A lawyer a) protects your interests exclusively and b) makes sure everything is proper so you won t have problems later on. Everyone else in the deal has their own interests. The brokers and agents don t get their commission unless you close, etc., so they don t have your best interests at heart. Many closings are fine without a lawyer, but many go horribly wrong and cost you far more than a lawyer ever would. I have had people in my office who decided to save $ 750 by not hiring a lawyer, only to find that there was a mistake made that is going to cost them tens of thousands of dollars to fix. Often people don t realize there was an error until they go to sell their home. It s sad, but it was their choice to try and save a few bucks. They took that risk and lost.
Ten thousand seems way too much, but there may have been massive complications you don t know about. But you must have SOME knowledgable professional represent you to cross all the Ts and dot all the Is to protect your interests. That way if something goes wrong you have someone to blame other than yourself.
There is no NEED for a lawyer. The title company you employ will do all the paper work. You may WANT to consult an attorney if you are buying unusual property -- e.g. really run down where you need to protect yourself with seller warranties about condition.
The typical fee should be less than $500 unless the the lawyer draws up the offer or the contract. Otherwise a lawyer is a life saver. As previously stated, he will be the only one at the closing on your behalf.
You can do it yourself but if your borrowing money the lender may want you to use a lawyer to ensure their interests are protected
use a real estate agent - only the seller pays them - unless you are a trained real estate agent, how would you know exactly what needs to be done?
We used a real estate buyer s agent. Didn t cost us anything, as the seller s paid the fees.
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