Quote:
Originally Posted by DAVES
Any reply will be an OPINION. So here is my opinion. Real estate LAW is sort of unique.
If, it isn't in writing it has no value. Buying real estate, there is a buyer a seller, likely a title company who researches the records and warranties the seller has clear title-they own the property-there are no liens against it and perhaps a bank lending the buyer money to pay for the property. You do not need to hire an attorney. I've dealt with attorneys and in general I do not like them BUT, I don't particularly like doctors either. However, I would not do my own surgery etc.
Buying real estate is serious money. Throughout this process, the seller-well works for the seller-NOT FOR YOU. The title company works for the title company-NOT FOR YOU.
The bank, works for the bank-NOT FOR YOU. The only one working for you, is the attorney
that you have a choice to hire or not.
Earnest money and who holds it? The buyer wants to give as little earnest money as they can. As if it goes south, the buyer can lose this money. The seller wants as much as they can get, again if the deal goes south they can keep that money.
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I agree with most of what you said, but, some people think that buying a house through a real estate agent is better because the agent will somehow handle the legal aspects of the sale. Not true. The agent works for the seller, and their primary job is to find a buyer for the house. The title company is responsible for handling the legal aspects of the sale, regardless of whether the sale is a FSBO or not.