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bobrk
You kids get offa my lawn
Premium
join:2000-02-02
San Jose, CA
Reviews:
·SONIC.NET
reply to brian

Re: Mortgages

said by brian:

said by bobrk:

My assumption is that these kinds of laws are common back east, but I have never hired a lawyer for a real estate transaction in California and know no one who has.

And now you do. We completed a short sale last month and we listed the property with a brokerage that is backed by two lawyers (one is a family friend) that review all documents for the transaction. Granted, neither we, the buyer or the bank paid anything, beyond the 6% commission, for this. We were a bit wary of using a friend for the transaction, but it was nice to have the assurance that someone was checking to make sure the bank wasn't going to screw us.

Interesting. So you yourself hired them, or they were part of the brokers services? I think that's the subtlety I'm looking for here. I have no doubt lawyers are involved behind the scenes, but not explicitly hired by the buyers or sellers.

robbin
Premium,MVM
join:2000-09-21
Leander, TX
kudos:1

I hire one. Haven't bought anything in a few years but the normal charge has been around $300.



brian
Premium
join:2002-05-02
Lake Forest, CA
reply to bobrk

said by bobrk:

Interesting. So you yourself hired them, or they were part of the brokers services? I think that's the subtlety I'm looking for here. I have no doubt lawyers are involved behind the scenes, but not explicitly hired by the buyers or sellers.

The brokerage is owned/run by two real estate attorneys. My wife is friends with the wife of one of them. When they heard about what we were trying to do (short sale a money pit condo), he got us in touch with one of his agents. So I guess technically we did not hire the lawyer, but I believe we had the benefits as if we had hired one directly.
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