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As long as the attorney is part of the bar in that state and has a good idea of where any required paperwork would need to be filed there is no disadvantage to using a non-local attorney other than than the possibility of perhaps slightly more lead time if you need to use an overnight courier vs everybody being in the same town.
I would not use the services of an attorney that is not a member of the bar where the property is located. You could end up paying twice of worse, have the locals pull something that is totally normal for them and totally foreign to someone unfamiliar with state procedure.
I have put an offer for a house, it will be our weekend home, hence I am not familiar, my agent recommended an attorney in that area... Is it beneficial to have an attorney local to the area?
Regardless of who recommended Mr Smith to you...
and yes having that come from someone NOT involved in your deal would be prudent...
I hope this means that the LOCAL attorney reviewed the offer before you submitted it.
That critique is most of where their value is.
The rest is in having your own counsel as the rest of the transaction proceeds to the closing
(which they should also handle).
Regardless of who recommended Mr Smith to you...
and yes having that come from someone NOT involved in your deal would be prudent...
I hope this means that the LOCAL attorney reviewed the offer before you submitted it.
That critique is most of where their value is.
The rest is in having your own counsel as the rest of the transaction proceeds to the closing
(which they should also handle).
hth
I think the review happens after the seller sign the contract, right?
he can then revise the contract if needed, true?
In my many transcations, I always used the attorneys recommended by the agent, but then the last time when I sold my house, I think my attorney was helping my agent to make a deal rather than looking out for me...
I think the review happens after the seller sign the contract, right? Not in my world.
he can then revise the contract if needed, true? why wait until after?
I always used the attorneys recommended by the agent I'd never do that
the last time when I sold my house,
I think my attorney was helping my agent to make a deal rather than looking out for me...
Subjective impressions of performance and motivations aside...
who recommended *that* attorney to you?
Subjective impressions of performance and motivations aside...
who recommended *that* attorney to you?
Every attorney was recommended by the realtor agent who helped to sell or buy my house.
I now know it was a mistake, hence I tried to be careful. But then this time, we made a quick decision on the house, hence don't have too much time to look for an attorney.
Again, it was what my agent told me that the review happens after the seller signs the contract (it is a short sale).
Anyway, the problems I had with the previous attorney were that
a. I found out the agent low ball our asking price (not doing my homework, my mistake, I know). She suggested a higher price when she talked to us, then when she came, she said there wasn't enough comp in the area, and emphasized on her low number.It was around 2003, we had an offer on the asking price within a week, the sale didn't go through because of buyer financing. I talked to the attorney on withdrewing the sale (partly because of the low asking price, partly because we didn't want to sell at the time), the attorney told me I would have to owe the agent her marketing cost etc. Fine, I could buy that. (this was our vacation lake front home, but the lake was small, hence we didn't mind selling).
b. Within another week, I have another buyer offering the asking price, then he requested to update the electric on his cost. Eventually, we found out that he was using FHA loan (I am not 100% it was FHA now, but it was the non conventional loan that wasn't listed in our contract), the attorney asked me whether it was okay. I told him we needed to think. Two days later, he told me he signed the contract (or something that agreed on the buyer's loan) on my behalf. I wasn't happy, but then I didn't confront him. On the closing day, I found out that he didn't sign it and asked us to sign at the time. I think it was some kinds of number that he played with the buyer in that they raised the asking price, but then for me to offer their closing cost, hence I received the same amount, but they got the loan on the higher price. I wasn't happy and gave them a hard time (I told them I pulled out the sale etc...), but as we already moved out our furnitures, hence we eventually closed.
I really have no problem on many other things as I took responsibility on me not doing my homework and I accepted the agent's suggestion, but then I was not happy that he (my attorney) lied to me abou the asking price and on signing the agreement etc.
I found out later that he was a great friend with my agent. Lesson learned.
Anna_mom -- although it may have seemed strange, from what you're describing what happened with your buyer isn't that unusual or wrong. Having said that, though, the agent and lawyer involved should have made sure you understood what was happening.
Do you now have a lawyer who is near where you live that you feel you can trust? If so, see if he or she can represent you (if they are in NJ) or if they could refer you to a lawyer near the house that you are buying. A second option would be to ask the real estate agent for several attorney referrals, rather then just one. That would at least give you some choice.
We are currently buying a house and are very pleased with the attorney, who was recommended to us by the agent. Sometimes it works out fine when you use someone recommended by your agent.
And yes, in NJ, attorney review is a 3 day period starting after the last party signs the contract. If both you and the seller(s) have signed the contract, you need to get an attorney fast before time runs out to make the short sale addendum.
Recognizing right up front that Real Estate Agents and Lawyers are pretty much found at the bottom of life's barrel, i would suggest that you find a local attorney who can independently represent you.
The 'locals' feed on out of town types who may be good lawyers but are unfamiliar with local practice. We're talking about a real estate transaction. They are usually pretty straight forward and a simple, but complete, read of the contract can pretty much highlight if everything that needs to be in there is there, and anything which is objectionable to the reader can be stricken.
I wouldn't necessarily use the attorney recommended by the realtor without checking them out a little bit. With the internet and a couple of questions to the locals about who a 'good attorney' might be you can pretty quicky vet a suggestion or two.
Using your out of town attorney is likely to **** off the locals (you are going to live there, so why aggravate them right off the bat?), cost you more money and time, and probably leave you with a less than complete review of your transaction due to unfamiliarity with local procedure. In NJ the lawyers tend to rewrite the entire contract (why?), and in other states the same lawyer represents both sides of the transaction (scary?), but it works.
Go with a local with whom you feel comfortable. It is amazing what a conversation between two people who played golf on Saturday can accomplish when you need an extra little push. Your out of towner will get snubbed when the hour of need is greatest, and become the 'cause/excuse' for anything that doesn't get completed on a timely basis.
And at the end of the day, they all carry liability for protecting your interests.
It doesn't have to be the one recommended by the agent necessarily but I would have an attorney local to the home you're buying. They'll be more familiar with local customs and the intent/language of the local contract. If you're buying in a small town, well that may be different. I've had less than stellar experiences with small town businesses.
Ted Bear, why do you say that? I resent that remark. There are many REA and attorneys out there that are great people.
Last edited by Brandon Hoffman; 09-26-2011 at 07:25 PM..
Reason: typo
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