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| *Ostroff, Fair and Company>>>Renting & Real Estate |
My offer on a condo was accepted and now i have to sign the contract? |
my real estate agent referred me to an attorney for review. I believe he said the fee was around $900 (or less, i dont remember). my question is this: should i use him, will he represent my best interest or will he just do anything to get the deal done. is my agent getting a cut from referring him to me? or should i just search for my own attorney. I am a first time home buyer and not well versed with how these things work. Thanks.. Have an attorney look at it Source(s): m although Atty. fees vary, $900 is alot for reviewing a contract, unless of course this atty. is doing a title search and the closing for you as well. In Mass and NH the "usual" charge to review a contract is around $100. YOUR bank will hire an atty. or title company to do YOUR closing, and even though they represent the bank in the transaction, they are "covering your butt" as well. Hey, Being a first time home buyer is not easy. From finding the right attorney, to getting the right mortgage it can be a stressful process. I am a mortgage broker and work very closely with many attorneys. Email me and I can help you out in this matter. --Vlad My first question for the agent would be, "Why are you referring me to an attorney IF you're experienced in these type transactions?" If the agent is not, you need to get an agent who is. The only time I referred a client of mine to an attorney was in a commercial transaction that was also a 1031 Exchange. Given the complexities of this type transaction and his involvement with his own attorney out-of-state, he agreed to the value afforded in having a local attorney involved as well. Yes, as the principal you certainly have that perrogative of appointing an attorney (s/b a real estate attorney well-versed in real estate law specific to your state). There's usually a place within the contract to disclose your attorney-of-choice. Shop around to see how competitively priced this 'referred' attorney is in his/her fees. If higher than the norm, find out what services are provided for that fee and compare those services with others. Your questions sound as though you don't trust the process as presented. A good disinterested party to talk with may be a title company's attorney in your area and/or the real estate commission for your state. Your questions have merit and directing your questions to the right sources is an excellent experience for you. Best of luck! Realtor in Texas for 15 years. $900 seems like a lot to review a RE contract. If the contract is cut and dried, why are you spending money on an attorney anyway? If you want one, fine, but most RE forms are boilerplate, fill in the blanks, and unless there are a bunch of contingencies, there is really no need for an attorney to review them. It wouldn't hurt to call a few RE attorneys and get a better price. Heck for $900, I would get you the attorney of your choice and we'd all review this contract over a fabulous dinner. And I'll tell you the same thing I advise everyone that is leery of a Realtors recommendations: No professional is going to put their license on the line to "fudge" a deal. Realtors recommend people that they know do a good job. |
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