Finding a Good Lawyer
You are not required to have legal counsel in order to purchase a home, but it is wise for first-time buyers to engage a lawyer. It's smart for anyone buying a property “for sale by owner” (FSBO). And it is wise to have counsel if you are buying a condominium, co-op, or any community-type home where you must belong to an owners' association. Going through the raft of printed documents — prospectus, rules and regulations, and so on — should be done by someone trained to look for red lights. That someone is ideally a real-estate lawyer. Do not engage anyone who has another specialty.
Call in a lawyer when you have bid on a house and need the lawyer to review the sales contract; call a lawyer when you are shopping for a condo, town home, and the like when you have been presented with all of the documents about the home that interests you and need help with explanations.
How do I find a lawyer?
Your real-estate agent can help you. Your mortgage lender is likely to have some names, too. You can also call your local bar association and ask for the names of lawyers specializing in real estate, particularly local residential real estate. Best of all is to ask friends or family members whom they have used in realty transactions. The best reference is a satisfied customer.
When you find a lawyer, ask about fees for reviewing contracts and giving advice. Is this set at an hourly rate? A flat fee? No charge if you go on to use that individual for the house closing? Ask the lawyer what the usual role of counsel is in house closings in your area. Will the lawyer be present at the closing? What is his closing fee?
Remember that lawyers' fees are not set according to any local or state formula. Shop around for the best terms the way you would for any consumer purchase, but also consider the reputation, knowledge, and experience of the lawyer you choose. What is the typical cost? Usually $200–$750 or more, depending on where you live and the complexity of your purchase.
