All,We are about to buy our very first house :)We have placed a deposit to hold a lot and we are starting the process with the builder. We have a tentative date of 12/26 to meet with the builder and to put 5% down on the house we would like and to go over/sign the agreement of sale.We currently have a real estate agent working with us. We were curious if we should have an attorney look over the paperwork - this would be a no brainer if we weren't looking to save every penny for a downpayment... When we asked our real estate agent about the need for an attorney at this stage the reply was that since this is new construction that the builder would have a 'conveyance person' who looks over all the paperwork and that our agent's agency would also have their own 'conveyance person' look over the paperwork - lessening the need for an attorney.I have never heard the term conveyance person - could someone describe their role in this process?Many thanks,mr
We currently have a real estate agent working with us. We were curious if we should have an attorney look over the paperwork - this would be a no brainer if we weren't looking to save every penny for a downpayment... When we asked our real estate agent about the need for an attorney at this stage the reply was that since this is new construction that the builder would have a 'conveyance person' who looks over all the paperwork and that our agent's agency would also have their own 'conveyance person' look over the paperwork - lessening the need for an attorney.Well, I'm a very big fan of having my own attorney look over the paperwork and help to protect my interests. Let's look at who you have involved and what they have at stake, and you decide what you want to do. First, the realtor wants the sale to go through. That's how they get paid, so their interests tend to be protecting their commission though they will help to make things go smoothly so that the sale does proceed. The builder's conveyance person [I have no idea what this is] obviously wants to protect the builder's interests and also make sure the sale goes through. Nowhere do I see anyone that wants to protect your interests regardless of whether or not the sale goes through.I do realize you want to save every penny for a downpayment, but this is probably the largest investment you'll be making in your lifetime, and it is not a time to be pennywise and pound-foolish. Here in the Boston area, I have had the same real estate attorney represent me both as a buyer and as a seller and even in doing a refinance [we've used her 4 times to date], and I've never been charged more than $500. Seems like a very small price to pay to make sure you get what you want, especially if you read this board and see the types of problems that people have run into, a lot of which could have been prevented by having some caveats in the contract.I see people on this board recommend using a Buyer's Agent all the time. I'd give that up any day to have a competent real estate attorney in my corner. And we did do our first house sale without our own attorney, but we got incredibly lucky that it was as smooth as it was, and I would not do it that way again, although I don't necessarily need them at the closing but I do want the attorney to help negotiate the terms of the sale and to review all the closing documents.
I concur with 2gifts 100%. Great post!
First, let me say that I am a buyers agent and duty bound to represent the interests of my clients....however there is a starting and stopping point to my areas of expertise. A conveyencer does what the name implys, but does not create the contract. This is the guiding document of a transaction and all roads spring from this. The job of an attorney who is a real estate specialist is to either create the contract or review the contract once it has been created. This is the most critical job the attorney performs. If the contract does not contain or address an issue [cost overrun, inspections,completion penalties etc] it does not exist in this transaction.So the conveyencer makes sure things go smoothly but the atty with the help of an experienced buyers agent decides what actually is going to happen. Bear in mind the seller 'builder will also have an atty in his corner and should a problem arise the 2 professionals will look to the contract for resolution.short reply...i like my clients to give reasonable thought to working with one.
There was a recent post by someone (sorry, I forget whom) that discussed the problems they wer having because the contract they signed did not include any real out (or penalty) for the failure of the builder to complete the home timely. This would have been easy to address at drafting - estimated date of completion, drop dead date and either (or maybe "or") delay damages or the right to terminate the contract.If another regular cannot post the thread for you, you may wish to serach through some recent back posts to see if you can find it.If all goes well, the review provided by an attorney may not have been "necessary," but if things start to get hinky, then it is much more difficult for an attorney dealing with an executed contract versus one who can suggest changes before it is executed.I realize that I am not unbiased, ut I do not think that this is a time to be pennywise and pouind foolish. I believe that it is still true that for most people the purchase of a home is the largest (most expensive) purchase that they will ever make. Regards, JAFO
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