Purchasing a condo assignment - is a buyers agent needed?
In the event of a condo assignment opportunity, where I would be purchasing a pre-constructed unit from the seller (so basically just a deed transfer), is a buyer’s agent needed? The seller does not have an agent, and does not wish to pay any commission fees. So, if I want an agent, I would have…
In the event of a condo assignment opportunity, where I would be purchasing a pre-constructed unit from the seller (so basically just a deed transfer), is a buyer’s agent needed? The seller does not have an agent, and does not wish to pay any commission fees.
So, if I want an agent, I would have to pay the fees myself (although likely a lower rate). To my understanding, all that is needed to complete the sale is to have a real estate lawyer do the paperwork.
My question is, is there any benefit to having (and paying for) a buyer’s agent in this situation? Or conversely, are there any risks involved in not having an agent?
Thanks for the advice.
anon 12:20 I don’t believe there are any laws that pertain to requiring an attorney for the sale or purchase of a property. Where in the world did you get that idea? A laywer isn’t even required in the case of a felony charge against a citizen. Why would one be required to buy something? Talk about misinformation. Now if you want to say it would be prudent to hire one to represent your interests, that’s another story.
Your risk in not having a broker involved is that you won’t be able to figure out what to do with the extra money you will save.
I would suggest finding a very, very good lawyer – as the above poster is correct – and using the extra money to pay them handsomely for their services.
based on experience i can tell you that buying new or pre-contstruction will still be much more complicated than just a deed transfer. that said neither side needs an agent but both are legally required to have lawyers. make sure yours is a good one, as he or she will be responsible for guiding you through what is surely going to be a more complicated process than you expect.