Legal Question in Real Estate Law in New York

Re: Property Purchase-Why need attorney?

To handle the litigation after you screw up the closing.

Re: Property Purchase-Why need attorney?

You are not mandated to have an attorney. However, if there are any problems, conflicts or issues, involving the contract or the closing, you will have noone to represent you. If everything goes smoothly, it was money saved. If a problem arises later, you may have additional costs that might have been avoided if you had representation from the outset. Litigation is much more costly than just a closing.

Re: Property Purchase-Why need attorney?

You will only need an attorney if there is a problem, but without one, you won't know until it it too late.

Penny wise and pound foolish is an apt old adage which comes to mind.

Do as you wish.

Good luck.

Re: Property Purchase-Why need attorney?

"The seller's attorney is well known to me and I trust him."

This is a classic statement, said often by people who "trusted" other people and wound up as plaintiffs in lawsuits which cost far more than the price they would have paid had they had someone on their side with a fiduciary duty to protect their clients.

Having your own lawyer is analogous to purchasing insurance. It is a risk/reward assessment that only you can make. Despite how clean the transaction seems, a learned attorney might find a problem that if not addressed, could prejudice you and cost you money, aggravation and time.

Just remember the old adage, "the attorney who represents himself has a fool for a client."

Good luck.

Re: Property Purchase-Why need attorney?

Who says that you do?

Why does the bank need an attorney ...they could just have you sign the documents that they prepare?

Are you willing to risk what the seller's attorney (why does the seller have an attorney ..I am cerain that the seller trusts him, or why else hire him) will represent your interests, which he ethically may not?

The rest is up to you.

Good Luck

RRG

Re: Property Purchase-Why need attorney?

What if there are judgments and liens?

What if the seller's trusted atty inserts a phrase such as...time is of the essence or a quit claim deed or mortgage contingency that is waived upon a certain date or event or no representations or shall not survive closing or permitted exceptions or waives Sect 13 of Lien law or Risk of Loss or GOL Sect 5-702! (for the attys). But, you don't need an attorney.

P.S. a re-fi is not the same as a purchase.

Re: Property Purchase-Why need attorney?

The seller's attorney is there to represent his client's interests not yours. Having your attorney review the contract is a safety measure, it could prevent costly litigation afterwards if something should go wrong.

Good luck.