You did your search and traveled to a multitude of homes to find your “next place to call home.” Finally, after almost 6 months and 500+ miles, you settled on your first home, a 3 bedroom and 1 ½ bath place. You went through and performed all of your negotiations, through the haggling, stressful, and tense moments; treading lightly on eggshells, and doing whatever was necessary and required that you had to do (of course legally, lol) to have an agreed and accepted price. However, you’re somewhat happy but not ecstatic with your broker, as they weren’t really at the “top of their game” when it came to all the details and minutiae. Then you ordered your inspection and had it completed.
In the meantime, you still haven’t hired an attorney and are asking your broker or salesperson for suggestions as well as getting recommendations from family and friends. However, one of the very best places to check on those that you are considering using is to go online and check their reviews and testimonials. This will be your best source for seeing what their current and previous clients experienced with the services that they provided.
You surely want to make sure that your attorney has never been convicted of stealing any escrow money. I am sure some of you have read in the papers of some lawyers who have absconded clients’ money and co-mingled it with their accounts to buy luxury cars, jewelry, vacations, and pay their bills. I was involved in a situation when I was in my late twenties in the purchase of a building in Floral Park for my previous Landscape Design and Professional lawn tree and shrub application business. My attorney who was referred to by my real estate broker, I found out later on, never sent my downpayment and contract back to the seller’s attorney. I ended up losing the property. but through a very method and with the assistance of my manager, I was fortunate to at least get back all of our money. The way in which I was able to accomplish this is a story for another day and column. We are in desperate times for some attorneys, who on the surface had been very professional and honest but decided for whatever reasons, to steal clients’ money and were caught redhanded.
You should also speak to the choices that you have, to find out their fees. In this column, I will not provide an exact amount that attorneys charge. I do offer recommendations when my clients ask. However, the price range that I have seen and experienced for a local lawyer can be as little as $850 up to $2500 or possibly more for a Manhattan professional. Some client's experiences were horror stories with the bargain basement types. They will speak with you in the beginning and then only be handled by their paralegals during the process going forward, and maybe not even see them at the closing either. So you must proceed with caution to narrow down your choices to the one that you will hire to be the most knowledgeable, transparent, and have the most expertise and communicate with you right through to the closing. The best one will provide you the quality service that you deserve at the most reasonable and affordable fee; or what I call the “biggest bang for your buck.” But keep in mind that you get what you pay for and “cheap is expensive and sometimes expensive is cheap” when all is said and done.
However, before you hire your attorney, now is the time to ask questions and interview them, which most never do. Unfortunately, you experienced some faux pas and embarrassing situations that have created stress that almost caused your sale to go south. It wasn’t your choice to be in this situation. But circumstances arose that you didn’t know about or aware of, due to your lack of knowledge because you are not an attorney and that is why you hired one. These items, e.g. survey issues, Co’s, etc. should have been carefully addressed before the closing. Your legal representative is the one that is your responsible party for handling your transaction. He or she must do their due diligence in crossing the T’s and dotting the I’s, to make certain that all information is accurately derived appropriately and that no rock is left unturned. In the end, your closing should be a happy and stress-free event.
From my personal experiences, I know that the majority of attorneys represent their clients most professionally and expertly. However, there are some, that I ponder how they ever passed their bar exam; and the same with some real estate salespersons too. Although this is not a normal occurrence for the most part, every business has its Pros and then there are the cons, if you know what I mean?
If you purchasing an HOA, condo or coop, you must be sure that who you hire has sufficient experience and knowledge in executing these types of sales as they are handled much differently than residential property.
Don’t just hire anyone on a whim because of a referral or recommendation. As I have conveyed to you, be prepared and do your due diligence with the most careful research in becoming a Sherlock Holmes. This will benefit you, in being cognizant of who will be your best representative. You must always remember that you are spending a lot of your or your family’s hard-earned dollars when purchasing your home. As I have said in previous columns, it is the most valuable asset in building your long-term wealth that the majority will own in their lifetimes. Your job is to keep as much money in your pocket as possible; but realize that everyone needs to earn a living, so hire the best attorney that you can, with whom you will have excellent rapport and hopefully a long-term relationship when it comes to legal matters
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 42+ years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S.) and has earned his National Association of Realtors “Green Industry designation for eco-friendly low carbon footprint construction with 3-D printed foundations, Solar panels, Geo-thermal HVAC/Heat Pumps).
Save his My New Electronic signature/Bio/Reviews to save to your contacts: https://onetapconnect.com/turnkeyrealestate-philraices
He will give you a copy of “Unlocking the Secrets of Real Estate’s New Market Reality, and his Seller’s and Buyer’s Guides for “Things to Consider when Selling, investing or Purchasing your Home.
He will also provide you with “free” regular updates of what has gone under contract (pending), been sold (closed), and those homes that have been withdrawn/released or expired (W/R) and all new listings of homes, HOA, Townhomes, Condos, and Coops in your town or go to: https://WWW.Li-RealEstate.Com and you can “do it yourself (DYI) and search on your own. For a “FREE” no obligation 15-minute consultation, as well as a “FREE printout or digital value analysis of what your home might sell for in today’s market without any obligation or “strings” attached call Philip at
(516) 647-4289.
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