Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Clicky Poll - Real Estate Lawyer
In the state we used to live, it seemed assumed that both buyers and sellers would get a lawer. In the state we're currently buying in, it's not the norm to get a lawyer if you're already using an agent. Which. of course, now seems odd to me.
[Poll]
Re: Clicky Poll - Real Estate Lawyer
I'm in Georgia. The only time lawyers are involved, in a typical residential transaction, is when there is financing. So, if you get a mortgage, the lender has an attorney to close the transaction. But the lawyer doesn't represent the buyer or the seller.
I understand that in other states, the reason a buyer or seller would have a lawyer is to draw up a contract. In Georgia, the Georgia Association of Realtors publishes contract forms that agents use, and that usually eliminates the need for an attorney to create a contract--the agent just writes the offer by filling in blanks on a preprinted contract, attaches the necessary addendums and exhibits (financing, etc) and you're set.
You're right that this varies dramatically by region and sometimes even by state. In NJ, the split is even within the state - half the state almost always uses an attorney, the other half of the state rarely does.
Where I am, I've never used one (bought 5 homes, sold 2) and don't know anyone who has.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
Sorry to SS-up the poll.
Where I am, it is not common to get a lawyer for residential real estate. But I am an attorney who does do some real estate work, and obviously I'm looking over and marking up/drafting my own contract. If I need advice, there are more senior attorneys at the firm who can help. So I'm not really hiring one, per se.
We owned and sold a home in southern NJ, outside of Philadelphia. When we did this, we just went through our Real Estate agent and never considered an attorney.
We are currently buying in northern NJ outside of NYC and the norm is to have an attorney.
You make a good point. When we sold our home in another state, the title work, etc was all done by an attorney so as a seller, we HAD to get an attorney. Plus, any negotiations/contract changes made after coming under contract (such as those resulting from the home inspection) were done via the attorney.
When I bought my condo (in Illinois), my attorney came with me to closing. He was also helpful (2 years later) when I went to re-fi and there was a question on my escrow account. He actually helped out free of charge on the re-fi.
The REA was no where to be found at the closing of my condo.
OP: we found the opposite to be true!
Our home state did not require attorney review, and our new state does require attorney review. I have to admit that the $400 is well worth the money.
From the inspection report, he advised what we should/could ask for, legal items that the sellers must complete for sale, etc. All communication from us to sellers occurred between the lawyers.
ETA: We are now in IL. Both parties are required to attorney review.