somewhat_med: How much $ (approx) for a real estate lawyers services (Michigan)?
We got one quote from a lawyer of $ 450 (flat fee)
He didn’t go in to detail about what all is included…..
What do they generally do other than make sure that the purchase agreement is fair?
Do they have to be a “real estate” lawyer? Would any lawyer work?
Can/will your bank/credit union/mortgage company analize the agreement and make sure all legalities are taken care of for you?
Answers and Views:
Answer by Pat B
You should spell out what you want or expect from the Real Estate Lawyer. Do you want them to look over the title insurance commitment? Do you want them to look at the legal description of the property and make sure it is correct? Do you want them to look over your mortgage papers? Do you want them to make sure your purchase agreement protects you? Once you know what you want the lawyer to do, you can get a real price. If someone gives you a flat fee, make sure you know everything they are going to do for you!
If you want a lawyer to deal with a real estate transaction, get a lawyer that specializes in real estate law. You wouldn’t want a real estate or probate lawyer to defend you in a murder trial! Real estate law changes all the time – and so does all other kinds of law. Lawyers that specialize in a certain field have the best and most up to date knowledge about that field.
Your bank/creditunion/mortgage company will only do what is right for them – get a lawyer to do what is right for you!
Are you a buyer or seller?
Will the attorney be acting as your real estate buyer agent & preparing your sales contract for you to present to the seller yourself, or will the attorney call the sellers in to talk to them?
If you are a seller, will the attorney merely be looking at any offers a buyer makes on your home & advising you how to counter offer them? Who is going to negotiate and prepare the necessary papers if there are problems with the structural integrity of the house?
There are many fields of practice in law. A contract or real estate attorney would be best, but be advised, they don’t work in real estate sales everday like real estate agents do. They may advise you of things that are totally not suited to the specific area you are in, nor what current market trends and consessions are, referrals to decent structural inspectors or reputable lenders, etc.
A bank is only concerned about providing you with a loan on a qualified home and your ability to repay it.
What you need is a real estate professional, rather than trying to save a couple thousand off a sales price which could cost you twice as much because you won’t have someone knowledgable in the industry of real estate sales watching out for your best interests.
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