Why You Should Use an Attorney

When Buying Real Estate

CONGRATULATIONS!

Your decision to buy a home is one of the biggest you'll probably make in your lifetime. Now that you've taken this first step, there are many other decisions that follow. One of those decisions is "Do I need an attorney to review my Purchase and Sales Agreement?" The answer is unquestionably YES!  Just as you would never buy a house without first having it inspected; you should not sign a CONTRACT for a home without having it reviewed by a real estate attorney. And the cost is much more affordable than you might think. Now is not the time to be "penny wise and dollar foolish". The decisions you make between now and closing could be with you for a long time.

Q: WHAT WILL A REAL ESTATE ATTORNEY DO FOR ME?

A: A real estate attorney should begin by asking questions about you and your situation. The answers to these questions will allow the attorney to tailor the Purchase and Sales Agreement (P&S) so that YOUR interests are protected. On your behalf, the attorney will also take care of the P&S negotiations with the attorney on the other side of the transaction. Lastly, the attorney will go over the P&S with you so that you understand the contract and are comfortable with the terms BEFORE you sign.

Q: WON’T MY BROKER TAKE CARE OF THE PURCHASE AND SALES FOR ME?

A: A Purchase and Sales Agreement is a legal document that carries with it important legal consequences. Although your broker may very well have your best interests in mind, your broker cannot and should not be giving you legal advice.  If you were to ask 10 professional real estate brokers whether you should have a real estate attorney review your P&S, ALL TEN would tell you "yes".  Experienced and competent brokers know the pitfalls that can arise in even the simplest of transactions.

Q: I'VE HEARD THAT I WILL PAY FOR THE BANK'S ATTORNEY AT CLOSING. DOESN'T THAT PROTECT ME?

A: This is a very common misconception among Buyers. The short answer is "NO". The Bank's attorney is completely powerless to help you if you signed a contract that should never have been signed in the first place. At this point, your deposit may be in jeopardy . . . or worse.  If you choose not to hire an attorney to review your P&S you STILL will have to pay the Bank attorney to examine the title of your property; obtain a plot plan; make sure all taxes and mortgages are paid; and conduct the closing, among other things. The Bank attorney's fee for these services generally runs from $500-700. Attorney Mitrakas will be glad to send you a list of the banks he represents and his fee for closing your mortgage loan. Just call him at the number at either the top or bottom of this page. It makes sense to use the SAME attorney to review your P&S and close your loan. Your attorney's familiarity with your contract can be very helpful if you encounter a snag at closing.

For More Information about Legal Representation Contact:

The Law Offices of Greg Mitrakas

Office: (508) 481-4544

Fax: (508) 480-8228

E-Mail: greg@mitrakaslaw.com