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Updated about 8 years ago on . Most recent reply

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Mimi H.
  • Investor
  • Mountain View, CA
51
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120
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Interviewing RE Lawyer for CA purchase

Mimi H.
  • Investor
  • Mountain View, CA
Posted

I may have an opportunity to purchase a property off market in the Bay Area, CA. Since it's not on the MLS, neither of us will be using a real estate agent so I'm wanting to get a real estate lawyer that can make sure that everything is checked / double checked.

Since I've not done this in CA before, what would be some good questions to ask during an interview to suss people out? Also, what do people generally charge for closing on a residential property?

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David Faulkner
  • Investor
  • Orange County, CA
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David Faulkner
  • Investor
  • Orange County, CA
Replied
Originally posted by @Corey Kohnke:

Some of my investors use a RE attorney on every transaction.  However, he provides docs and processing/closing services.  Usually runs him around $2500 per transaction + title and escrow. California RE trades run through escrow/title. Therefore, you will not save money by having a lawyer involved.    

If you plan on doing future more business in CA I would get used to the states specific process. Start shopping for escrow, title and broker services.

I bet you can find an RE broker to fulfill your request depending on the deal structure.  Let me know if you need any help with the process.

I find a good title/escrow company the same way i find everything else, i ask people in the know for a referal. In this case, it would be folks that do high transaction volume in the market where the property is that would have the most exposure to escrow/title companies. These would include:

  • Real Estate Agents, though this would be an awckward conversation explaining that you don't want to use an agent but could they please refer you to a good escrow company.
  • Mortgage Brokers/Lenders
  • Flippers - can network at REI meetups. This is a good idea to do anyway.

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