And the word "qualified" is key!
First and Always Avoid anyone who will hamper the deal.
goal in finding a qualified attorney is to find one that will actually help you
and the process of buying a home, not hamper it. Some attorneys feel they aren't
doing their job if they don't throw at least one wrench into the deal. Be sure
to feel your prospective attorney out for this trait and avoid it.
It does matter.
You want a qualified and experienced attorney who
has successfully completed at least 50 closings in the past 3 years. You want
someone who is specialized in real estate transactions. It is nice if your uncle
is an attorney, but it won't help you much if he specializes in criminal cases.
Real estate transactions are complicated and specific. You want someone who is
indoctrinated with the terms and conditions of these particular kinds of contracts.
They will be your best ally.
Fees Be sure they are reasonable and
As far as fees go, you should always find out what the fees
are going to be and exactly what that fee covers. Get a detailed description of
what you are paying for before you hand over the first check. But don't use price
as the only factor when hiring an attorney. Look for quality. A couple of extra
bucks are worth it when you are talking about a deal involving thousands.
Trust It's essential.
You will be sharing all of your financial
data with this person and asking him or her to negotiate on your behalf. Be sure
you feel comfortable with her. Don't just hire someone because of his or her resume
or record. You also want to hire based on trust.
Not By Instinct Alone
Check them out.
Don't just go by your instinct though. Check the attorney
out. Call the local bar association to see if they are members in good standing
and don't have any complaints against their file. Trust your instinct, but back
it up with concrete data.
Step Back... Let her do her job.
once you hire an attorney, step back and let her do her job. Heed her advice-that
is what you are paying for. Take any suggested action.
Keep this in mind.
When you are looking for settlement professionals,
you want people who are working for you-not the seller. Be sure to understand
who is involved in the process and who they are representing. The more unbiased
people involved the better.
Now let's look at some pitfalls to avoid:
Not checking and rechecking the contract and loan documents before you sign them.
This could save you thousands if something is printed incorrectly�like a decimal
point. Once it's signed it is very difficult to correct mistakes.
having a settlement professional to oversee the preparation and execution of documents.
Real estate deals are difficult. You will need professional help of one sort or
another. Different states require different types of professionals to close these
types of deals. Check out your state.
3. Not interviewing the professionals
you plan to use in any area of your deal-agents, home inspectors, real estate
attorneys, etc. You need to get along well with these people. It pays to take
the extra time to check them out. Do you want just anyone knowing your entire
financial history? And where you plan to live? You should find someone you are
4. Not checking references and making sure the person
recommending a professional has actually used the professional services of that
person themselves. Many people see nothing wrong with recommending a friend they
personally have never used.
5. Not making sure the professional you use
is working exclusively for you. If your agent found the attorney, it is likely
that the attorney is working for both you and the seller. How likely is it that
he or she will point out errors in the seller's favor? Be sure.
realizing that a home inspection is really a form of insurance for you. If some
major problem is found, you can escape the deal unscathed. If minor problems are
found, you can negotiate for them to be fixed on the seller's tab.
you can do the home inspection yourself. There are many reasons this idea is wrong.
You need to have a professional report to submit at time of closing so you can
negotiate terms to have things fixed. An outside report will hold a lot more credibility
than one you typed up yourself. For maximum insurance, use a professional home
inspector who is trained in this type of inspection. 8. Thinking the home inspector
is infallible. Not every inspection will reveal all the problems in a home. Some
problems don't present themselves until later. Be prepared. 9. Hiring a home inspector
who also does repairs. This is a conflict of interest and a bad idea.
It. It was a lot to absorb, though.
How about taking a quick quiz
to help you review what you've learned in this course? Be sure to review the sections
of the course related to your wrong answers!
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