Should We Use An Attorney?
i posted last week about me and my wife selling our condo and got some excellent feedback from some awesome people here, mainly davet; and i thank you for that. now when we sell, our real estate agent told us we do not need an attorney. we are just curious as to how other people feel about this. is it better to hire an attorney or just pay for a title search through the buyers attorney as our agent recommended.
thankyou in advance
david & kim
If you are going to pay for the title search anyway, you could get your own title company to do it. To keep things separate.
You can still let their attorney do the closing for you.
i was just wondering. will we need an attorney to review what the buyers attorney draws up. or is it just basic stuff that we won't get duped on. thanks for your respose neil.
I would say use one if tht makes you feel better.
Generally I have closed without one 90% of the time. The title company does all the work. Pay attendtion to any special provisions and maybe have a friend that is versed in RE look it over. Your agent should be able to spot any glaring things.
Luck
[addsig]
What the buyer and the seller each pay for is negotiable. If the standard practice in your area is that the seller pays for the title search, find out how much that is expected to be and include that amount in your "contract" as an addendum.
Perhaps: "Seller agrees to pay a maximum of $150 on behalf of the buyer for a title search sufficient to insure title."
I just use the $150 number because that is generally the maximum cost in my area. If the cost in your area is really minimal, it should not be a sticking point. Don't get hung up over a couple hundred dollars, when you have a 100K profit waiting for your at the settlement table.
Usually, the title company that issues the lender's and buyer's title insurance must perform the title search. Having your own search done by someone who will not issue title insurance may be a waste of money.
As the seller, the only thing you should need to sign is the deed and the HUD-1 settlement statement. No need to have your own attorney at settlement if you are comfortable with the HUD-1.
[ Edited by DaveT on Date 08/01/2003 ]
I always use an attorney. Maybe it's just around the Chicago area, but things can get extremely difficult and an attorney is pretty much required. They offer the knowledge to help protect you and fight for your benefit in cases where you may not know any better.
RE agents are not as smart as you think.
There is very little legal training as far as contracts go, don't trust them.
If in doubt, use an attorney until you build the experience and confidence to know when to use one and when not to.
[addsig]