 Attorney
a good idea for first-time home buyer
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 Dear
Real Estate Adviser,
I am a first-time home buyer who, with the help of a real estate
agent, has located a condo that I'd like to purchase. What are the
pros and cons of hiring a real estate attorney for this? Are they
really necessary? What questions should I ask of one? More generally,
what role does a real estate attorney play in the process of buying
a home?
-- Cheryl
 Dear
Cheryl,
Hiring a good real estate attorney is like buying
an insurance policy. You probably won't need one, but if you do,
you'll sure be glad you took the precaution. That said, most residential
real estate transactions today are done without an attorney, as
real estate contracts and forms become increasingly standardized.
But there is one overriding reason to bring a barrister
aboard: He or she can help prevent you from making costly mistakes
that can haunt you for years.
Among other things, real estate attorneys can help
resolve title or lien issues and author more favorable contingencies
-- or "outs" -- in a sales contract in the event that
unpleasant surprises arise. They can prepare deeds, offer assistance
at closing and tie up a plethora of other loose ends. The more moving
parts a deal has, and the more parties that are involved in it,
the more you'll need an attorney.
In your case, since you are buying into a common-interest
development, a good real estate attorney can help you translate
all the legal language in the "Conditions, Covenants and Restrictions"
document that relates to your ownership interest, plus determine
if the condo association is facing pending litigation -- and if
so, offer an educated guess on the impact that will have on both
the complex and you as a common-interest owner.
As a first-time home buyer, you may find you'll sleep
better at night employing an attorney for your inaugural deal.
As for the screening process, make sure the attorney is a full-time
real estate lawyer, has an understanding of the market where you
are locating and has a wealth of experience with the kinds of services
you'll need. Your buyer's agent, or perhaps a trusted relative who's
had a successful experience with a real estate lawyer, might have
a recommendation or two. Screen more than one. Most real estate
lawyers should be glad to answer a few upfront questions by phone
for free. (Ideally, the real estate attorney will also be a licensed
real estate agent, though that can be a tougher bill to fill.)
The only "cons" in enlisting such a lawyer
are the fees, which can range from $100 to $400 an hour. However,
some will complete all legal work on your transaction for a set
fee or retainer. Make sure such arrangements are discussed in your
initial call.
Congratulations on becoming a homeowner!
To ask a question of the Real Estate Adviser, go
to the "Ask the Experts"
page, and select "buying, selling a home" as the topic.
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