First offer contract, do I need an attorney?

Question

Hello BP,

I'm making my very first long-distance offer on a property using an agent. He has sent over a very long purchase contract. I read it once and will have to re-read it a couple of times. But noticed nothing outstanding. Is there anything I should be looking out for?

For my contingencies, I put, " contingent on the results of the inspection, ability to get financing, and appraisal." Do I need to be more specific with my wording?

Account Closed · Answer

I'd have a local realtor check it out for free or buy them a coffee. I don't think it's necessary to pay a lawyer.

James Wise · Answer

In my experience, anyone asking if they need their attorney to review something, needs their attorney to review it.

Patricia Steiner · Answer

Contingencies should include:

inspections over a specific number of days (note the plural on inspection so that if you want to walk the property with contractors in addition to an inspector, you can do so.

Financing - not just the ability to acquire it but the get an interest rate that is acceptable to you - which is normally defined as the prevailing rate for a defined mortgage (fixed, ARM).

4 point/Insurance - note that an acceptable 4-Point is required for the engagement of insurance; should you not be able to get insurance on the open market, you can cancel with your escrow returned.

Vacant Possession - require the property be free from trash/personal items/tenants - and/or any commitment to rent the property - on the day of closing to be verified by a final walk of the property by Buyer.

There's more but these are the ones that I recommend every contract should contain.  And, your realtor should verbally walk through the contract - item by item -  with you and show you where these are contained within it.

Hope this helps...

Bob S. · Answer

Where is it ?   I do all my biz in Cleveland, no attorney required  alsoIf its an as is cash then no. Title will handle. If using a loan and its subject to inspections and appraisals well why not, you do not have any experience so spend the 400 or so , Learn then for the future you will not need one

Frank Avallone II · Answer

Hi @Gurjot Grewal, sorry that no one has answered you in the past 25 days. It is normal to not use an attorney in a lot of areas. However, if you are inexperienced you can always to speak to one about helping you look things over.