How Attorneys Can Undermine Home Buyers & Sellers

Performance Property Real Estate Question

Q: My wife and I are buying a new home.  Our attorney is holding up the closing because he said he thinks we can get a better mortgage.  Do you think he’s right?  Earl, Mendham, NJ

A: Attorneys play an important role in real estate transactions as legal advisors.  I use real estate attorneys to review contracts and leases.  An attorney’s job is to interpret the law–that’s it, nothing else.  Mortgage financing should be left to mortgage brokers. The key to effectively managing an attorney is to make them stay in their narrow lane which is to give legal advice not financing advice, which is not their area of expertise.   Thanks for your question, Earl.

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