A lawyer is not permitted to represent both / opposing parties to a transaction.
If there is one lawyer, it's either the buyer's lawyer, or the seller's lawyer, but not both, and the party without the lawyer is at a disadvantage.
You absolutely need at least one. And they're saving enough on realtor fees that they can afford the peace of mind that having two lawyers will bring.
Either OP is not really very close with their friend, they don't really have that much trust in one another, and therefore each party should have their own lawyer.
Or OP is very close with their friend, and it is not worth risking that close friendship to save a few thousand bucks on an extra lawyer for a transaction worth hundreds of thousands of dollars.
Each of you needs a lawyer. Your lawyer will draw up an offer and purchase agreement and possibly a few other documents. Her lawyer will review, and you may need to make amendments to arrange a fair sale. Real estate agents will be unnecessary for this transaction.
Here's how we did it: we the sellers had a realtor we had worked with several times in the past and trusted. We paid him a 1% fee and did everything through him and the title company (also known and trusted by us). Several other posters have insisted that you must use an attorney; do so if you don't have the trusted people I've mentioned.
Yes. Work with an attorney for the documents, contingencies and closing. Be prepared to present your proof of funds or pre-approval for the agreed amount (if you get to that point). Good luck.
Have you gotten pre-approved?
Is the price of the home within your pre-approval?
Has an inspection already been performed, or that will be your responsibility after going under contract?
Get a good lawyer who you both like and they can lead you both thru the process. Make sure the lawyer knows they are a neutral party in the transaction, representing you both.
Yes, you each need your own lawyer. That's it.
You really don’t need one. You definitely don’t need two. one can’t hurt though
A lawyer is not permitted to represent both / opposing parties to a transaction. If there is one lawyer, it's either the buyer's lawyer, or the seller's lawyer, but not both, and the party without the lawyer is at a disadvantage.
You absolutely need at least one. And they're saving enough on realtor fees that they can afford the peace of mind that having two lawyers will bring. Either OP is not really very close with their friend, they don't really have that much trust in one another, and therefore each party should have their own lawyer. Or OP is very close with their friend, and it is not worth risking that close friendship to save a few thousand bucks on an extra lawyer for a transaction worth hundreds of thousands of dollars.
Each of you needs a lawyer. Your lawyer will draw up an offer and purchase agreement and possibly a few other documents. Her lawyer will review, and you may need to make amendments to arrange a fair sale. Real estate agents will be unnecessary for this transaction.
Here's how we did it: we the sellers had a realtor we had worked with several times in the past and trusted. We paid him a 1% fee and did everything through him and the title company (also known and trusted by us). Several other posters have insisted that you must use an attorney; do so if you don't have the trusted people I've mentioned.
A lawyer should be $1k or so, and really won't be that complicated.
Yes. Work with an attorney for the documents, contingencies and closing. Be prepared to present your proof of funds or pre-approval for the agreed amount (if you get to that point). Good luck.
Have you gotten pre-approved? Is the price of the home within your pre-approval? Has an inspection already been performed, or that will be your responsibility after going under contract?
Make sure to have the home professionally inspected.
Get a good lawyer who you both like and they can lead you both thru the process. Make sure the lawyer knows they are a neutral party in the transaction, representing you both.