Real Estate Laywer Needed? Review contract and pre-lim title insu

[Aram Schwartz]

Hello,

The situation is that we've won a bid on auction.com for a studio. Four walls pretty straight forward stuff, checked some stuff with the contact agent before hand, visited it twice, asked if there were liens, no liens, asked for property disclosures, no disclosures. As you know with auctions, they are intense. This is our first home with some help and knowledge from family who are real estate investors and friends who are real estate agents. So we are at the step where we will receive the standard purchasing contract for us to sign (with preliminary title insurance inside) to then be sent to the seller. Before we sign, since this is our first home, from lack of experience, I was wondering what you would advise to do for reviewing the contract (contained within it the preliminary title insurance)...should I set up a meeting with a real estate lawyer just pay to have him look it over, our family real estate agent friend reviewed the sample purchasing agreement/contract before we even bid, is it enough to have her look it over? As many eye-balls on this document as possible would be my first thought, but then again I don't know. The contact agent represents the seller, it is not likely that he would lie to me like that, but he does represent the lawyer, I want to make sure I do my due diligence. The contact agent said I could have a lawyer look over it, but may not be necessary. I contacted the seller's closing lawyer, he said you need to have a lawyer, then you will have a peace of mind. Obviously again he represented the seller,....this may be too long drawn-out...basically my mom said that because it is already bank-owned, it should have gone through many filters already. 

Thanks & Regards,