Do I need a lawyer present at closing when I’m buying new construction?

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I am a first time home buyer (in Illinois) buying a newly constructed townhome directly from the building company. I am doing everything through the builder (using their mortgage/loan company, insurance company, and title company). Is it really necessary to get my own lawyer as well? Also, since I am buying new construction, I never had a realtor. Everyone I’m in contact with about this purchase is from the company I’m buying from.

  1. Reply
    May 19, 2011 at 1:07 am

    I would recommend that you get a lawyer involved long before closing. There may be some issues that you, as a 1st time buyer have not considered. (Is the builder getting a “kickback from the lender? the title company? [Do you need title insurance since it is new construction and has no history?] The insurance company?

    Get references for a real estate attorney from the local Bar Association (ask for 3, call them to determine if they will agree to an initial, no charge interview).

  2. Reply
    May 19, 2011 at 1:23 am

    This is probably one of the biggest purchases you have ever made so it would be a very good idea to have someone involved who is looking out for your interests. The legal fee for a closing should range between $ 500 and $ 1500 depending on your location and it is money well spent. The seller’s people are looking out for the seller, not for you. Are you willing to gamble that you can trust them?

  3. Reply
    May 19, 2011 at 1:33 am

    I would always suggest getting your own realtor but since you ave already done otherwise I would say that you should have a lawyer present at closing if for nothing else but to be sure your not getting s****ed. No if they have a licenced realestate closer from their title company you do not have to have a lawyer there but I wouls suggest it. Good luck and congrats.

  4. Reply
    May 19, 2011 at 1:41 am

    always have a lawyer look over all contracts
    yes everyone that happens to know this company will side with the company and look over the contract yourself and highlight areas that are givingyou difficulty to understand.

    it is their company and their interest is to sell and to get people who really don’t know the technical aspect of wording of contracts. and this is the point to fully understand what are your guarantees
    warrenties and the length of time of these items

  5. Reply
    May 19, 2011 at 1:56 am

    Yes, you do need your own lawyer, and don’t take one of their lawyers.You must get a lawyer who has no connection with the builders you are buying from. If they insist that you use their lawyer, then don’t do the deal,or go to the lawyers bar association and get advise before signing any papers.You don’t need luck, you need information. MATT.

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