I'm about to make an offer on a condo in Colorado. My realtor, as well as some friends who live in Colorado, tell me that having at attorney is not necessary and/or not typical. This is a little surprising to me because in every other real estate purchase I have done (in Northeastern states), I have had at attorney. I have always understood that attorney's role as being the only person who is specifically looking after my interests. (And sometimes, it was also because I was not going to be going to the closing, so they were representing me at the closing.)
Supposedly, part of the reasoning that an attorney is not necessary is that the purchase contract is a standard form (maybe used statewide?) But I think standard forms were used in most northeastern states where I have bought real estate before. Also, it sounded like the title company "handles" the closing in Colorado, so maybe that's different from other states?
And of course, the contract itself has a paragraph on "recommendation of legal and tax counsel", i.e. that my broker has recommended legal counsel, legal examination of the title, etc.
Can anyone with experience with buying real estate in Colorado comment on this -- did you buy without an attorney? are there particular reasons or situations that I should have an attorney?
PS. fwiw, my current real estate agent is acting as a buyer's agent, so they're "on my side" but I understand they have limitations (e.g. not a lawyer, can't provide legal/tax counsel). And afaik, there are no water or mineral rights involved in this purchase.
Supposedly, part of the reasoning that an attorney is not necessary is that the purchase contract is a standard form (maybe used statewide?) But I think standard forms were used in most northeastern states where I have bought real estate before. Also, it sounded like the title company "handles" the closing in Colorado, so maybe that's different from other states?
And of course, the contract itself has a paragraph on "recommendation of legal and tax counsel", i.e. that my broker has recommended legal counsel, legal examination of the title, etc.
Can anyone with experience with buying real estate in Colorado comment on this -- did you buy without an attorney? are there particular reasons or situations that I should have an attorney?
PS. fwiw, my current real estate agent is acting as a buyer's agent, so they're "on my side" but I understand they have limitations (e.g. not a lawyer, can't provide legal/tax counsel). And afaik, there are no water or mineral rights involved in this purchase.
Statistics: Posted by w5000 — Mon Aug 19, 2024 8:57 am — Replies 0 — Views 12