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andrew
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 Posted: Fri Dec 04, 2009 3:02 am GMT Post subject: when and why to use a lawyer |
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Hi everyone,
My wife and I are prospective first-time home buyers who have been patiently biding our time while we wait for market prices to seem more reasonable to us. I have read either here or elsewhere that it is important to retain a lawyer when buying a home. I have also heard someone say that this step should be taken before even making an initial offer but am not sure why that would be. Can someone enlighten me about this issue? At what point should we be getting legal advice?
Thanks,
Andrew |
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Fri Dec 04, 2009 12:50 pm GMT Post subject: attorney |
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andrew,
i would recommend hiring an attorney prior to your initial offer letter, that way the offer letter and contingencies would be written on your behalf alone. we were not charged extra for this, but we already had a professional relationship with our attorney prior to our recent purchase. our attorney is located in Arlington, and if you are interested, i can give you his name and number. i highly recommend him.
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Brian C
Joined: 13 Feb 2009
Posts: 98
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| Posted: Fri Dec 04, 2009 1:44 pm GMT Post subject: |
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With today's new regulations regarding appraisals, you need a attorney to represent you. Ive you have read melonrightcoast and my experience buying a home, dates will be changing (alot).
When I was ready to make an offer, I had my attorney assist my realtor in drafting my offer including all contingencies. Because it was done in a professional manner, I was able to get what I wanted.
If you need an attorney from the North Shore area, PM me. |
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synergy
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| Posted: Fri Dec 04, 2009 3:37 pm GMT Post subject: Dont submit anything until you have hired .... |
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Dont submit anything until you have hired a respected & forthright Real Estate Attorney.... and discussed your situation. My wife and I entered into a purchase where the seller disclosed 2 days before the close that they were pursuing a short sale despite legally being responsible for mortgage deficiencies on the seller's first/second loans.. . My saga has gone on for almost 5 months and I am still awaiting my deposit back.. Our situation is a very complicated one, but the straw buyer/builder who are the sellers let the property go into pre-foreclosure to force the short sale.. It has caused an unbelievable amount of angusih for us.. We also have been waiting/renting for 3 years and are Prime/Ideal borrowers with 20% down/excellent credit/job histories. Fortunately, our Legal counsel has been excellent and has been a key component throughout the process...
Do yourself a favor....Be very,very careful in this market. Including the more affluent communities . Do all the research you can, demand answers and make sure your legally protected so your deposit or your situation is not at risk.. You will be glad you did so in the end. I definitely am. |
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andrew
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| Posted: Fri Dec 04, 2009 8:48 pm GMT Post subject: |
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| Thanks everyone for the comments! I guess after reading them my additional questions are: 1) how important is it that one's attorney be familiar with a specific town (obviously they need to be knowledgable about Massachusetts law) and 2) what sort of contingencies might an attorney write into an offer letter that wouldn't be "standard" and, finally, 3) is there typically any issue with real estate attorneys and realtors working well together? I appreciate the advice. |
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Sun Dec 06, 2009 4:21 am GMT Post subject: |
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andrew,
i'm not a real estate professional, i've bought two properties and sold one property as two units, so i've done four real estate transactions total. and all four were very different, even on the two-family that we sold as two condos. and that right there is why you hire a professional that has been through numerous real estate transactions. i'm not a fan of realtors because their pay structure is an inherent conflict of interest for buyers and sellers. that said, we really would have avoided several mistakes when we bought our first property if we had hired either 1) a GOOD buyers agent and/or 2) a real estate attorney from the beginning of the process.
| Quote: | | 1) how important is it that one's attorney be familiar with a specific town (obviously they need to be knowledgable about Massachusetts law) |
from my experience, the real estate attorney does know some specific town laws, but it is not usually needed (except in the situation where we were converting a two-family house into condos). however, it did come in useful that the attorney was familiar with the general area and housing stock. for example, when we bought our two-family, one of the first question that our attorney asked us was "is it a legal two-family?". i felt that he had earned his $500 right then and there, because we hadn't thought about that. another example was that after moving in, i found a peculiar (to me) "hatch" behind our house that had a small cylinder in it, in the ground. i was freaking out because i thought it was an undisclosed underground storage tank. so we called our attorney and told him about it and we took photos of it and he said no, not a UST, he used to have one at his house in Somerville and it was an old-fashioned garbage can.
| Quote: | | 2) what sort of contingencies might an attorney write into an offer letter that wouldn't be "standard" |
the attorney should tailor the offer specifically for your property and to your benefit. for example, any construction or renovations done to the property should be permitted and seller is responsible for any costs incurred to remedy un-permitted work. the lead paint and radon contingencies were worded so that we could revoke the offer if any levels were present at the property, and get deposit back. the title v (septic) contingency was worded so that the seller was responsible for the cost of putting in a new one, if it failed.
| Quote: | | 3) is there typically any issue with real estate attorneys and realtors working well together? I appreciate the advice. |
i haven't had any specific issues with agents and attorneys working together. i'd find an attorney on your own, not one that a realtor recommends.
additionally, there is a bunch of research that you are going to have to do yourself. a buyers agent might do some of this, but probably not all of it:
-sex offenders registry: http://www.mass.gov/?pageID=eopsagencylanding&L=3&L0=Home&L1=Public+Safety+Agencies&L2=Sex+Offender+Registry+Board+(SORB)&sid=Eeops
-toxic waste site listings (state and federal): http://db.state.ma.us/dep/cleanup/sites/search.asp and http://yosemite.epa.gov/r1/npl_pad.nsf/SelectedByStateAndCity?OpenForm&View=Massachusetts&ViewEnd
-local search: wetland and conservation land proximity and regulations, abutting property information, zoning, traffic: check town web-site or go to town hall
-sellers' information: www.masslandrecords.com
hope that helps and that i didn't scare you with information overload  .
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GenXer
Joined: 20 Feb 2009
Posts: 703
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