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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 111568
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Contract on new home construction that will be built by Feb

Customer Question

Contract on new home construction that will be built by Feb 2017. Need a RE lawyer. When do I bring in the lawyer - now or closer to closing. How much would it cost to get a RE lawyer to represent me?
JA: Because real estate law varies from place to place, can you tell me what state this is in? I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: Nevada
JA: Has anything been filed or reported?
Customer: What do you mean?
JA: What confuses you?
Customer: Pre approved for $300,000 - went shopping with RE agent (colleague) - found a new construction that is out of my range or so I thought. Signed a contract with 5K earnest money just knowing $345,440 asking price less 10K builder incentives, 5% Down Payment, 10K closing costs - no other details were provided to me - just that I was "approved" for $320,000 over the phone. Have to use builder's lender. e-signed off 36 pages to get the process rolling and was told not to worry about the "numbers" until closer to closing. Does not seem right to me. My RE agent is inexperienced (1Yr).
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 month ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Quite honestly, while many people feel they want to hold off on an attorney until closing, on a new construction it is best to have your attorney involved in the beginning to make sure all of the terms are favorable to you and to protect your interests. The longer this goes on the higher those numbers could go and immediately when the builder's lender tells you not to worry, you should begin worrying and you should consider getting your own lawyer involved now not when it is too late.
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