Buying A Foreclosed Property
REM #A729
By Ilyce R. Glink
Summary: A reader is buying a piece of property that has been foreclosed upon. He has an attorney who represents both the seller and himself. Ilyce suggests he make sure that his interests are being represented.
Q: I am buying a foreclosed property, paying all cash and using the attorney
who handled the foreclosure. Who does the attorney represent me (the buyer)
or the bank (the seller)?
A: It's possible that the attorney is representing the bank and not you. Have
you and the attorney had a conversation about representation? Are you paying
the attorney to represent you?
It's entirely possible that you're paying this attorney, and do not have any
representation in this transaction. Please ask the attorney to clarify the situation
for you. In some states, attorneys act as closing agents and don’t represent
either party. You are wise to make sure you have someone to represent your interests.
If it turns out that the attorney does not represent you, you may wish to hire
an attorney to review the documents and make sure you're protected.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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