Do you need a lawyer to buy and/or sell real estate?
NO, HOWEVER:
You will not get any legal advice unless you have a lawyer. Neither a real estate agent or title company can give legal advice to either the buyer or the seller. If you do not hire a lawyer, no one will represent you in legal matter now or at the closing.
The contract becomes final and binding unless your lawyer cancels it within the following three business days. If you do not have a lawyer, you cannot change or cancel the contract unless the other party agrees. Neither can a real estate broker nor the title company change the contract.
A Buyer without a lawyer runs special risks. Only a lawyer can advise a buyer about what to do if problems arise concerning the purchase of this property. The problems may be about the seller’s title, the size and shape of the property or other matters that may affect the value of the property. If either the broker or the title company knows about the problems, they should tell you. But they may not recognize the problems, see it form your point of view, or know what to do.
Legal Services are always recommended to secure the interests of sellers and/or buyers are represented. Your lawyer will review the contract for completeness, make changes to the purchase agreement to confirm your interests are protected, prepare any legal closing documents that are required to transfer title, and in some cases complete the actual closing. Choosing an attorney will depend on individual preferences. Some clients have long-standing relationships with their legal professionals and some clients choose to utilize the services of a local law firm to represent their interests. The State of New Jersey requires every real estate contract include a three-day attorney review period.
