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All buyers should hire an attorney to represent their interests,
to review contracts and documents, to answer questions and to manage the closing.
RE specializing attorneys do this well and don't charge much for it.
(Everyone out west can just take another bite of that donut and stay out)
Attorney can cause problems that wouldn't exist without him. I've seen a buyer have an attorney review and draft up a bunch of changes to the builder's contract which the builder unceremoniously rejected with a "Use my contract or don't buy the unit. Your choice."
All buyers should hire an attorney to represent their interests,
to review contracts and documents, to answer questions and to manage the closing.
.
Guess we know who's an attorney.
I agree some people need their hands held, but a contract to buy real estate, from a builder, is a boilerplate contract, largely standardized by state law, and I believe anything in there can be understood by a reasonably attentive eighth grader.
Quote:
Originally Posted by MrRational
But EVERYONE involved needs to know who the buyers' top dog for advice/approval is.
Most critically though the buyer needs to ...and to express that from the outset.
The buyer's "top dog" as you say it, needs to be the BUYER. That's who's bringing all the money to the transaction. That's who needs to be making the decisions. If a buyer is not competent to make their own decisions in this matter, they need to stay away from buying houses.
Lawyers are part of the normal process in some states, and would be an unusual and unnecessary addition in others. Lawyers are not typically used in normal transactions in Washington. Here, agents/brokers write up standard contracts, and title companies do title and escrow. No attorneys, normally.
Attorney can cause problems that wouldn't exist without him.
And some dentists cause cavities too eh?
No one needs an attorney until there's a problem.
Such problems seem to happen a whole lot more in places where the attorney isn't in the picture from the outset.
YMMV
Perhaps so. But mostly they just need to recognize their separate roles in the transaction.
And the varying competencies and preferred division of labor/fees they assume exist.
But how can the buyer answer questions like this before they crop up on them?
The short answer is that they can't be expected to. Even if they have bought before.
So... what should they do?
All buyers should hire an attorney to represent their interests,
to review contracts and documents, to answer questions and to manage the closing.
RE specializing attorneys do this well and don't charge much for it.
(Everyone out west can just take another bite of that donut and stay out)
But EVERYONE involved needs to know who the buyers' top dog for advice/approval is.
Most critically though the buyer needs to ...and to express that from the outset.
I routinely represent attorneys in real estate transactions.
I represent real estate attorney's family members in real estate transactions.
Attorneys tell me they trust me.
Real Estate Attorneys tell me that I know the contracts and general market practices better than they do.
Clients' attorneys tell their clients I know what I am doing.
I can get a buyer (or a seller) under contract in a few hours on a Saturday or Sunday. (And, they close the transaction, and call me for their next move.)
Attorneys tend to reply next business day, which is too late when the seller says they will review multiple offers and make a decision at 4:00 on Saturday or Sunday.
A major benefit of standard forms and standard contract forms is the willingness of Bar Associations to cede some authority to trained real estate agents to negotiate and properly complete those forms, to simplify the proceedings, after the Bar Association has weighed in on the structure of the forms.
I would never tell a client or customer not to engage an attorney, but many billions of dollars' value of residential real estate smoothly and successfully close in NC annually with minimal hands-on contract review by attorneys.
One of the smartest things a realtor did for me as a first time buyer, was to give me a blank contract to take home and read at my leisure, long before we were ready to write one up. Made the process less intimidating.
One of the smartest things a realtor did for me as a first time buyer, was to give me a blank contract to take home and read at my leisure, long before we were ready to write one up. Made the process less intimidating.
Of course!
And, it is right in our agency agreements that you acknowledge receipt of SAMPLE forms.
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