Summary: A buyer is purchasing a piece of property that has been foreclosed upon, and his attorney represents both the seller and himself. It's possible that the attorney is representing the bank and not the buyer. In some states, attorneys act as closing agents and don't represent either party.
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.
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Comments
martial says
I am buying a proprety in nassau county new york what could could be price my lawyer should charge me
Ilyce says
Lawyers typically charge one of three ways: Free (but you have to use their title company, and they receive a big fat fee from the title company for the "work" they do); hourly; or flat fee. Of these choices, I prefer to negotiate a flat fee to cover the contract negotiation and closing. You should ask your attorney what he charges, and then do a little research so you can find out what other attorneys in the area charge. Thanks for your comment. Hope you enjoy the new site.