Downside to selling an apt without an attorney?

I was just wondering what the risks are with selling an apartment without an attorney.   We have sold apartments before, and can simply adopt a prior sale contract for use in this sale.  We can also set up a separate escrow account without an attorney.  What am I missing here? thanks!

Splenda

in Lawyers and legal service 13 years ago

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callalily | 13 years ago

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Also, isn’t there some law that requires the attorney for the seller, not the seller, to set up the escrow? Or perhaps it’s just tradition.

callalily | 13 years ago

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Are you selling in New York? By law you are required to have an attorney represent you when buying or selling an apartment in New York. Be happy for this. It protects you — unlike, say, the thousands in California who were hoodwinked by fraudulent mortgage deals. There you never use an attorney, you use a real estate agent. Curiously, the real estate agents make a lot more money on each deal than an attorney, and in NYC, they don’t necessarily add a lot of value to the transaction (depending on the situation).

brokelin | 13 years ago

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On the other hand, I just put in some time doing my own taxes, downside of having had an accountant parent, so I am not sure you should be listening to me.  I think real estate and taxes are cheap to hire out to someone else to deal with the frustration.  gotta take my own advice next year.

brokelin | 13 years ago

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oh, when buying, that is when you want a lawyer to make sure your mortgage bank is not screwing you.  when sellling, you are in a position of power, and can reject riders you do not like.  when borrowing money, you are in the not advantaged position.

brokelin | 13 years ago

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Scuse the errors, it is early and pre coffee for me. Wish one could edit comments on forum, as one can on main page…I am always hitting the send button on mobie in error.

brokelin | 13 years ago

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oh, please, when the other side sends a rider, splenda will maybe read it and figure out what it means, or ask another attorney.  It isnmt rocket science, people.  and the reason big law lawyers hire someone else to do it is because it is basically paralegal work, and cheap to hire.  I am not knocking lawyers, I have been one in earlier lives, and hire thme when buying and selling.  Yeah, you could geet into some sticky situations with a house thatms falling apart, but in selling an an apartment, which if a coop is just selling shares, and that handles by the coop attorney, I think splenda can handle it.

daveinbedstuy | 13 years ago

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I’ve done probably 20 closeings as a buyer or seller.  Never done one without an attorney.  It’s cheap insurance.   What are you going to do when your buyer’s attorney attaches a 15 page “standard rider” that he always uses and you don’t understand all the issues?????

Splenda | 13 years ago

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For what it is worth, I am a litigator and have sold several apartments already.  I guess I am not sure what value added a RE attorney brings when SELLING.

slopemope | 13 years ago

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well, if you are a real estate attorney, the risks aren’t too high.  but even big white shoe partners hire attorneys when they buy a house, reason being they aren’t in that area enough to know the game, all the rulings, ins and outs of how the shady characters have carved out the territory etc.   its not like renting from a blumberg lease where all the laws are built up around what can and can’t be done, even if it is in writing.  in real state, the contract is *everything*, buyer and seller beware, there is little to nothing to protect you.  if one seemingly mumbo jumbo term is inserted that looks harmless, it could change the entire meaning of what you are reading without you knowing it.  it could be there to support precedent of how a buyer gets an out without you knowing it.     and, if you get someone who has a halfway sharp operator for a lawyer, and they realize that they aren’t sending the contract to your lawyer, but you personally, they’ll probabaly add all kinds of language you have no idea how lopsided it is if the buyer decides they wants out and their deposit back.  OR, to threaten so in order to favorably renegotiate so you don’t have to relist and give the market the appearance that the property has issues.      If you woukd respond to an craigslist ad and bring $25,000 in cash to a remote parking lot in a high crime area at night, you could be a good candidate for acting in your own capacity.   This isn’t Kansas, this is the most litigous city in the world, the best thieves are lawyers.

rh | 13 years ago

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Damn, I’m as cheap as they come and do EVERYTHING myself but even I wouldn’t risk that. Just do it! The amount of money you might save wouldn’t be worth what you could lose if you overlook something. It’s not just writing a contract and keeping the deposit in escrow.