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Your Buyer's Agent should have reviewed this option with you during the process of agency disclosure and explaining the process. Realtors are not lawyers. Standard contracts are approved by legal consultation through the local and state boards of Realtors but a Realtor (who is not also a licenses attorney) cannot address legal issues which may arise.
The title company should address any legal issues with the title to the property you are purchasing. You may decide you want your own title policy instead of just the version the Seller typically purchases for the sale to cover the Buyer.
You may wish to have an attorney go over your contract as well as having your representation through your Realtor (Buyer's Agent). Most people obtain the services of an attorney before the contract has been finalized. However, if you wish legal assistance you should get it as soon as possible. Seek one with a specialty in Real Estate if your wish is legal representation.
If you do not already have representation through a Buyer's Agent I would suggest it would be prudent to get your own legal representation, ASAP. Understand that one is not a substitute for the other.
Now that I'm under contract for a house, some friends are telling me to "definitely" get a lawyer for closing.
I'd have recommended you have the attorney before submitting the contract.
Actually I've said exactly that many times here.
Quote:
I've never heard of this as I'm a first-time buyer. Can someone explain why I need this and what the lawyer is for?
He starts with contract review to be sure the tee's are crossed and eye's dotted and all is right and good by someone who represents YOUR best interests and without ANY other role in the transaction than that.
Then, having established that expectation they manage everyone else to actually follow through promptly and correctly and in the event a hiccup still shows up (it happens) you have that expertise who is already familiar with the file and you and the other players... nip it in the bud before it becomes a real problem.
And then of course there is doing the closing itself.
hth
Last edited by MrRational; 10-11-2011 at 02:03 PM..
Whether an attorney is customary or required for your purchase or not depends on your location. Most western states do not normally involve attorneys in residential real estate purchases. Several mid-western and eastern states do use attorneys in the process.
In all cases, if you feel the need for legal advice beyond the standard contract language, then by all means contact an attorney.
> Whether an attorney is customary or required for your purchase or not depends on your location. Most western states do not normally involve attorneys in residential real estate purchases
Exactly. If you are in one of these states it would not be unusual to have no lawyer. If you have any doubts and/ or want the additional reassurance of having a lawyer review the documents (likely if this is your first purchase) then by all means hire a lawyer, it is not that much and will give you peace of mind. And if any issues emerge at the last minute the lawyer will help deal with it.
Now that I'm under contract for a house, some friends are telling me to "definitely" get a lawyer for closing.
I've never heard of this as I'm a first-time buyer. Can someone explain why I need this and what the lawyer is for?
Thanks!
Generally if you have a mortgage (as in a loan), the lender will have an attorney that protects their interest thus you indirectly as they are not going to clear/close the loan unless all is in order.
Many times a buyer and seller will use the same lawyer, as I have on my last few sales and purchases. Usually the least expensive way to have a lawyer.
If no mortgage, then you should retain a closing attorney to protect yourself.
If you hire your own attorney then it should cost in the $400.00 range and to some, that is money well spent for their comfort.
Generally if you have a mortgage (as in a loan), the lender will have an attorney that protects their interest thus you indirectly as they are not going to clear/close the loan unless all is in order.
Many times a buyer and seller will use the same lawyer, as I have on my last few sales and purchases. Usually the least expensive way to have a lawyer.
If no mortgage, then you should retain a closing attorney to protect yourself.
If you hire your own attorney then it should cost in the $400.00 range and to some, that is money well spent for their comfort.
Now we all have you confused...........LOL
I checked with my realtor and he said the title company will have their own attorney to go over the contracts and all. I'm not sure if that is good enough or not.
I hadn't anticipated hiring an attorney so I'm just researching everything for now. I just think its funny in all the article I've read about buying a home (and I've been reading and looking for 3 years now) this is the first time I've heard of this.
Some states require an attorney handle the closing; others permit a paralegal or closing agent. But why on earth would you NOT want an attorney to handle this large of a commitment and purchase? Good grief, you are about to commit to a mortgage worth hundreds of thousands of dollars which will mean you will be paying back a total of approximately 1/3 more than the mortgage. I don't know about you, but even though I worked as a real estate paralegal for many years and also was a title examiner, I had an attorney handle our closing.
Did you hire an inspector for a couple hundred dollars? Did you hire any other specialists, pay any other fees, and now you quibble over a couple hundred dollars for an attorney.
But why on earth would you NOT want an attorney to handle this large of a commitment and purchase? Good grief, you are about to commit to a mortgage worth hundreds of thousands of dollars which will mean you will be paying back a total of approximately 1/3 more than the mortgage. I don't know about you, but even though I worked as a real estate paralegal for many years and also was a title examiner, I had an attorney handle our closing.
Did you hire an inspector for a couple hundred dollars? Did you hire any other specialists, pay any other fees, and now you quibble over a couple hundred dollars for an attorney.
When did I say I didn't want an attorney?
Quibble? I am gathering information so I can better understand another process in my home purchase which has just been brought to my attention. I have a call with a local lawyer tomorrow.
I note that you are in Baltimore. About all I can say on this issue is that twenty six years ago I was told I should get my own lawyer when we were about to close on a house about fifteen miles southwest of Baltimore. We did not retain a lawyer and we were just fine. We sold that house about ten years later and again, no problems.
In all this I trusted my experienced Maryland realtor and buyer's agent to detect anything out of the ordinary. I used the same realtor to both buy and sell that house. She was great.
However, a lot can change in real estate law in two decades so I offer this information not as a recommendation but only as an example of where a lawyer was not needed.
At any rate, best of luck on your new home purchase.
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