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No one probably is giving a straight answer as anything could come up in a contract written by the sellers and thier own attorney. I know that you will read the contract probably a few times yourself, but wouldn't you feel better paying an attorney a few hundred bucks (not sure how much this really costs though) for a sense of security?
i have seen alot of people suggest one after another that i must get a lawyer and i can understand and appreciate that.....however, i haven't seen an answer to a question i asked a couple of times....
here it is again:
what "sort of things" can result from the lawyer having the interest of the seller in mind? what stuff that someone who reads and understands english can not detect as being "unfair"?
I thought I offered an opinion on this. Their lawyer can leave out potential buyer protections that may not be obvious without understanding the full scope of legal consequences that may apply in your situation. For example, how will disputes be resolved - mediation or court action? Which is best for you? What happens if certain requirements are not met? Is there a "cure" period to allow late obligations to be fullfilled? Etc. All contracts can be slanted to favor one side or the other. Given that you are spending hundreds of thousands, what's a couple hundred $ more for a contract review?
No one probably is giving a straight answer as anything could come up in a contract written by the sellers and thier own attorney. I know that you will read the contract probably a few times yourself, but wouldn't you feel better paying an attorney a few hundred bucks (not sure how much this really costs though) for a sense of security?
well, i just don't see why it is automatically assumed that a lawyer is going to detect something that i'm not. I understand that it's what a lawyer does etc. but if the contract is written in plain english and it is, i'm just not convinced that without one i'm doomed.
that's why i was asking for examples....but i guess i can understand what you mean about nobody here not knowing.
well, i just don't see why it is automatically assumed that a lawyer is going to detect something that i'm not. I understand that it's what a lawyer does etc. but if the contract is written in plain english and it is, i'm just not convinced that without one i'm doomed.
that's why i was asking for examples....but i guess i can understand what you mean about nobody here not knowing.
thanks for listening though :-)
As an FYI we are not licensed attorneys in the state you're buying which is why since the seller's attorney is drafting the contract it was recommended to have your own counsel assist. By the way though, there were other reasons agents 'did' point out as to why retaining an attorney would be a good idea - not like any of us said "Hey hire a Realtor!" Anyway, I'm sure you'll do just fine going it alone. Best of luck to you and your $350k investment
hi,
i'm purchasing a sfh from an owner directly.....the price is 350k and there are no agents or any loan involved.
we are meeting next week at a title company that the seller recommended (they know each other) and drafting a contract that basically will say that everything will be in cash and the seller will pay 'upto' 10k in closings (even though i know there wont' be anywhere near 10k in closing. more like 3.5k)
anyway, the lawyer who will draft the contract is a friend of the seller....so i just wanted to ask you guys if there is ANYTHING i should watch out for.......u know....in order to not get the short end of the stick. you know how some lawyers are!
Be sure that you are paying part of the Lawyers fee. That makes him responsible to look out for you too. I've bought several homes that way and never had any real problems. Who is trransferring the title? you need to be surer that the house is free of any liens at thee time of settlement.
You are welcome to pay their fee, but attorneys can only have one client. They can't represent both sides in the transaction it violates the law.
Absolutely, SF. That would be called 'conflict of interest' as an attorney cannot have a fiduciary responsibility to both parties of the same transaction and OP already stated that the 'seller's attorney' was drafting the contract. Would be like say a civil case where one attorney represented both the respondent and the plaintiff
i'm purchasing a sfh from an owner directly.....the price is 350k and there are no agents or any loan involved. we are meeting next week at a title company that the seller recommended (they know each other) and drafting a contract that basically will say that everything will be in cash and the seller will pay 'upto' 10k in closings (even though i know there wont' be anywhere near 10k in closing. more like 3.5k)
anyway, the lawyer who will draft the contract is a friend of the seller....so i just wanted to ask you guys if there is ANYTHING i should watch out for.......u know....in order to not get the short end of the stick. you know how some lawyers are!
This makes no sense to me for a few reasons; first I'm assuming you are going it alone to save money? Yet you come into a real estate forum looking for free advice which tells me you are more than likely uncertain about the process.
Wouldn't it be easier to get a knowledgeable realtor to write the deal up for you and make sure you are properly represented in the entire trnsaction, therefore not getting screwed over by the seller, title co, or an attoeney?
It seems to me like 350K is probably a fair amount of money to you yet your willing to gamble to save a few bucks on the purchase price.
i don't think me not getting a lawyer automatically makes me a sucker.
it does however make you a judgemental person.
I don't think it was an intended insult, only an apt example. Keep in mind that you posted your concern in hopes of helpful responses. If your mind is already made up on the matter then proceed by all means and good luck with the seller's lawyer and title company.
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