ATG News Release
HOME BUYERS NEED AN ATTORNEY OF THEIR OWN
"A home buyer needs an independent attorney, not one who is representing the home seller, the builder or the condominium owner," states Jerry Gorman, senior vice president of downstate operations of Attorneys' Title Guaranty Fund, Inc. (ATG).
Buyers need to understand," he continues, "that hiring an independent attorney who has no competing interests is absolutely critical. Purchasing a home is such a highly complex transaction and a major investment for most people that you don't want to leave anything to chance."
One of the primary reasons that buyers need an independent attorney is for assistance with real estate contracts.
"A buyer must understand that an 'offer to purchase' actually becomes a binding contract once the seller signs it," Gorman continues. "A buyer's attorney will understand the importance of inserting sales contingency clause and other protections, indicating what conditions have to be met before the purchase is final. This is especially true when the sale involves new construction or a condominium."
Gorman also advises buyers to avoid making verbal agreements. "This seems obvious," he says, "but you'd be surprised at how many deals are compromised because of a handshake rather than a written contingency clause."
He states: "An attorney's fee is relatively small, given what's at stake. And, it is far less expensive to hire an attorney at the onset than to hire one to settle a dispute after the sale."
Finally, Gorman underscores the importance of the attorney at the time of the closing. "If at the time of the closing, there are still issues which are unresolved or matters that come to light at the final inspection, an attorney can often draft a reasonable solution for the client," he states.
Usually the matter can be resolved rather easily, after which the buyer will be able to take possession of the home.