What does a lawyer do in the real estate deal

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amother

Wine

Mon, Jul 02 2018, 1:40 pm

YAY!!! After close to a year of looking we have an accepted offer on a house. This is in Long Island, NY. We have an inspection scheduled for next week and if all goes well we go to contract right after. The broker asked me if I had a lawyer - and then told me to find one or he can recommend one. What exactly does a lawyer do in the real estate deal and does he get paid as part of closing costs or is it an additional expense? I only want to sound like half an idiot when I call him up Smile

Miri7

Mon, Jul 02 2018, 1:55 pm

It depends on what state you are in.

amother

Wine

Mon, Jul 02 2018, 1:56 pm

Miri7 wrote:

It depends on what state you are in.

This is in in Long Island, NY

amother

Goldenrod

Mon, Jul 02 2018, 1:59 pm

His job is to protect ur downpayment. He will review the contract with you and make sure there are no hidden stuff in it. He will make sure that you are protected should something go wrong.

amother

Olive

Mon, Jul 02 2018, 2:31 pm

amother wrote:

His job is to protect ur downpayment. He will review the contract with you and make sure there are no hidden stuff in it. He will make sure that you are protected should something go wrong.

He will also order your title insurance, which insures that the new deed will be free and clear of any liens on the property. He will do everything in your best interest . The seller will also have an attorney.
They will make all the necessary adjustments, agreements etc and make sure each of their clients are happy with the deal .

amother

Wine

Mon, Jul 02 2018, 2:33 pm

Is the payments part of closing costs or an additional expense of buying a house?

amother

Bisque

Mon, Jul 02 2018, 2:47 pm

Unfortunately, it's an extra expense. People normally factor that in as part of the expenses of closing on a house, but you will be bearing that expense. Congratulations on your new home.

Chayalle

Mon, Jul 02 2018, 2:52 pm

The Lawyer's job is to protect you. For example, when I bought my house 6 months ago, my lawyer checked if everything stated in the contract about the house is true. There was one thing that was not, and the seller agreed to renegotiate the price of the house due to that misrepresentation.

My sister used to rent a house, and the owner gave them option to buy. He told them, you don't need a lawyer, between friends like us. My sister did contact a lawyer, and the lawyer told her there was a certain issue with the land and it could potentially become her problem as the owner, which is why the owner was looking to sell it off a bit more cheaply and without a lawyer. She made an informed decision and bought a different house.

Lawyers don't make a ton of money on sales, proportionate the hours they may spend investigating the legalities of the property. I would not buy a house without one.

amother

Wine

Mon, Jul 02 2018, 2:59 pm

amother wrote:

Unfortunately, it's an extra expense. People normally factor that in as part of the expenses of closing on a house, but you will be bearing that expense. Congratulations on your new home.

Thanks. What is the approximate cost?

mha3484

Mon, Jul 02 2018, 3:05 pm

We bought a house from a seller who refused to use a realator so our Attorney acting as the realtor in many ways. He charges $750 in two payments.

tryinghard

Tue, Jul 03 2018, 11:05 am

amother wrote:

Thanks. What is the approximate cost?

Depends on the attorney. But you can call them up and ask - it's a fee for the transaction, not by the hour, so the amount they quote should stay the same (beware an attorney who says otherwise).

amother

Turquoise

Tue, Jul 03 2018, 11:22 am

The lawyer's fee should run approximately $1,500. As as another poster stated it is usually $750 at time of contract and the additional $750 at closing.

You may want to inquire as to whether the attorney you are hiring does bank closings as well. If the attorney does, then he/she may be willing to represent the mortgage bank at closing and give you a discount on that charge (which is usually included in the total closing costs). Some attorneys consider that a conflict of interest, whereas others are ok with it.

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