What's the Value of a Lawyer When Buying a Property?

[Patrick O.]

I am a Philadelphia resident.  I am in the process of buying a vacation home in New Jersey.  My realtor has suggested that I hire a lawyer.  I have been through the home-buying process twice in Philly and never had a need for a lawyer so I asked the real estate agent why he was so insistent on me needing one for this purchase in Jersey.  His response seemed weak to me, said he can't offer advice as far as the law is concerned, because its an "as is" property, attorney will order survey, title reports, etc.  My intention isn't to minimize the value of an attorney or foolishly save a few dollars and jeopardize my long-term interests but to understand what it is I would be paying a lawyer to do and what to expect from them.  Also, I'm getting the impression that this RE agent is either lazy or foolish and is only interested in covering his own butt or getting away with doing the bare minimum. Not sure if maybe this is standard in this state.  Any friendly advice is greatly appreciated

[Jessica Zolotorofe]

Thanks, @Chris K.! Yes, especially northern NJ, but really the whole state attorneys are nearly always used. The title company won't prepare closing documents like other parts of the country, and the nuances of our form contract make it really important. I had a major issue last week. Client came to me a day before closing because he ran into a serious issue because he didn't use a lawyer originally. Things like time of the essence clauses, legal fees in the event of a dispute, time frames, inspection contingencies, lots that we change during attorney review, which, Chris is right, if you don't have an attorney, vast majority of the time, your buyer or your seller will, so you're at a disadvantage. You're not required to have one, not a necessity, but i do suggest it in NJ.