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06.22.08, 09:47 AM New York City
19 replies
I am buying my first apartment in NYC. Someone told me that in NYC, all the parties hire lawyers (buyer, seller, mortgage co, and coop). Is this true? [ Reply | Watch | Flag ]
New York City 06.22.08, 09:47 AM Flag
 

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yes [ Reply | More
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General Topics 06.22.08, 09:48 AM Flag
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Yes, but it doesn't matter to you - you are the buyer, you have a lawyer. [ Reply | More
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General Topics 06.22.08, 09:49 AM Flag
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OP: I didn't know I was supposed to have a lawyer. I thought I just needed a broker. [ Reply | More
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General Topics 06.22.08, 09:51 AM Flag
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No matter where you live, when you buy real estate you have your own lawyer. [ Reply | More
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General Topics 06.22.08, 09:52 AM Flag
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I owned two homes previously and never used a lawyer. The only lawyer at the closing was from the buyer's mortgage company. [ Reply | More
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General Topics 06.22.08, 09:54 AM Flag
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that is totally not true. I've seen million dollar homes in my state sell with no lawyer for all sides. [ Reply | More
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General Topics 06.22.08, 09:56 AM Flag
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and that would be a starter one-bedroom in nyc [ Reply | More
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General Topics 06.22.08, 10:01 AM Flag
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yes, but the nr said that everywhere always has lawyers. In my state, few people do, even for the most high end houses. [ Reply | More
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General Topics 06.22.08, 10:03 AM Flag
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Where do you live? [ Reply | More
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General Topics 06.22.08, 10:05 AM Flag
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Actually I said, no matter where you live when you buy real estate you have a lawyer. It is the sensible thing to do. [ Reply | More
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General Topics 06.22.08, 12:48 PM Flag
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This is really more a NY thing because of co-ops and the need to go through the co-op minutes and do the due diligence on the financials. Laywers are nt standard in CA or iL, in my experience. [ Reply | More
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General Topics 06.22.08, 10:29 AM Flag
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ditto [ Reply | More
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General Topics 06.22.08, 10:31 AM Flag
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Which is probably a mistake. Look at all the people in CA who are in arrears or foreclosure because they agreed to a mortgage they didn't understand and couldn't afford. Having a lawyer on their side review the documents could have saved them a ton of grief and preserved their credit histories. [ Reply | More
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General Topics 06.22.08, 10:38 AM Flag
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those people didn't want to be told the facts. they were gambling that they would be in a better place in a couple years -- you don't take your lawyer to Vegas. [ Reply | More
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General Topics 06.22.08, 10:57 AM Flag
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lol, great point! [ Reply | More
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General Topics 06.22.08, 10:58 AM Flag
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and you know this how? you can't accept the fact that lenders engaged in unfair lending practices and targeted people who did not understand fine print? Geeze. [ Reply | More
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General Topics 06.22.08, 12:49 PM Flag
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The buyers broker gets paid a percentage of the transaction price. They don't care if you are signing a crappy mortgage that you won't be able to afford in 5 years or if the contract is unfair. [ Reply | More
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General Topics 06.22.08, 09:58 AM Flag
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Yes, and it is a good idea to hire an attorney. Your attorney will be the only one in the process who does NOT have a financial interest in the deal going through. The lawyer gets paid regardless of the outcome. They will tell you when to walk from a deal or a bad mortgage. If every buyer had a lawyer representing them, most of the subprime mess could have been avoided. [ Reply | More
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General Topics 06.22.08, 09:50 AM Flag
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I think that in NYC things are more complicated, especially with coops. Things are also very pricey, so you don't want to mess up on a really big deal. [ Reply | More
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General Topics 06.22.08, 09:57 AM Flag
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