't your real estate agent be telling you all this? Sometimes I feel like I can do a better job than 75% of the realtors out there, haha. To add to mmyk72's point, your lawyer will also work with your lender (or your lender's lawyer) on your loan because there are various dates in the P&S regarding financing milestones which are built in to protect your deposit in case the deal falls through.
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