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Re: Attorney Review
#6
Home away from home
Home away from home


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Quote:

NewportNJ wrote:
Quote:

JoeGee wrote:
Once in contract, it is a legal binding agreement. It legally can not fall through. This is the law.


NOT TRUE AT ALL.

If the home inspection does not get satisfied, or the buyer cannot get financing?. amongst many other things that can kill a deal, while in contract.


Not just that, sometimes sellers will simply take a better offer. Are you really going to sue them to get a property that will belong to someone else in a few weeks anyway? Happened to me, attorney said just walk away. Lets not even get started about the farce called "short sale".

Posted on: 2014/8/16 1:59
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Re: Attorney Review
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Quote:

JoeGee wrote:
Once in contract, it is a legal binding agreement. It legally can not fall through. This is the law.


NOT TRUE AT ALL.

If the home inspection does not get satisfied, or the buyer cannot get financing?. amongst many other things that can kill a deal, while in contract.

Posted on: 2014/8/15 18:13
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Re: Attorney Review
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Home away from home
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We dealt with several different attorneys when buying a condo in JC (not by choice--our original one who was handling our sale was the seller's attorney for the place we wanted to buy; then the next one had a conflict as had met previously with the seller; etc).

We backed out of the first contract after some inspection issues (thus attorney review was not exited). Next place we were just starting attorney review of the contract and then it was flooded in Sandy. Third one was a charm. The only who got paid a dime (at closing) was the one who represented us at the final closing. The first guy did the most work and didn't make a dime. All three were explicit that they only got paid if the deal was finalized. But it was also something we made sure we knew before starting the process with each one.

Posted on: 2014/8/15 17:54
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Re: Attorney Review
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Home away from home
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You pay at closing. Once in contract, it is a legal binding agreement. It legally can not fall through. If you either of you back out once attorney review has been exited, the faulting party will be viable for all expenses due, which could include your attorney fees.

This is the law.

Posted on: 2014/8/15 15:51
The All Knowing and All Powerful Joe Has Spoken!
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Re: Attorney Review
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Home away from home
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What does your retainer agreement with the attorney say?

Posted on: 2014/8/15 15:34
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Attorney Review
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When do you pay the attorney in a real estate transaction, at closing? Why I am asking is the contract was emailed to the attorney. He will review and add rider/addendum language pertaining to some deficiencies. If the deal falls through, either by us/buyer or the seller..do we pay the attorney? Any body with experience?

Posted on: 2014/8/15 15:24
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