Home buying advice

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Topic: Home buying advice

General Discussion June 24, 2013 at 3:47 pm

Home buying advice

I’m a first-time homebuyer, in the process of purchasing my current rental home from my landlord. Since we don’t have a realtor, it’s been a pretty steep learning curve to figure out how all of this works !

The landlord has provided us with a signed sales contract. We are wondering whether we need to have a lawyer review the contract with us to understand the terms and make sure it is fair. The lender didn’t seem to think that was necessary, he said it’s a standard contract. But of course, we don’t really even know what that entails.

Any thoughts? If we need a lawyer, do you have any recommendations for one? Any and all advice much appreciated, we are navigating this process somewhat blindly. Thanks so much!

3 Replies Add Reply

Manuel Geraldo, Esq. @ 202-544-2888.

We were quoted a price of about $1,500 for a lawyer to look over our standard contract when we sold our house without a realtor. We didn’t end up going that route, but as first time buyers the piece of mind may be worth it.

It’s probably the biggest purchase you’ve ever made–a couple hundred thousand dollars, yes? Spend a grand or two on a real-estate lawyer, who not only will review the contract but ensure you have a clear title etc. Don’t be penny-wise and pound-foolish.

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