use bank attorney, realtor's or my own for closing (Catskill: mortgage broker, lender)

[aprilm2828]

I am located in NJ, the home we are buying is in the catskills. we are relocating so do not know anyone there. We have received reccomendation from our realtor to hire her atty that they use do do our closing.

Our mortgage broker has reccomended the banks atty because they are "more efficient" and dont drag their feet as much as the attorny reccomended by my realtor. (they have dealt with her before and she holds of any title work until all mortgage commitments and appraisals are completed...making it hard to close in time.)...

should I attempt to find my own atty or just use the banks???

[joeymarine]

Originally Posted by aprilm2828

I am located in NJ, the home we are buying is in the catskills. we are relocating so do not know anyone there. We have received reccomendation from our realtor to hire her atty that they use do do our closing.

Our mortgage broker has reccomended the banks atty because they are "more efficient" and dont drag their feet as much as the attorny reccomended by my realtor. (they have dealt with her before and she holds of any title work until all mortgage commitments and appraisals are completed...making it hard to close in time.)...

should I attempt to find my own atty or just use the banks???

My honest advise is to use the attorney the Realtor is recommending and here is my reasoning:

1. The bank attorney representing you can be scary--they are also representing the bank, who is in escence selling you a mortgage...would you use the seller's attorney? I think not.

2. Since you don't know an atty in the area, you will have to resort to picking one out of the phone book--would you pick a heart surgeon out of the phone book or would you rather take your primary care physicians word for a good doctor?

3. The Realtor does not have atty representation in a sale in NY, therefore the "Realtor's Atty" is actually YOUR atty.

4. If the atty is someone the Realtor refers business to, it's because the atty is someone they have in the past used and trusts and has had a good experience with.

I personally refer all my business to 1 or 2 attorneys because I know what to expect from each of them. I know how well they represent their clients, and I know that they won't make a mountain out of a mole hill.

I hope this answered your question, if not let me know and I'll try to clarify.

~Joey

[moremoremore]

I'm a little confused...you will need your own attorney and you will need a bank attorney...Every lender in NY uses a bank atty that represents them, not you...Usually you don't pick the bank attorney (I mean, you can give your broker suggestions or take his suggestions b/c you close at the bank atty's office so closer to you is better)...just your own...

I would absolutely use any bank atty that the broker suggests...they really don't have a "huge" role...they don't determine what the rules are...the bank does...They just give you the docs and prepare the HUD, etc...

and as for your own attorney I would use the one the realtor suggested since they have confidence in them...It's no biggie

Signed, MMM, the bank attorney

[ss58yy]

I recently bought a 2nd place in the Catskills, and used the attorney recommended by my buyer's agent. The advantage of this is that they're both in the same city, and "talk to each other every day". When some questions regarding the sale came up, the two of them could exchange papers, calls, talk to the listing agent, etc. without me even getting involved. I only found out afterward.

[VA Yankee]

Here in Richmond Va we use a closing company no attorneys required unless you want one, it saves alot of money. In the past we have needed an attorney and in both cases us and the buyer used the same attorney. If the transaction is going smoothly why add on more expense.

[aprilm2828]

the realtor is "dual" so we are carefully protecting our interests as well as the sellers. It seems each person...inspector..attorney...mortgage lender..she has reccomended to date are ALL quoting us higher rates than most in the area.

Money not being the only concern of course, but the few hundred here and there start to add up after a while.

the concern I had with her atty was that she has been known to hold off on ANY title work until AFTER appraisal and commitment letter from bank which may hold up our closing a couple weeks costing us more money...

[joeymarine]

Originally Posted by VA Yankee

Here in Richmond Va we use a closing company no attorneys required unless you want one, it saves alot of money. In the past we have needed an attorney and in both cases us and the buyer used the same attorney. If the transaction is going smoothly why add on more expense.

Unfortunately this is actually one of the reasons NY has the highest closing costs in the country....but in this part of NY (south of and including the Catskills) a Realtor can not draw up a legal and binding contract.

The reason is because the County Bar Association's (correct me if I'm wrong on this state/county) refuse to draft up a generic contract for us to use, therefore rendering anything we draw up will not be legal or binding....everyone wants their hand in the pot!

Hope that helps!

~Joey

[ss58yy]

Originally Posted by joeymarine

Unfortunately this is actually one of the reasons NY has the highest closing costs in the country....but in this part of NY (south of and including the Catskills) a Realtor can not draw up a legal and binding contract.

The reason is because the County Bar Association's (correct me if I'm wrong on this state/county) refuse to draft up a generic contract for us to use, therefore rendering anything we draw up will not be legal or binding....everyone wants their hand in the pot!

Hope that helps!

~Joey

It looks like the Otsego/Delaware board of realtors has a standard fill-in-the-blanks purchase agreement form. That's what we used to make the offers and counteroffers, etc. I don't think the attorneys themselves ever drew up a formal sales contract taht I signed, although the seller's attorney changed some paragraph regarding the form of deed right before the final agreement was signed. The attorneys were there at the closing table, with lots of other paperwork to sign (mostly for the seller).

[joeymarine]

Originally Posted by ss58yy

It looks like the Otsego/Delaware board of realtors has a standard fill-in-the-blanks purchase agreement form. That's what we used to make the offers and counteroffers, etc. I don't think the attorneys themselves ever drew up a formal sales contract taht I signed, although the seller's attorney changed some paragraph regarding the form of deed right before the final agreement was signed. The attorneys were there at the closing table, with lots of other paperwork to sign (mostly for the seller).

That may actually be the cut off point to where the BAR association has made a generic contract. We have a "binder" but it is neither legal NOR binding.

It's a very good chance that is the cut-off there, I don't go that far north.

~Joey

[artyst]

i'll be buying property in upstate ny coming from az. in az when i bought my house i closed with a title company and the lender. from what i've read here it looks like it's a requirement to have an attorney in on the closing in ny. is this correct??