WHAT IS THE ADVANTAGE OF HAVING AN ATTORNEY WHEN BUYING A HOME?
Buying a home is probably the largest financial decision you will make in your lifetime. However, many buyers question whether an attorney should be involved when a Realtor prepares a “form” Agreement of Sale.
A real estate broker represents only the seller’s best interest and commission is paid from the sellers’ proceeds at the closing, even if the Realtor is not the listing agent. The only person representing the buyer will be the attorney chosen by the buyer. Therefore an attorney will represent the buyer’s best interest.
The Realtor prepared contract provides an attorney review period which begins three business days after both parties have signed the contract. After the attorney review period expires, the contract is binding and enforceable.
An attorney will review and modify the contract to ensure that the buyer’s interests are protected, and offer assistance in obtaining a mortgage, home inspection, termite certification, and title insurance. The attorney will also prepare the required documents for closing. In addition, the attorney acts as a buffer between the buyer and the seller to resolve difficulties such as clearing title defects and inspection problems.
Therefore, while there is no law requiring a buyer to have an attorney, there are clear advantages to having legal representation.
Joel R. Spivack is presently the attorney for the Cherry Hill Township Zoning Board of Adjustment, and also a former member of the Board. Mr. Spivack has received a certificate from the New Jersey Planning and Zoning Officials for the completion of the Municipal Planning and Zoning Program.
The information contained herein is general in nature and has been issued to inform and not to advise. Laws develop over time and vary from state to state. This site does not provide legal advice about your specific legal problems. Let us advise you about your particular situation.
