Do you use a real estate attorney? (negotiating, mortgage, mortgages)
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In North Carolina, the law requires an attorney or title investigation. Mostly selected by buyers, but some builders and REOs require use of their attorney. Buyers should choose the closing agent and title insurance agent whenever they can.
So, generally, buyers use an attorney for title investigation, title insurance, and recording.
Agents can negotiate terms, within the functions offered by standard NC Association of Realtor forms, and with support from an attorney who may draft other documents and offer legal advice.
If the transaction is within generally common mainstream description, not exceedingly contentious, and without title issues, we convey almost all without an attorney involved by either seller or buyer, except for the title and closing functions.
It is important to recognize that the buyer's closing attorney has responsibilities to the buyer (and lender, if there is a loan) that surpass the responsibility to the sellers to be fair and honest. The closing attorney can coach their client, but not the "other side."
I get attorney advice for clients, or myself, in about (guessing) 15%--20% of transactions, and usually on minor fine points.
If either party has circumstances, an entity, estate, bankruptcy, short sale negotiations, etc, that fall outside the real estate agent's responsibilities, either or both parties will engage an attorney. Usually, that is not a contentious situation, but just that it becomes legal work that requires the agent to pass on to an attorney.
Great info! Does the seller have an attorney? Who reviews the contract for the seller?
Texas is a non-attorney state. We use promulgated forms through TREC and TAR and the title companies handle the backend closing stuff.
You're more than welcomed to use an attorney, but you're going to pay the attorney to say, "Yep, that fill in the blank form has been filled out..." There is nothing an attorney can change to a promulgated form. If an attorney wants to create his own form, then the other party would have to obtain an attorney also because agents aren't allowed to help explain any contract that's not the promulgated form that we're trained on. But what typically happens is a seller says, "I'm not signing your attorney's form, you need to use the Texas form." Sellers don't like to sign things that they aren't comfortable signing nor able to get an actual explanation about.
What happens when someone wants something different than in the normal contract? Like for example paying cash and not needing loan contingency, or requesting specific language about what's included in the sale.
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Originally Posted by johnnytang24
Great info! Does the seller have an attorney? Who reviews the contract for the seller?
The listing agent typically reviews the Offer for the seller. A FSBO seller should always be advised by a Buyers agent to have an attorney review the Offer. It is just smart business, to avoid the appearance of running a game on an unskilled person.
At any point, either buyer or seller is free to consult an attorney, and only a fool of an agent would try to dissuade them from that approach.
But, in typical transactions, attorneys say, "Yep. Standard form. No blanks. Looks properly completed. $X00, Thanks, and good luck." The ones who have to piddle a bit to justify a couple hundred bucks will say, "You might want to get a $4000 EMD rather than the $3500."
That is not meant to dis attorneys or their role at all. I am quite grateful for good attorney input, and nearly always attend gatherings where RE Commission, NCAR attorneys, or other attorneys present and instruct.
It is just that the NC Bar Association and NCAR and NC Real Estate Commission have worked hard to cooperatively produce documents that serve to allow Realtors to work folks through the process.
momtothree - I'm thinking of buying a new home, what type of things did you amend on the new home contract? Is there something I should watch for?
In states that allow any sales contracts, it varies from builder to builder.
In my case to keep it brief, the sales contract I had allowed the builder to swap out any fixtures, flooring, etc without notice. I amended that I got notice and right to refuse. Also that the builder had up to 2 years to build, we shortened that to 9 months. There were others but I can't remember now. But our attorney went over that contract and explained each section, repercussions etc. She amended it formally and got it accepted as we were going to walk if not. She was wonderful.
momtothree - I'm thinking of buying a new home, what type of things did you amend on the new home contract? Is there something I should watch for?
At least in Oregon, our builders use our standard real estate forms. There are all sorts of options that get checked as part of that process. Since you are CA, I'm sure they have a standard new construction contract as well.
Actually I will be buying and/or building in South Carolina, are the standard forms state specific. Sorry for all the questions, but I'm new to this process and am looking to become an informed consumer.
Actually I will be buying and/or building in South Carolina, are the standard forms state specific. Sorry for all the questions, but I'm new to this process and am looking to become an informed consumer.
Not sure but I came across this site:
Moderator cut: URL removed
It's not an official site but it can help start your research. This is for resale homes and not sure if there's a contract for builders. For peace of mind, I would contact an attorney personally.
Last edited by Marka; 11-02-2014 at 03:29 AM..
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