Is there a good website that outlines the steps involved for completing
a fsbo? I am buying a condo fsbo and would like to know what I need to
do?

Do both buyer and seller need their own lawyer? What kind of lawyer
does the buyer (me) need? Who verifies and transfers the titles? I am
paying by cash and am confident on the price so plan to skip the
appraisal. How is the property tax and condo fees prorated at closing?

Hi,

I'm currently selling FSBO, so...

1.) Lawyers are not required, but both parties would be crazy not use
one.

2.) You need a real estate attorney.

3.) He verifies everything.

4.) Appraisal is needed for the mortgage company, so you can skip it.
But make sure you don't skip INSPECTION!

5.) Taxes vary by state and even township, association fees as well.
Make sure you know the association rules before you buy. Request them
from the seller or from the association.

Good Luck!

Makes sense, but now for some "dumb" questions:

What is the role of the real estate attorney? Does the buyer and seller
each need another attorney on top of the real estate attorney? If so,
what is their role?

wrote in message
oups.com...
Makes sense, but now for some "dumb" questions:

What is the role of the real estate attorney? Does the buyer and seller
each need another attorney on top of the real estate attorney? If so,
what is their role?


Depends on what state you are in -- I am almost postive NJ requires an
attorney in real estate deals - not sure but I definately used one.

And yes you want your own attorney - you do NOT want to share an attorney -
you want your own to look out for your best interest (i.e. in the contract
you want to make sure that if you find something not working you can
negoitate an amount off the purchase price to fix the problem or the seller
has to fix it, what if there are items not up to code during the inspection
and you want to back out - do you get your deposit back, etc.).

My attorney handled everything -- getting the title, title insurance, worked
with the condo assoc to confirm association fees, reviewed my mortgage
contract to make sure what was told to me was what they actually wrote in
fine print, etc.

In article r4Hue.4699$Z97.2560@trndny06, "Lady"
wrote:

And yes you want your own attorney - you do NOT want to share an attorney -

Depends on how you're doing it. We bought from friends and we used a
neutral third party and so I recall, split the costs. The real estate
attorney, in this transaction case, wasn't "representing" anyone...he
was hired to handle the paperwork and making sure the transaction
happened the way we all agreed upon and was all legal and recorded
properly and all that good stuff.

But our case was perhaps a rare one. ;-)

Kendall

--
Kendall P. Bullen http://www.his.com/~kendall/
kendall@---^^^^^^^

Never e-mail me copies of Usenet postings, please.
I do read the groups to which I post!

Wow... they must be very close friends. Aside from my own family, I
would never trust the same attorney to handle both ends of the deal.
I'm actually surprised that it's not illegal for one attorney to
represent both sides.

"Lady" wrote in message
news:r4Hue.4699$Z97.2560@trndny06...

wrote in message
oups.com...
Makes sense, but now for some "dumb" questions:

What is the role of the real estate attorney? Does the buyer and seller
each need another attorney on top of the real estate attorney? If so,
what is their role?


Depends on what state you are in -- I am almost postive NJ requires an
attorney in real estate deals - not sure but I definately used one.

And yes you want your own attorney - you do NOT want to share an
attorney -
you want your own to look out for your best interest (i.e. in the contract
you want to make sure that if you find something not working you can
negoitate an amount off the purchase price to fix the problem or the
seller
has to fix it, what if there are items not up to code during the
inspection
and you want to back out - do you get your deposit back, etc.).

My attorney handled everything -- getting the title, title insurance,
worked
with the condo assoc to confirm association fees, reviewed my mortgage
contract to make sure what was told to me was what they actually wrote in
fine print, etc.



NJ does not require an attorney in real estate tranactions. In the southern
part of NJ attorneys are rarely used.

No, it's not required, but you did the right thing by having one.

"Makes sense, but now for some "dumb" questions:

What is the role of the real estate attorney? Does the buyer and seller

each need another attorney on top of the real estate attorney? If so,
what is their role? "

Whether a lawyer is typically used varies by area of the country. Here
in NJ, both buyer and seller typically each have a lawyer. In other
areas of the country, like Colorado, closings are frequently handled by
the title company and neither party may have a lawyer. However, I
think it is usually advisable to have an attorney, especially if you're
not familiar with the process and some of the pitfalls. Most general
purpose lawyers handle real estate transactions, there is no real
estate lawyer involved. Though some mortgage companies charge an
attorney review fee, this is generally just a garbage fee that they add
on. They don;t have a lawyer present at closing.

The reason you would want a lawyer is to protect YOUR interests. This
is important before you sign a contract so that the terms you sign are
not one sided. If there is only one lawyer involved, he has to
represent either buyer or seller. He can't represent both, as that
would be a conflict of interest. The lawyer had been through this a
thousand times and knows what to look out for. For the $500-600 bucks
they typically charge, I think it's well worth the money. As an
example of what could go wrong, suppose a novice buyer finds a FSBO and
does the deal without a lawyer. He signs a contract prepared by the
seller that doesn't provide for an inspection contingency. After
closing, he finds $10K worth of necessary repairs that had the contract
provided for an inspection, he would have been able to either negotiate
a lower price or walk. A lawyer could have avoided this.

