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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127807  
Subject: Re: conveyance person Date: 12/12/2000 11:46 AM
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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.
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