Resent-Message-Id: <8707231459.AA01093@bk.sei.cmu.edu>
Date: Tue, 21 Jul 87 09:50:14 PDT
Message-Id: <8707211650.AA21114@ames.arpa>
From: harvard!think!ames!ihnp4!homxb!whuts!cher@husc6.harvard.edu
To: sei.cmu.edu!bjz@seismo.css.gov
Subject: Re: Buying a new house
In-Reply-To: your article <1942@aw.sei.cmu.edu>
Resent-To: bovik@spice.cs.cmu.edu
Resent-From: Barbara.Zayas@sei.cmu.edu
Resent-Date: Thursday, 23 July 1987 10:59:47 EDT

> So, the bottom line is that I have a few questions:  1) should we hire a
> lawyer  2) what problems might we encounter without or without legal
> representation (taking into consideration that the above-mentioned work is
> being done)  3) are there any words of advice for closings, in general?

We're also buying, and it seems that some legal help could be rather 
valuable. A guy sent us a contract with no mortgage contingency 
clause (sale is conditional upon the buyer's ability to obtain the mortgage)
and $50 daily penalty if the deal isn't closed before certain date.
Signing that paper as it was would have meant lots of trouble in case of
any slip-ups with the bank. 
It's things like that - the fine print and critical omissions that an
attorney should catch.
There may be no need in a lawer if you are buying from a townhouse complex,
but dealing with an owner is much more risky - there may be some customized
perilous conditions in the contract. 
I do get company reimbursment of the attorney fees, but I'd get one
in any case considering unfamiliarity with the process and the amounts
involved. Good luck...
			Mike Cherepov
---
				Mike Cherepov
				[ihnp4!]whuts!cher