No Real Estate Attorney??

By
Real Estate Agent with Realty Executives NJ RE Lic# 0902347
https://activerain.com/droplet/48k

I am working with a first time homebuyer.  He asks me should he hire a lawyer?   Yes, I answer.  He tells me that his mortgage lender advised him that he can hire a lawyer if he likes but that it is not necessary...paperwork is pretty straight forward and that lawyers usually impede the process anyway!  Can you believe that?  I was shocked!  How can you advise a first time homebuyer not to bother to work with a lawyer when there are a million things that can go wrong when purchasing a home???

I definitely re-advised him to always, always, always hire a real estate attorney because they are paid to protect his interest.  I am worried about this lender...

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Topic:
Home Buying
Location:
New Jersey Sussex County
Groups:
Sussex County, New Jersey
Tags:
real estate lawyer
real estate attorney
legal
new jersey law
new jersey real estate

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Rainmaker
1,042,960
Charles McDonald®
Charlottesville Solutions - Charlottesville, VA
REALTOR®, Principal Broker®, Owner

I think you gave your client good advice

Your Friend in Charlottesville

Jan 18, 2011 12:30 AM #1
Rainmaker
580,460
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI Real Adventures

Diane-I wonder what percentage of closings happen with and without a real estate attorney?  That would be interesting to see

Jan 18, 2011 12:30 AM #2
Rainer
284,291
Keith Gilkey
Re/Max Chesapeake - Elkton, MD
410-920-7214, Re/Max Chesapeake

Diana, In our area it is very rare for someone to hire a lawyer, but in todays enviroment if someone mentions it how could you disagree.

Jan 18, 2011 12:31 AM #3
Rainer
118,019
Diana Germano
Realty Executives - Sparta, NJ
For Your Real Esate Needs

Thanks, Charles

That sure would be interesting to know, Bob

@Advance Realty Northern Bay:  I forget that in some areas hiring attorneys for real estate is rare, however, we wouldn't think twice about hiring an attorney here.  How do you do handle that?  I don't think I would want that extra responsibility.

Jan 18, 2011 04:50 AM #4
Rainer
332,782
Irene Kennedy Realtor® in Northwestern NJ
Weichert - Lopatcong, NJ

Diana,

Sounds like your mortgage person isn't aware that in Northern NJ, attorneys typically handle the closings.  In other areas, it is more common to have a title company do the close.  Good thing you know the importance of correct representation!

Jan 18, 2011 09:32 AM #5
Rainer
145,395
Jeanne Kozak
RE/MAX In Action - Martinsburg, WV
REALTOR and Broker/Owner in WV and VA

Pretty stupid advice from a so called professional, and in this state, an attorney has to do and/or oversee the closing.

Jan 18, 2011 02:28 PM #6
Rainer
118,019
Diana Germano
Realty Executives - Sparta, NJ
For Your Real Esate Needs

Great News!  My client just informed me that may use a different mortgage company!  I'm so relieved, I thought it was going to be a nightmare from beginning to end and that we may never close.  God is good!

Jan 19, 2011 01:23 AM #7
Rainer
3,228
Karen J. Hagen
Karen J. Hagen, Esq. - Jamesport, NY

I know I am responding very late, I just joined the other day,

I wish real estate agents here were like you, and that transactions were done by attorneys here. I have NEVER had a client hire me that didn't tell me that their agent told them NOT to use an attorney, and be adamant about it to the point the client thought there was something really wrong about it. The ones that listen don't have title explained to them, so they don't know what they are taking title subject to. The settlement companies are frequently owned by brokers and agents. They might explain a few of the mortgage documents but it is rare for them to actually explain the title policy and what is in it.

The ones that don't listen sometimes call me a few months after closing to ask why they can't build a pool, a deck, why nobody told them they have an easement across their property or someone else has the right to access their property from a shared driveway, or why nobody told them their shared well could run dry and the owner of the property the well is on won't fix the problem. The agents point to the settlement agents, who point to exceptions in their title policies. "It's right there in black and white."

Feb 03, 2012 02:20 AM #8
Rainer
118,019
Diana Germano
Realty Executives - Sparta, NJ
For Your Real Esate Needs

@ Karen.  So true.  I'd rather he have more protection than none.

Feb 03, 2012 02:47 AM #9
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Rainer
118,019

Diana Germano

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