I am always saying to buyers let’s assemble the Real Estate team before the property is located. The new client looks at me and says assemble my team? I look at their confused face, and go yes you have me your agent, who is your Mortgage broker? Who are your top three home inspectors you want to use and how much are they charging you? And most important who are you using for your Real Estate Attorney? Often the client looks at me or pauses on the phone, and says I will assemble The Real Estate Team once I find the property. I will then push back and say to them no let’s lay the groundwork now. You can thank me later.
Why assemble the team before locating the property
Why do I want a client to assemble the team before finding the property? The reason is pretty simple you can decide on your timeline who is working for you vs having to do everything rushed. There is nothing worse I found the property and my offer was accepted and gotta get the team together asap. Everyone on your team is important but I would put a high value on the Real Estate Attorney, Real Estate Agent, and Mortgage Broker. If you notice I keep saying Real Estate Attorney, not just Attorney. Don’t hire your friend who is a defense attorney or prosecutor, and say yeah I can do this for you. Hire a Real Estate Attorney. I had a client who bought a home in the North End and they hired a Real Estate Attorney. The seller hired a Malpractice attorney, and it was clear to everyone they were out of their element.
What is the value of hiring a Real Estate Attorney?
1) Hire a Real Estate Attorney who can legally advise you, and they understand complex situations and sometimes act as a referee between parties
2) Know if your Real Estate Attorney will charge an hourly fee or a flat fee. Many charge a flat fee in Boston but always ask never assume. I had a buyer once who had an attorney and they were being billed hourly and it was very hard to do the job since often the question or issue required a lot of time and the buyer is going hey this is costing me money don’t hog so much of my attorney time, and buyer unknowing the issue was not a quick matter.
3) Real Estate Attorney is helpful to both Buyers but also to Sellers. They can make a tricky transaction a lot easier. Real Estate attorneys can draft legal documents to keep the transaction running smooth.
4) Real Estate Attorney can help you navigate the tax consequences of selling your home.
5) They can sort out incorrect public records information. I had a seller who bought a home and some documentation said the square footage was 1496sq feet and others said 1597 sq feet. I brought it to the attention of the seller. The seller and I spoke to their attorney and we figured out the documents were wrong and she corrected them before the property went on the market for sale saving both parties a headache later.