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Updated almost 11 years ago on . Most recent reply

User Stats

56
Posts
4
Votes
Bimal Doshi
  • Budd Lake, NJ
4
Votes |
56
Posts

Assignment of contract -- attorney's Role

Bimal Doshi
  • Budd Lake, NJ
Posted

My buyer insisted that I hire an attorney for the assignment of contract.

One of my potential buyer spoke highly of an attorney and so I retained that attorney.

Currently we are under attorney review and my atty,. reviewed my contract and suggested some modification which the sellers attorney agreed.

She sent me a retainer agreement and in that she listed the service she will provide which is as follows:

"The legal services include the review of the contract of sale and any amendments to the contract, preparation for closing including obtaining necessary title work, preparation and review of closing documents, representation at the closing, recording of documents and obtaining the title policy for the buyer."

Since I assigning I am not sure if the attorney has to

1) prepare for closing

2) obtain title work (I can as the cost it's minimal but not necessary)

3) preparation and review of closing documents

4) Representation at closing.

5) recording of the documents

6) obtaining the title policy.

She also went on to say that once we are out of attorney review the assignment is complete.

I am not too thrilled by her lack of knowledge of Assignment of Contract.

The service I require is

1) review purchase contract in attorney review stage

2) once out of attorney review, I want her to draft an Assignment of contract and send it to the buyer's attorney and collect the deposit for the assignment.

3) buyer will then conduct his inspection and if all goes will schedule a close with the seller.

4) At closing, the buyer will wire or send a certified check towards the balance of the assignment fee, I do not thing my attorneyneeds to be at the closing. I can go myself to the closing an collect the check.

Is there any better way I can guide my attorney what needs to be done once we are out of attorney review.

If any of the responder has done an assignment please tell how have they done it. My attorney is making it very complicated.

Thanks,

Bimal Doshi

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