Another function of the lawyers is to handle the actual closing. They
hold deposit monies in escrow, take money at closing from the buyer,
mortgage company, etc and deposit them into their trust account,
calculate/pay real estate taxes, utilities, etc to the day, pay realty
transfer taxes, pay title insurance, pay commissions due real estate
agents, and send the title to the proper authority to be recorded. In
areas where lawyers typically aren't used, these functions are usually
handled by the title company. I guess you'll have to hear from someone
that's been through that process as to who looks out for the legal
pitfalls for the parties. Apparently no one does and it must work to
some extent, however, personally, I would always have a lawyer
involved. IMO, it's worth it to make sure that you avoid as many
potential problems before they occur, as later, it's gone to be
difficult, if not impossible to fix and cost a lot more money.

writes:

For the $500-600 bucks
they typically charge, I think it's well worth the money.

I agree. Given how many hundreds of thousands of dollars you have at
stake when you buy a house, the attorney's fee is peanuts, and having
somebody to look after your interests and make sure none of the
important details are overlooked is well worth it. Also, as other
people have noted, in many states you pretty much *have* to have an
attorney when you buy a home, either because the law requires it,
because your mortgage lender requires it, or because it's the standard
practice for the buyer's attorney to handle the escrow and settlement
arrangements.

-Sandra the cynic

In article , Sandra Loosemore
wrote:

writes:

For the $500-600 bucks
they typically charge, I think it's well worth the money.

I agree. Given how many hundreds of thousands of dollars you have at
stake when you buy a house, the attorney's fee is peanuts, and having
somebody to look after your interests and make sure none of the
important details are overlooked is well worth it. Also, as other
people have noted, in many states you pretty much *have* to have an
attorney when you buy a home, either because the law requires it,
because your mortgage lender requires it, or because it's the standard
practice for the buyer's attorney to handle the escrow and settlement
arrangements.

-Sandra the cynic

The attorney we used (western Canada) was half that price, flat fee,
extremely professional and competent and came well recommended. I
wouldn't buy or sell a home without an attorney, even (actually,
especially) if I was selling the house without a real estate agent.

djb

--
~ Stay Calm... Be Brave... Wait for the Signs ~
------------------------------------------------------
One site: http://www.balderstone.ca
The other site, with ww linkshttp://www.woodenwabbits.com

"Sandra Loosemore" wrote in message
...
writes:

For the $500-600 bucks
they typically charge, I think it's well worth the money.

I agree. Given how many hundreds of thousands of dollars you have at
stake when you buy a house, the attorney's fee is peanuts, and having
somebody to look after your interests and make sure none of the
important details are overlooked is well worth it. Also, as other
people have noted, in many states you pretty much *have* to have an
attorney when you buy a home, either because the law requires it,
because your mortgage lender requires it, or because it's the standard
practice for the buyer's attorney to handle the escrow and settlement
arrangements.

-Sandra the cynic

Please name some states and their relevant statues that require you by law
to have an attorney to buy a house. New York, New Jersey and Pennsylvania do
not have such a requirement.

Thanks for the decription.I am just a little unsure on whose lawyer
handles the actual closing? If it is seller's lawyer then does my
lawyer (buyer) just review contract? I assume that should not cost much
compared to the seller's lawyer fee, no?

"Thanks for the decription.I am just a little unsure on whose lawyer
handles the actual closing? If it is seller's lawyer then does my
lawyer (buyer) just review contract? I assume that should not cost much

compared to the seller's lawyer fee, no? "

The closing generally takes place at the buyer's attorney's office,
with both lawyers and both parties attending. The buyer's attorney
handles the transfer of the money, filing of documents, etc, so the
attorney fee for buying vs selling may be different, but they are
pretty close. If you ask a lawyer, they should be able to give you an
upfront price they charge for buying or selling.

I assume that should not cost much
compared to the seller's lawyer fee, no?

Surprisingly, those fees are usually pretty close. I've used 3
different attorneys for both selling and buying. The attorney
themselves charge similarly. But total closing costs for buyers are
much higher then for sellers. At least in NJ.

Get this: In NY, when buying new construction, THE BUYER also pays
BUILDERS closing costs!!!!!

wrote in message
oups.com...
Thanks for the decription.I am just a little unsure on whose lawyer
handles the actual closing?

At my closing -- both attorneys were present - mine and the seller's

wrote...
Makes sense, but now for some "dumb" questions:

What is the role of the real estate attorney? Does the buyer and seller
each need another attorney on top of the real estate attorney? If so,
what is their role?

YOUR attorney protects YOUR interests. Other attorneys protect other people's
interests, possibly at your expense. With questions like these, you'd be insane
to NOT hire your own attorney.

No, attorneys are not required in NJ.

Each party (buyer & seller) should have their own attorneys. There are
things buried deep in sales contracts that can leave either party
really screwed. Once you close on the house you can't give it back and
get a refund. Attorneys take care of titles and other documents that
are actually required by law. You can do these things yourself, but IMO
attorney is a must.