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How important is the Attorney in your real estate transaction?

I know that in many states an attorney is not a big factor in a real estate transaction. However in the state of New York an attorney is very much a part of the transaction

When seeking any type of service it is common to ask for referrals from friends family or other professionals. Choosing an attorney is no different. Many attorneys have a specialty. It is usually a good idea to use an attorney who specializes in real estate.

Why it is important to have the right attorney

Using an attorney who understands the real estate process will lead to a smooth, quicker and less costly closing. Remember time is money when using an attorney.
Having the wrong attorney could actually kill the deal and cost you money. I have seen lawyers who want to litigate the deal rather than facilitate it. Also, issues can arise when using an attorney who is not known in the local area. Sometimes, egos can get in the way of your closing, so it may go smoother if the attorneys are familiar with one another and have worked together before.
Choosing the right attorney can save you hundreds of dollars especially when dealing with new construction. A well written contract can save by capping costs on items such as, well drilling and excavation.

How can you find the right attorney?

A good source would be your agent who has worked with many attorneys, has had input from other agents about their transaction experiences, and has compiled a list of attorneys who truly understand the importance of the transaction process.
It is important that your agent gives you at least three names, and you should take the time to interview each one to make sure you find the one that you feel most comfortable with.
As mentioned above, it is also wise to choose a local attorney since he or she will be more familiar with the local laws and regulations than an attorney from out of the area.
When interveiwing the attorney it is also important to discuss fees but don''t make your choice soley on fees.

So remember it is not just about finding a house. The choice of an attorney can also be influential in the success of the transaction.

By Jennifer Fivelsdal

Keller Williams Realty Team

845 758 5842

Posted by Jennifer Fivelsdal, Fishkill NY on 11/15/2008 08:17 AM

Comments (14)

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Originally posted at: Rhinebeck Living: How important is the Attorney in your real estate transaction?

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14 Comments on How important is the Attorney in your real estate transaction?

NOV

2008

Hi jennifer,

We cannot go to contract without an attorney in our area. I know that a lot of (way) upstate agents draw up their own contracts.

I've been told by upstate agents that we are spoiled. There's not much we can do about that. If we started drawing up our own contracts, a large population of attorneys would be out of work. That's the problem here, we have too many attorneys in the area. Such is life.

With all that said, you are absolutely right about getting the right representation. It is not enough that they are a "family friend." Attorneys need to be experienced in real estate.

Great post, great points!

Sandy - i have seen people make the mistake of just using someone they know personally, however it can be a disaster if real estate is not their specialty.

Jennifer - The attorneys that top my list are the ones who can provide the same level of service that matches mine. I like to explain to my clients that the attorney becomes part of the team and we all have to be able to work together. I make customer service a priority and I expect the attorney to do the same.

NOV

2008

Carol - I feel the same way. I so appreciate attorneys who becomes a part of the team instead of hardly acknowledging the existence of the agent. I don't have to tell you who would get my business.

Jennifer like you said you should never choose your real estate attorney based on fees. Because someone who charges less might end up being the one that will give you bad service and not really know what they are doing. Great post.

Lanre Like any other service it should not be based solely on fees but more on the level of service you need.

Jennifer, Connecticut is also an Attorney State. I try to attend all my Closings so I get to see a lot of Attorneys, and there is a big difference from a good Attorney and a not so good Attorney. A buyer these days would be well advised in following the advise of their Loan Officer or Realtor in selecting an Attorney, and staying away for the family member that does a real estate closing once a year, or the friend of a friend of a freind.

Jennifer, you give some great information on leasing. So many people that lease don't realize that it is a legally binding contract.

NOV

2008

Marchel - That is so true.

George I have had the most problems with the latter.

I sold real estate in Washington State. In Washington agents write up the contracts and escrow companies facilitate the closing process. Having an agent handle those contracts compared to an attorney is a big deal. The attorney has such a specialized understanding, I'm glad that New York is an attorney state.

Hi Morgan - I know some agents feel they are capable of handling any contract situation however I have seen things come up where the special skill of the attorney made all the difference.

NOV

2008

Attorneys are not required here in PA but we do use closing companies, which are overseen by an attorney. A good closing company / attorney is key to the transaction; I don't need to say what will happen if they aren't "on the ball" with things!

Jennifer, thanks for the post. The attorney in Illinois is an important part of the process for closing a home. I do have a few attorneys that I work with.

Karen - Having someone who knows what he is doing is key to a smooth transaction.

Greg I agree, and I too have several attorneys that I can truly recommend to clients.

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