Quote:
Originally Posted by secondcurve
Lady Jane:
Most of the time the bank's attorney (assuming you are borrowing money to purchase the property) protects your interest in the closing process. Thus, people often assume they don't need an attorney when purchasing real estate. Usually this assumption is correct. However, it isn't always the case. I am fairly experienced with real estate transactions and I always use an attorney. My guess is that you should too. Don't ever rely upon a realtor for anything. At best they are inexperienced and naive, at worst they are dishonest and/or their interests aren't in line with yours. Good luck with your purchase and remember don't be afraid to walk away if you don't get what you want. It is a buyer's market and it likely will become more of a buyer's market before it becomes a seller's market.
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Actually, the bank's attorney is only there to represent the bank's interest, because that is who is paying him/her (a charge usually passed on to the buyer), the real estate agents in most jurisdictions by law represent the seller (even the agent you use to help you find the house, with very few exceptions), so if you want someone on your side representing your interest, then have your own attorney. Relatively short money for a whole bunch of peace of mind. In fact, your own attorney may pick up on something the agents and bank atty missed; our attorney when we bought a house in NY noticed that there was an open line of credit shown on the seller's homeowner policy, same company as the first mortgagee. Seller had the release from the mortgage company for the first mortgage, but not for the line of credit. Our closing started on a Fri afternoon at 3:30, and the seller was fortunate enough to find someone at the mortgage company that could send a release.
Downpayment = thousands of $
Atty fee = $400
Him/her protecting your interest = Priceless !
