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In some ways the value of having an experience local real estate attorney is HIGHER when you doing a land / teardown deal. If you pay your lawyer down the road to get the necessary permits and the authorities say that the land is under some sort of "no build" zone (this happens an awful around WATERFRONT property...) or even if the allowable FAR is not what the previous structure had you are going to be out some major costs and time -- much better to have all the assurance that you will be able to use this land for what you desire BEFORE it is yours!
Frankly at the price you are considering you would be NUTS not to spend a little bit to get an attorney that is familiar with not just closing but also permits for demolition and potential zoning fights. Be very careful!
thanks for the replies....what "sort of things" can result from the lawyer having the interest of the seller in mind? what stuff that someone who reads and understands english can not detect as being "unfair"?
OP in some ways you've already answered your own question. I'm sure you're a very intelligent person, but lawyers can draft contracts where the language is so ambiguous that it takes one who KNOWS real estate law in the state to see if something is worded that could come back and bite you in the rear end. You're already spending $350k - spend a few dollars more to have someone who is an EXPERT in RE law in the state you're buying to review the contract. PLEASE! I'm not trying to be rude, but attorneys . . . well, you just need one who is reviewing the contract and can catch any 'lawyer games' the seller's attorney might try and play.
Addition: What Chet said! He posted while I was typing.
Last edited by JustJoy; 09-25-2009 at 08:28 AM..
Reason: Addition:
thanks.
Can anyone think of an example of something that's put in the contract that's to the benefit of the seller and a buyer would not be able to understand/recognize by reading it?
thanks.
Can anyone think of an example of something that's put in the contract that's to the benefit of the seller and a buyer would not be able to understand/recognize by reading it?
Sometimes it's not what's in the contract, but what's left out. A good lawyer will see if anything is missing that should be included to protect your interests. I also 2nd checking on any zoning/use restrictions if you plan to tear down and rebuild. You can probably check with the local city planning dept.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by Silverfall
You're already getting the short end of the stick. The seller agreed to pay up to $10,000 in closing costs and they will only be 3500. If you don't understand what that is giving you the short end of the stick...hire an attorney.
Well said. To use a poker analogy; If you can't spot the sucker at the table, it's you!
Well said. To use a poker analogy; If you can't spot the sucker at the table, it's you!
thanks for the analogy and suggesting that i'm a sucker.
i assure you i'm not.
The 10k value was suggested when the seller thought that we were having a loan. with a loan, the closing costs would be close to that if not more.
The 10k has since been dropped to almost half that, but more than enough to cover our expenses.
There are no restrictions on building/zoning. The neighboring house and 3 other houses in the same street have built large 5k sqft houses within the past 3 years.
i have seen alot of people suggest one after another that i must get a lawyer and i can understand and appreciate that.....however, i haven't seen an answer to a question i asked a couple of times....
here it is again:
what "sort of things" can result from the lawyer having the interest of the seller in mind? what stuff that someone who reads and understands english can not detect as being "unfair"?
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