2006-10-12 08:50:03 · 7 answers · asked by curious 1 in Business & Finance ➔ Renting & Real Estate
Depends upon where you are, as the laws of each state and country vary.
In California and most other states, you only need a lawyer if something goes wrong. But in New York and a few others, they still require title search by attorneys, escrow by attorneys, and/or document preparation by attorneys.
Title insurance is superior to a lawyer title search.
Escrow officers do the same function cheaper than attorneys - and the company is going to around longer than an individual lawyer.
2006-10-12 09:05:31 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
It depends on the Seller.
There's no law anywhere that requires the Seller to have an attorney.
Are you sure you know exactly what your contract says? If some of those dates go by and what should have happened by that date didn't happen, do you know what to do about it? If not, who are you going to ask? The Buyer's attorney? He doesn't work for you. The Lender's attorney? He doesn't work for you. The Realtor? He doesn't have a Law degree, and probably isn't up on what the courts have said the significance of that possible breach might be. If the contract seems to have fallen through, can you keep the money? Do you need a document to ensure that you're safe keeping the money? Who's going to write it? Are they responsible to you if it's wrong and you get sued?
No, you don't have to consult a lawyer, but you really don't have to have a jack and spare tire in your trunk, either.
Oh, and Searchlight... you don't get Title Insurance without a title search that's been examined by a lawyer, and that's done at the Buyer's expense.
2006-10-12 16:45:34 · answer #2 · answered by open4one 7 · 1⤊ 1⤋
Yes, Yes, YES! The seller must give a deed to the buyer, and only a lawyer can be certain that is prepared properly.
2006-10-12 15:52:45 · answer #3 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
If the seller is not being represented by a real estate broker, then yes, they definitely should hire an attorney to protect their interests.
In today's litigious world, you don't want to take any chances on what is probably your biggest investment ever. Good luck
2006-10-13 01:34:10 · answer #4 · answered by Hoopfan 6 · 0⤊ 0⤋
If you have to ask, then the answer is yes!
As others have stated, there is no law that states that you need to get anyone involved in order to sell your own property, but if you don't know what you're doing, then yes.
Regards
2006-10-13 04:42:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Depends on the state you are in and how the real estate industry is regulated there. In some of the western states, it really isnt necessary, however it is for the majority of the south and east!
2006-10-12 15:59:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
open4one is right.
I do real estate closings, and I could tell you some real horror stories about people who tried to do-it-themselves only to have it end up costing them 5 to 10 times what a lawyer would have charged.
2006-10-12 21:49:35 · answer #7 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