How important is it to have a good Real Estate Atty when buying a home and why?

I'm an atty myself - I don't want to handle the contract/closing b/c it's not what I specialize in but, I've seen plenty of contracts so - any issues I would be able to spot myself. B/c of this I'm thinking it's fine to go with a "cheaper" atty instead of paying double/triple for the best. I just want to make sure I'm not missing any reasons why I would need the best if I feel I can spot the big issues myself. TIA!

Re: How important is it to have a good Real Estate Atty when buying a home and why?

IMO, I think they can be the most important part of the whole transaction. We spent 1000 for ours, if I recall correctly - it was great piece of mind...then again, neither of us have a legal background at all. I wanted the best to protect us and fight for us (we had an annoying seller who tried to pull numerous stunts)

Besides the basic contract part of it, they know what to do in certain situations that may arise.

Message edited 6/30/2011 2:25:36 PM.

Re: How important is it to have a good Real Estate Atty when buying a home and why?

I just closed on a house and I am not an attny. I did however read thru the contract and ask questions. I feel like I paid closer attention and caught more things than the attny did. As long as it is a straight forward deal, I would not spend $$$ on an expensive attny. Just my opinion. I think most lawyers have a standard contract they use for every deal and just make tweaks to make it apply to you.

Re: How important is it to have a good Real Estate Atty when buying a home and why?

Re: How important is it to have a good Real Estate Atty when buying a home and why?

I think it depends on the transaction and how tricky it will be. I'm an attorney (not real estate) and when I bought my condo in NYC, I did more work and more editing of the contract than the attorney. He knew the basics and what the defaults were supposed to be and why, but i did a lot of the rewriting myself. When I sold that condo, I was very busy and had to totally rely on my attorney, and paid more $$ for a good lawyer. about 2500. when i bought a house in CT, it was cheap to begin with, and again, the atty knew the basics of CT real estate law, but i felt like i came up with the tough issues and did a lot of work myself. I think it comes down to whether you expect any snags, will have some serious negotiation that needs to be done, and how much time you have to put into it...

Re: How important is it to have a good Real Estate Atty when buying a home and why?

I think it's smarter to invest in a RE attorney. Although you may be a great one, they have more experience and may think of things you never imagined.

It's not so much the contract, it's other things that come into play later during the closing.

Re: How important is it to have a good Real Estate Atty when buying a home and why?

I am an attorney -- but my area is (or was, prior to switching careers) corporate litigation. I am now an associate broker at a real estate company. I highly recommend investing in a competent and experienced real estate attorney.

When I bought my house in 2008, we invested in an attorney who was very experienced with real estate closings. It was well worth the money. While I consider myself a good attorney with a fine grasp of contract law, I did not (and still do not) know all of the nuances of handling closings. I didn't want to put that stress and pressure on myself, on top of the normal home buying stress. I also think it can be hard to be objective when you are emotionally involved in a deal, so better to delegate the attorney role to someone you know can handle it. It will give you peace of mind.

Now that I am a real estate agent, I see how many different scenarios can crop up (with COs, and title searches, and contingencies, and a whole hoset of other issues) and how many shades of gray there are. I've also seen how attorneys can literally make or break a deal. An inexperienced real estate attorney can make a transaction a nightmare (even if that attorney has many years experience practicing in another area). A great attorney can make is a quick and easy process. I would recommend using someone local who knows the other local attorneys, is familiar with the town you are buying in and the particular rules and codes, etc.

If you are going to hire an attorney anyway (and it sounds like you are), I would hire one who is very qualified, even if you spend a little more. For most people, buying a house is the biggest financial investment of their lives, so you want to make sure your legal interests are being well protected. Why be penny-wise and pound foolish?

Re: How important is it to have a good Real Estate Atty when buying a home and why?

VERY IMO. Ours was fantastic. We changed REA a few times and she was the only person we kept through out. Will use her again when we sell.

Re: How important is it to have a good Real Estate Atty when buying a home and why?

I'm an attorney, though I am a civil rights attorney, and we've never used an attorney for any of our closings, and trust me when I say that some of our closings have been very intricate, and very difficult.

DH and I are bulldogs though, and I read every document very thoroughly and carefully - during our last purchase, which was a short sale, the seller's agent and the short sale negotiator tried to scam us every step of the way, but I didn't need an attorney to see the illegality of what they were doing and stand up to them.

Re: How important is it to have a good Real Estate Atty when buying a home and why?

We used a RE attorney in Massapequa. I can't remember how much we paid now (we bought in 2008) but I also think it was worth it.

I don't think she was more than $1K though.

Our seller tried to play a few games (there was an illegal garage apartment that they initially refused to rip out that the attorney was afraid would be noticed by the bank) and some other things that needed to be done.

DH and I while we both can be bulldogs, just felt more comfortable having a "professional" who also had our back, ESPECIALLY since we were first time buyers.

I have heard many stories of people who haven't used an attorney and then run into problems.

Message edited 7/1/2011 8:01:32 AM.