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| Im buying a house? please someone with experience answer my questions read further? |
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 Applied for an home equity loan and got denied?? |
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KCA | Do I need a lawyer when buying a new home? |
I'm a first time home buyer and about to sign a contract to buy a newly-built house. I'm a bit nervous because I'm not sure if I should hire a lawyer when I first pay some of the down payment and/or when I do the settlement. I don't have a realtor or a buyer agent on my side and I'm not sure if hiring a lawyer is necessary. Please let me know. Thanks!!! |
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Alterfemego
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What I don't understand is when something as important as information, experience and know how isn't utilized WHEN IT'S FREE! A Realtor is typically paid by the seller, not the buyer. A Realtor can and probably does know all about the builders in your area. A Realtor knows when a transaction is so complex an attorney might be beneficial. A Realtor can provide you with information you need to make an informed decision.
I strongly urge you to interview 3 Realtors, who have a CRS or GRI designation. Select one you comfortable with. Not necessarily the one that tells you what you want to hear. And work with them to help you make the right purchase. |
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mefrancis
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Crikey!
You need a buyer's agent first. Do not pass go. You need to know that you are paying the right amount. You need to have someone advocating for your best interests. Builders contracts are rarely written to protect a buyer and often the through things in there that can be negotiated out.
A lawyer is a separate thing, but I would never recommend that anyone sign a purchase agreement on a home without an agent representing them. |
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Sane
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Generally you don't need one when you sign the contracts to buy a house. You either know and understand what your getting into, or you have a broker help with your questions before you commit. You can have the builder hold the lot you chose for a few days for a few hundred bucks. Take all of your offers and papers and review them thoroughly. If you have any questions, get answers from someone somewhere so you understand everything. You can search on line, you can contact a lawyer, or you can contact a broker. Usually, any questions on new homes can also be asked of the selling agent. Just don't expece honest answers to questions like is this builder reliable or good. Once you understand all of the responsibilities and conditions and are OK with them, sign away. You will need an attorney at settlement however as they MUST do lein searches and other legal matters to make sure your not getting into something that will cost you. Be safe and put down as little as possible when you sign in case something goes wrong your losses are as minimal as you can hope for. |
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John, a REAL Buyer Broker
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Depends on this....
Some states are "title company" states, others are "lawyer" states. In title states, title companies handle the closing paperwork, so it is not uncommon to buy without lawyers in those states (not a good idea in my humble opinion..you still need to discuss deal with an attorney, and have him ready to intercede if something comes up). In a lawyer states like Connecticut and NY, all transactions are managed by attorneys.
John Herman, BuyCT.com Exclusive Buyer Brokers |
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pxp608
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Not a lawyer, a real estate agent.
Agents understand the process, paperwork, and transactions of a sale. This is their job, they went to school and passed the state bar exam.
Many like to conduct the sale of real estate to avoid commission charges. The seller does not require fiduciary conduct to the buyer, but the agent does to his own client.
Something to keep in mind.
A home is the largest investment in your life, don't nickel and dime yourself. |
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Miss Emily
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I don't think it's necessary to get a lawyer. Because you're at the signing contracts point with the builder most real estate agents can't get involved at this point an expect a full commission.
Call some real estate agents up, ones who have at least 5yrs. full time experience in your area. First find out what a lawyer would charge to review contracts & make sure all is good.
Then call the real estate agent & say, this lawyer will review contracts for me for X price, would you do it for less & I'll pay you X for a flat fee?
if the house you're buying is in CA or NV I would be happy to review them for you to make sure they're on the up & up. You can email me if you like w/ any more questions or concerns thanks to Y!A's providing an email link to its' users :) |
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Neenah
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Before you do any signing please get a lawyer! There is a bunch of slick terminology in those documents some which will supersede other documents that you will sign. I found that out by reading through my documents. Now, I'm talking with NACA and advocacy organization for people in predatory lending situations and they also provide other home buying services. You want to make sure you understand every document and they're read completely. Do not let them summarize what the documents mean because they will leave out important information that is crucial in determining whether or not you will sign those documents. |
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raycatng
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You don't need to hire a lawyer. Just get an appointment to have the lawyer go over the paperwork with you. This is usually something one of his paralegals can handle so it shouldn't cost you that much. Its always a good idea to get a lawyer to look at a contract before you sign it or give any money as a deposit. |
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BOOTZ
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no you don't need a lawyer, but you do need a good real-estate agent |
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Enchanted
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You don't need a lawyer, but you need to make sure you understand everything. You won't pay the down payment until closing (that's when the final loan documents are signed and sent to the county to be filed). You will need a check to open an escrow account. That amount is normally $1000, and a check for any upgrades, if applicable (normally you pay a percentage and can finance the upgrades; or you can pay in full). Your title company and loan company will basically take care of everything. I wouldn't waste the money you are going to need as a new home owner on an attorney. |
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