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Old 08-28-2008, 07:27 PM
 
619 posts, read 2,199,292 times
Reputation: 346

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in Colorado?

Now granted I hail from NJ where every other resident is a lawyer, but I can't even imagine a real estate transaction without using an attorney. The vibe (and it was really only a vibe - no specific comments) we got from our realtor is that it wasn't necessary and we were being a bit silly to hire one.

Isn't it an awfully big financial commitment to make without legal counsel?

So...thoughts?
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Old 08-28-2008, 08:51 PM
 
2,652 posts, read 8,580,242 times
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I don't know about Colorado, but in a lot of states closings are done at a title company.

Other than the closing, and the contract (which is usually a standard realtors contract, with added contigencies and addendums), what will you need an attorney for?
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Old 08-28-2008, 09:08 PM
 
619 posts, read 2,199,292 times
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To make sure that the added contingencies and addenda are in good order, to make sure that the standard realtors contract really is the standard realtors contract, to make sure that all permits for work done on the home are legit, to make sure inspection issues are addressed and that the seller is held accountable, to make sure we have an informed party looking out solely for our interests

Just stuff like that.
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Old 08-28-2008, 11:18 PM
 
Location: Foot of the Rockies
90,297 posts, read 120,711,654 times
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It does not seem to be the norm here. We've bought two houses here, and refinanced the one we are in several times, have never hired an attorney.
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Old 08-29-2008, 07:07 AM
 
Location: San Marcos
345 posts, read 1,566,391 times
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I've bought & sold two homes in Texas and own a home in Colorado. Never used an attorney for any of them. Always just dealt with the paperwork at the title company.
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Old 08-29-2008, 07:39 AM
 
Location: N.E. I-95 corridor
792 posts, read 3,136,916 times
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Nope no lawyer in CO. Since NY/NJ is such a litigiscious society someone said hey you gotta use a lawyer. Its just another way for another party (i.e. lawyers) to make money and for another party (i.e. realtor, title co) to maybe do less work. Go figure? When it comes to doin' business people are so anal and uptight about stuff in NY/NJ. I guess too many formalities, CO is more straightforward and down to business IMO.
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Old 08-30-2008, 09:23 AM
 
Location: Just south of Denver since 1989
11,825 posts, read 34,425,536 times
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Our contracts here are from the state. They are written in plain language. No such thing as standard addenda - every additional provision clause or addendum is suppose to be custom per the buyer/seller or an attorney. No boilerplate CYA clauses.

An attorney will review a contract and hold your hand at closing - but you are an adult. You are expected to do your own due diligence.

Look at the bottom of the form then compare it with the one on the state's website - State of Colorado-Department of Regulatory Agencies - Division of Real Estate
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Old 08-30-2008, 01:17 PM
 
619 posts, read 2,199,292 times
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Quote:
Originally Posted by 2bindenver View Post
An attorney will review a contract and hold your hand at closing - but you are an adult. You are expected to do your own due diligence.
Yes, I am an adult. An adult who is not in the real estate business, who is not from this state, and who is intelligent enough to know that I don't know much about real estate in Colorado. What exactly would your recommendations for my own due diligence be, 2b? Just check the contract against the blank state boilerplate?
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Old 08-30-2008, 01:29 PM
 
Location: Just south of Denver since 1989
11,825 posts, read 34,425,536 times
Reputation: 8970
Try reading the offer to purchase first.

Millions have gone before you and bought or sold. It's complicated, a real estate transaction, not impossible.

Due diligence starts with reading the contract, evaluating properties, negotiating with a seller, property evaluations including title, ownership, hoa, taxes, survey, appraisal, inspection(s) and financing.

A really good buyer's agent will help you craft a plan, create a negotiation strategy and in the end you buy a home for you and your family.
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Old 08-30-2008, 07:35 PM
 
14 posts, read 100,603 times
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I've also bought several properties (in Iowa, South Dakota, and now Colorado), and never employed an attorney for the transaction. It's not standard practice. Just carefully read through and understand everything. There really isn't much complicated about it - everything is clearly and concisely spelled out in the purchase agreement.

If you use a buyer's agent, he is the one who is looking out for only your interests. He should be capable of any sort of oversight that you think an attorney would provide.

If you choose not to use a buyer's agent, you still don't need an attorney. There is nothing complicated about basic residential real estate transactions.
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