Lawyers in Real Estate Transactions

In some jurisdictions it's required to have a lawyer represent you in a real estate transaction. In New York State, I understand that attorneys actually handle the real estate transactions. Once the agent and the client has identified the home to be purchased, an attorney takes over. In some counties in New Jersey, I understand, all transactions are subject to a period of judicial review. I think it's 3 days.

In Pennsylvania, having an attorney is not required and in most cases not necessary. However, if you are unsure of yourself in a transaction, there is very specialized legal knowledge required, or you've used a certain attorney in whom you have confidence and you don't know your agent well, having another weapon in your arsenal is not a bad idea. If there are legal issues, and your agent is not an idiot, he or she will recommend you seek legal counsel. Agents are not attorneys and can't be expected to dispense legal knowledge.

My wife hired a lawyer when she bought her condo back in 2004. She didn't know the agent well, and she'd never dealt with a condo before, so she thought she should have one. It worked out pretty well. I wasn't an agent at the time, but from what I know now, I don't think he did the greatest job in the world, nor did the agent, but she was more comfortable with the transaction with an attorney representing her. He actually gave her some very good advice which encouraged us to rescind our offer on the first condo we looked at.

I have had clients use real estate attorneys. In one of my first transactions, my client said she was going to use an attorney. When she told me that I got nervous. I asked my mentor about it, and he said: "You should be happy because if something goes wrong on your end, the lawyer has malpractice insurance."

I have since learned how good that advice was.

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