1st home buyer: What do i talk about with my real estate lawyer?

Question

I have signed a contract for my first house with a 30 day settlement(subject to building inspection/pest). I'm organizing my finances as we speak.

My nominated lawyer thinks we should meet up on monday... Why would i want to do that?

Answer 1

A contract is a set of obligations and rights. The lawyer makes sure you meet your obligations, and protects your rights. The first way he does that is by making sure you understand what they are. Some of the rights he can protect by doing things for you, but the obligations are all in your hands. Some of the things he does require information you have that he doesn't have. He probably also wants you to sign a letter that hires him so he doesn't have to work for free.

Answer 2

Getting a real estate attorney is a great idea. They will aid you in the whole contract process. You would want certain contigencies such as proper financing, inspections, concessions and all legalities in connection with what you in the formal contract.

Answer 3

I don't really know why you need to involve a lawyer. I've never heard of someone including a personal lawyer in the closing of a home purchase.

He just wants you to pay him is all. I really don't know why you would need to speak with a lawyer until something goes wrong.

Answer 4

I can't think why you need to go, unless he is just trying to insure that he gets your closing. Typically your Loan Officer's company will send a Title request and all necessary info on you and the property to the Lawyer's office. I wouldn't waste my time going in...if he has questions, he can ask you over the phone.

Answer 5

it's a little more then having pest inspection done.. you will need a home inspection done also.. 2 protect yourself from hidden problems, like mold, faulty furnace, leaky roof, sunken foundation, etc.. very important really.. and making sure all the land that comes with it, is yours, by asking the owner if they have a property survey paper..