In some states like Florida and Arizona, real estate attorneys are not required to close a real estate transaction. But since we’re in Westchester County, New York where most people believe that they know everything there is to know, we’ll have to use them until the end. In fact, two are required; one for the buyer and one for the seller.
Having dealt with a few attorneys in my real estate career, I have noticed, like any other profession, some attorneys are much better than others. Is not that I don’t like attorneys, because I’ve had the pleasure of working with some great ones, however, a real estate transaction is like a baseball game–everyone needs to play their positions.
Below is a couple of persona’s you should be familiar with when working with a real estate attorney:
The Superhero-this is the attorney that attempts to renegotiate the terms of the transaction after it has been negotiated by the real estate agents. This usually winds up killing the deal.
The Deflector-most attorneys will “hide” behind the idea that they’re just trying to protect their client’s best interest–because they believe that’s their role. When in actuality their role is simply to advise their client. They make 2 costly assumptions in this case: 1-that their client is not smart enough to know the difference, and 2-puts the agent on the defense because the attorney implies that the agent does not have the client’s best interest at hand.
The Deal Killer-”absolutely not”, “no way” is the common response. These attorneys only believe in absolutes; black or white, yes or no, no and hell no. I personally don’t believe that nothing can’t be negotiated; underground oil tanks, leaky roofs, bad boilers, whatever it is, it can be fixed or negotiated.
The Yes Man–these are attorneys are the complete opposite of the deal killer. They will agree to anything. They don’t fight for anything. Keep away from these at all cost. As much as we want the deal to close, putting the client at risk is not an option.
The Part-Timer-these are the part-time real estate attorney–they are the divorce attorneys, immigration attorneys, tax attorneys, and sometimes they take on a real estate deal. This is the same as your primary physician also being your being your dentist. Just because she’s a doctor, doesn’t mean she’s qualified to give you a root canal.
The Out of State Attorney-every local and state laws are different. Just because you can play short-stop doesn’t mean you can move to third base and not miss a beat. The rules change when you change positions. You want the attorney representing you to know how to play their position well.
My next post will be on the the types of real estate agents–I’m an equal opportunist.
As an agent I prefer not to recommend any other professional, such as attorney, inspector, or mortgage broker. Their performance is a reflection on me. If they mess up, then I feel like I messed up. I can’t control their actions therefore I steer clear of recommendations. I don’t want the client feeling like i’m influencing the deal in any way.
I’m the house-guy. That’s it. I play my position, and I play it well. However, I do value the people I work with and highly recommend them because I trust their performance, but only if the client requests the recommendation.
Just remember that you want the right balance of people working for you when you’re buying or selling a home. Your team can make or break your deal.
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