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Lawyer Up Understanding the By: Role of Your Attorney Shantall Wheatley
I
f you’re in the market as a first time buyer, chances are you have been told to ensure you get a good attorney. Note, not just an attorney, but a good attorney.
If you’re second guessing this advice and probably wondering “Do I really need an attorney?” or “Can someone with a little legal experience walk me through the process?”
In the same way that you perhaps shopped around and did some research before settling on a realtor, you want to use the same approach when choosing an attorney. Get referrals from friends, family and colleagues who have gone through the process. If you do not have any such persons in your network, your realtor through their broker may be able to recommend one.
The answer is a resounding, “No”.
In shopping around as well, remember that your
And if you’re purchasing property and have gone as far as making an offer without securing the services of an attorney, then you’re doing it wrong.
budget for those fees.
So let’s back up a bit.
attorney represents you at a cost so you want to
Attorney fees can range from 1% to 4% of the purchase price of the property (Pro tip: negotiate with your attorney on these fees). But before you
After securing the services of a realtor, the next individual you should have in your corner when making a real estate purchase is an attorney.
balk at the sizable chunk that this would take from
While your realtor will guide you through the sales process, purchasing a home is a legal as much as it is a financial decision.
Your choice of attorney could very well be the thing
your savings, think instead about the financial consequences from entering a bad transaction.
that saves you from spending more money than you bargained for by ensuring that you don’t enter into
H O M E & A W AY
AN NHT HOUSING MAGAZINE
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