“I Don’t Need a Real Estate Attorney”

“My brother-in-law is a corporate attorney and since he’s not going to charge me, I am going to have him handle the paperwork on my new home purchase.”

Every time I hear that (or something similar) I cringe.

Not having an experienced real estate attorney represent them when purchasing a home is one of the biggest mistakes a borrower can make. And after years of watching this phenomenon and speaking with new clients about representation, I needed to address this topic.

As in many professions, there are experts in different specialties within that general profession. Law is no different. There are corporate, trial, divorce, and estate attorneys, to name a few. Knowing standard practices for reviewing and negotiating purchase contracts, knowing when to simply order title, survey (if necessary), prepare the final numbers and understand TRID requirements, it is not something that you want your attorney to wing his or her way through or to learn on the job.

As with all business, especially the mortgage business, you want to find a professional and expert in that specific field and one that you feel comfortable with and totally confident in.

I understand and can identify with the thought process. Someone who has an attorney in the family, or a good friend that can save them money, seems like a deal. The problem is that one or two missteps in the legal process (however minor) can cause many delays. Those delays can be costly and put the entire transaction at risk.

You don’t need to ask your cousin or uncle or a close friend simply because they have a law degree. In fact, they’ll probably be extremely grateful you didn’t ask.