Lawyer for closing?
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Anonymous
| We are thinking about getting a lawyer for our closing. We're already under contract, but are wondering if others have found it helpful/advantageous to have a lawyer review anything prior to closing or attend the closing with you. If anyone has any recommendations of real estate attorneys for this, that would be great too. TIA! |
Anonymous
| I called one before our closing. He told me not to waste my money. |
Anonymous
| Unless there are special circumstances, I would find it a waste of money. They are all standard contracts and a good real estate professional will be sufficient. |
Anonymous
| The time to call a lawyer would have been BEFORE going under contract. I wouldn't at this point. |
Anonymous
exactly ... I couldn't believe, when I was in private practice, how many people call AFTER signing a contract that may or may not have issues ... the time to call your lawyer is before you sign anything. Once you have, at least in NoVa, it's a waste of money in my experience since lawyers don't conduct most RE closings (unlike northern NJ where I practiced for some time). |
Anonymous
| What kinds of things do lawyers change in the contract before it is signed? Just curious -- I had thought it was a standard contract for the dc area. |
Anonymous
|
I am a real estate attorney in the DC area. I actually own a title company (who knows I may see you at closing). It is very unusual in this area to hire an attorney to represent you at closing for a residential property, but I have done it scores of time. Once the contract it is signed, there are still things and attorney can do (review loan commitments, review title commitment, review the deed, ensure contingencies are properly satisfied, etc), but you should it would have been vastly better to retain an attorney prior to closing.
The following are examples of items that I change from the standard contract. 1) I don't allow real estate agents to hold deposits. 2) I require title to be free and clear, rather than insurable and marketable 3) I alter contingencies to say what people actually think they say (most real estate agents wrongly describe them) 4) I include a liquidated damage clause, rather than unlimited liability. 5) I prevent the buyer from paying an admin fee (and substantially edit the buyer brokerage agreement) 6) I remove the language in the contract obligating your estate and heirs to purchase the property if you die before settlement. |
Anonymous
| Really old post, I know, but I'm looking for a real estate lawyer before signing the contract. Any recommendations? |
Anonymous
Just out of curiosity, how much would you expect to pay for something like this? My DH is an attorney and we've often thought about me getting a RE license and then going into business together, 2 for 1 so to speak. Have you thought about just getting a really experienced realtor? Some even have law degrees...I would think you'd be better off that way tha with any Joe Schmo lawyer helping you. Real estate contracts are pretty boiler plate. You just fill in the blanks. Purchase price, contingency yes/no, etc. |
Anonymous
I'm the PP who bumped this thread. I would pay $500 for the consultation with the lawyer to review the contract, make changes, and advise me on renegotiating certain aspects of the contract. Or perhaps if there was a seller rent-back situation, a RE lawyer might be helpful to draft the terms of the lease. would also want a lawyer for short sale.s In short, I would want a lawyer for any situation for home buying that did not get covered sufficiently in my opinion by the boiler plate contract. |
Anonymous
Have your DH check his ethics rules. Usually lawyers can't practice law in business with a non-lawyer. |