I asked a previous question about taxes and escrow and noticed that a few responders recommended seeking advice from a real estate attorney. I'm still very early in the buying process for a home that would cost less than $200k. From a cost perspective, does it make sense to retain an attorney? What are the advantages?
2007-08-19 10:14:22 · 4 answers · asked by tv_newsman 1 in Business & Finance ➔ Renting & Real Estate
There are no advantages to contacting an attorney at all. In a few states your closing agent is an attorney. They make sure your documents are in order, but most of the work is done by a paralegal clerk not by the attorney. They make sure that the paper work going to the title company is what the title company need to close the transaction.
You can go direct to a tile company that have their own closing attorneys. This will reduce your closing cost by a small amount.
If you live in a state like California, we rely on escrows to close loans and make sure all documents are in order, the same as an attorney in states that require closing agents to be attorneys. Again you can always go direct to a title company and use their escrow officers within the title company, this might save a few dollars.
You don't need an attorney unless you reside in a state that require an attorney for closing purposes.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-08-19 10:23:03 · answer #1 · answered by loanmasterone 7 · 1⤊ 0⤋
I didn't see your previous question. But most RE transactions with a Realtor are conducted on fill in the blank forms that have been written by an attorney. If you have a bunch of contingencies or a complex contract, you may want to consult with an attorney.
If you have a competent Realtor, you should be fine.
One transaction I had that an attorney got involved actually changed nothing from what we had written in the contract. But with the faxes, phone calls and client visits, I'm sure that guy had alot of billable hours. For nothing. **sigh**
2007-08-19 21:38:02 · answer #2 · answered by godged 7 · 0⤊ 0⤋
I have only had one client with a real estate attorney. She didn't ask me any questions. She didn't say anything at the closing. I was afraid to ask how much she got paid. If you have a good realtor and loan officer, you will be fine.
2007-08-19 17:21:11 · answer #3 · answered by ? 4 · 1⤊ 1⤋
They are very inexpensive... you are making the biggest purchase of your life... it's good to have someone represent you in the deal.
It should cost no more then a few hundred bucks... they can review or draw up the sales contract and help with closing.
2007-08-19 17:19:51 · answer #4 · answered by Mike 6 · 0⤊ 1⤋