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It sounds like this is just a scheme to provide more business for lawyers. I can't imagine what it is they bring to the table other than another closing expense. My only experience is in Alaska and one winter home in Arizona and at no time was the process complicated, certainly not complicated enough for the services of an attorney to be needed. And we were always able to pick our closing date and time. In both states we simply show up at the title company, sign our paperwork and pick up the keys the next day, after the deed is recorded.
You don't understand the system in certain NE states. Legally, it is a completely different system to buy/sell. I have never had P&S or whatever they call it, but that is only one thing that is REQUIRED. Buying in NY is another different animal. You simply cannot compare how most of the country does RE with these other states.
Even were it not required, I would have an attorney when buying a house. It's one of the most expensive purchases to make and doing so without someone representing my interests is not a chance I'd want to take. I was a paralegal in a real estate office and I have experience with purchasing property so I still double-check my attorney's work (we ALL make mistakes after all). Not hiring an attorney is akin to not hiring a house inspector - one checks the ownership and the other checks the condition.
I agree we should've gotten the broker involved sooner but we have had so much going on. Guess my being a first time homebuyer is starting to get the best of me. I knew when the attorney was dragging feet with the P&S that he wasn't the guy for us. I guess I didn't want to be difficult and figured since he got it done in time (albeit very last minute) that I would give him a second chance.
I don't mind coordinating with others. However I would like to at least suggest a time. At this point I can't nail anything down. Wouldn't the first thing the attorney do be to call the sellers attorney and see what times they have available? So that we have options? Say the only times available at 12 or 3pm. Then we can plan accordingly, same with the sellers. We could do whatever time is mutually convenient. At this rate why are we waiting till tomorrow for an email to go out? This guy totally dropped the ball.
In my experience this is generally something that can happen when real estate closings get squeezed in between court dates for many other cases the lawyer has to take care of. And those court cases, the preparation and the appearances before the judge, take precedence.
I like when there is a system where some of the firm is assigned closings or there is a title company that only works on closings and it works under a lawyer. I have been at too many three hour settlements and lawyers coming from another state without proper prep and who make chicken scratch out of the HUD because they don't know what they're doing because they were "the guys that handled our adoption" or "the firm that handled my divorce".
I remember one large firm billing our office for their services. Looking back, I can't imagine what they were billing us for. They were employed by the other side. At any rate I made a couple of responses and still got the bills. So I sent a communication marked personal to the head of the big firm. Told him we had to have yet another lawyer repair the chicken scratch mess, the young but arrogant lawyers did not know what they were doing, they even had a court sect who got lost, and if they expected any payment, dream on.
Even were it not required, I would have an attorney when buying a house. It's one of the most expensive purchases to make and doing so without someone representing my interests is not a chance I'd want to take. I was a paralegal in a real estate office and I have experience with purchasing property so I still double-check my attorney's work (we ALL make mistakes after all). Not hiring an attorney is akin to not hiring a house inspector - one checks the ownership and the other checks the condition.
I'm sorry, but this is nonsense in certain states.
Arizona, for one. When I purchased my first home in Maricopa County, my closest friend was an attorney. He was not a real estate specialist, so I asked him for a referral. He explained that escrow company's and standard RE contracts used in AZ eliminated the need for an attorney. I didn't believe that so I asked my realtor, who said exactly the same thing.
Still skeptical, I contacted about 3 RE attorney's on my own and explained what I wanted. I must have been lucky that day because all three were honest attorneys (!!!!) and refused to accept the business as it was a waste of money and unnecessary.
I'm sorry, but this is nonsense in certain states.
Arizona, for one. When I purchased my first home in Maricopa County, my closest friend was an attorney. He was not a real estate specialist, so I asked him for a referral. He explained that escrow company's and standard RE contracts used in AZ eliminated the need for an attorney. I didn't believe that so I asked my realtor, who said exactly the same thing.
Still skeptical, I contacted about 3 RE attorney's on my own and explained what I wanted. I must have been lucky that day because all three were honest attorneys (!!!!) and refused to accept the business as it was a waste of money and unnecessary.
I have to agree. I've never had a problem closing on any of the houses I've bought. A lawyer wouldn't have been needed for anything and would just have been a waste of money. But my experience is limited to Alaska and our winter home in Arizona.
Location: In a little house on the prairie - literally
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Quote:
Originally Posted by SouthernBelleInUtah
You don't understand the system in certain NE states. Legally, it is a completely different system to buy/sell. I have never had P&S or whatever they call it, but that is only one thing that is REQUIRED. Buying in NY is another different animal. You simply cannot compare how most of the country does RE with these other states.
Yes, each jurisdiction is different, and land titles may be handled differently. First time I bought through a title company I was very concerned that lawyers were not involved, until I was able to ascertain the safety of doing so.
Hint to the OP (Opening Poster).
I, and I bet I am not the only one, have no idea what a P&S is exactly. It would help to spell acronyms out, as you're assuming everyone knows what you mean.
Yes, you should be able to pin down on a specific date and time for closing. I've bought and sold 5 houses and always had specific times. Now sometimes the closing takes longer than expected, but it starts when we've all agreed it will start.
Op, YOU are the person paying everyone who has to be there for the closing. They are working for you. Without you (and others like you) they wouldn't even have a paycheck...
Screw getting childcare at this point. If the people, getting paid by you, cant even get their act together then eff them, bring your kids to the closing!
I worked for a real estate attorney in NY and we had one client drop us a day before the closing because my boss had too many closings that day and couldn't make it. We had to send the file over to the new attorney. It can be done on a file that's got no problems.
I, and I bet I am not the only one, have no idea what a P&S is exactly. It would help to spell acronyms out, as you're assuming everyone knows what you mean.
Purchase & Sale Agreement although it's not really relevant to the discussion. Here in MA, we have a two contract sale process. First, you have the offer to purchase which court precedent has shown is a binding contract once executed. Then typically we have our inspections followed by a second contract commonly called the P&S.
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