I need some real estate advice... (1 Viewer)

[Erik.Ha]

Again, not in California.

Blake, don't worry about the lawyer. If he practises real estate in CA, your deal will be an easy one for him/her. The notion that real estate agents (who get paid only when the deal closes and have much lower training and ethical standards) are somehow superior to an attorney (who are the most highly regulated service industry in the state and get paid for their time regardless of the deal going forward) is patently ridiculous.

 

[DaveF]

In NY a buyer's agent works for the buyer, representing him but are paid through the commission on the sale. The agent's responsiblity is to the buyer and not to the seller. I've heard of the the fee-based agent out here.

 

[Blake G]

Erik -- thanks for the reassurance. Something tells me that you might be an attorney? We found a guy, local, with a long history in the area. He is charging 250$ to write the contract for us, and if it is accepted, we have the option to retain him for a flat fee of 2500$, which is 10 hours of his time. This keeps him with us through closing, which PROBABLY won't take 10 hours, but who knows, and it is still cheaper than a realtor. However, with BofA and the title insurance company, I am not even sure that we need him, although the peace of mind would be nice.

I really need to thank everyone for their input -- I have been sick to my stomach thinking about this, you really put my mind at ease.

Blake

 

[Erik.Ha]

Yeah, I am an attorney... I studied all this stuff in law school (real estate law is a core requirement EVERYWHERE), but I practice entertainment law and if I was to get into your deal I WOULD HIRE a real estate attorney. Even though I studied california real estate law for a full year, and it was 1/6th of the bar exam, I know I don't know enough to risk my own finances on my skills in the area. What law school did teach me is, "THERE ARE A LOT OF WAYS TO SCREW UP A REAL ESTATE TRANSACTION, HIRE AN EXPERT!" If you have even less experience in the area than I do, (it sounds like this is your first purchase even?) than its a no-brainer as far as I'm concerned... Getting an attorney will save you lots of worry, and potentially MONEY.

Both BofA and the Title insurance company SHOULD have you sign something saying they "have not given you legal advice, and you should contact an attorney to review documents you don't understand".