Buying
the Family Home is one of the most expensive
purchases the average family
makes. Protect
both yourself and your home - get an attorney involved!
When purchasing a new home -- as in
the case of most home
purchases in the Metropolitan
area, the agent is usually
hired by (and is working
for) ... the seller.
On the other hand, if
you enter into a Buyer's
contract with the same
firm which has the property
listed for sale, just
who is the agent really
representing. At the
closing - who is representing
you and your interests?
If that agent is also
arranging for the title
company, the mortgage,
the home inspection services
and is under contract
by the sellers - there's
a good chance no one
at the closing table
is really providing client
representation to you.
You need to know ...
are you paying too much,
are you picking up too
much of the closing expense,
are there issues that
you should ask about
now to protect yourself
later? How would you
know? Who would you ask?
Sure, essentially you're probably going to pay the bill -
but you may be only the real
estate company's customer - not their
client, or both parties may be
the client. The question still
remains, just who is representing
whom? In any case, an attorney
hired by you will certainly be
looking after your best interests!
Buyers moving in from the east or west coast may be more familiar
with the involvement of an attorney
in reviewing purchase and sales
contracts, escrow and other aspects
of the real estate transaction.
In Nebraska, however, many times
it can remain fairly unclear
to the buyers and sellers just
who is really representing whom
in the transaction. Above all,
do not be discouraged by the
realtor from asking an attorney
for advice. The purchase of
a home may be the most important
commitment of your lifetime!
If the realtor is concerned for
the 'deal' because an attorney
might be involved - then YOU
should be concerned as well ...
about the lack of suitable representation!
You can be assured that when
a realtor buys or sells property
- they will have an attorney
protecting their interests!
As attorneys, we believe it is still important to ensure that
a buyer has the help and representation
of at least one party - that
of his or her own attorney. When
it comes to purchasing real
estate - there are many things
you need to know and these should
be fully explored before closing
on the sale. A good legal review
of the transaction may be far
less expensive than a protracted
litigation after the sale is
final.
If you've elected to sell your home - either by yourself or
through a real estate firm, you
may want to seriously consider
employing an attorney to assist
you with the sale (especially
if you're selling the property
yourself - after all, when an
interested buyer approaches you
with an offer - will you be ready
with a purchase contract and
other necessary forms and documents.)
If you have questions regarding
an attorney's role in buying
or selling real property, you
should contact your local state
bar association or your family
attorney. If in Nebraska, you
certainly can contact us for
both advice and assistance.
Patricia Geringer has over 25 years of real estate experience
as an agent, a broker and an
attorney. To arrange for an appointment,
call us at 402-734-0635 (Toll Free: 1-866-734-1911), contact us
over the WEB or
complete this confidential appointment
FORM.
When employing an attorney regarding issues of real estate,
ensure that counsel has adequate
experience in this important
area. Various state jurisdictions
have different laws and regulations
regarding how the particular
cases are handled and your attorney
should be experienced and knowledgeable
of them all!.
