All Forum Posts by: Aram Schwartz

Thanks so much Peter. So far, at this step, we understand the title insurance will not cover HOA liens and mechanics liens (irs liens), so I've reached out to a title company to get a quote for running a prelim title report and a full report (because there wasn't a prelim in my contract) and I understand the prelim does not cover the mechanics liens anyways so maybe need a full title report...

Question for Steve, it’s a special warranty deed, listing agent said it’s a deed. Is there a concern for us whether this is a standard warranty deed or special warranty deed?

Thank you both.

Hi Peter,

Thank you so much, very informative. We will have people, whether agent and/or lawyer review it, we have until after the weekend to sign the contract. When you say in your experience contracts for purchase of auction property are heavily weighted in the seller's favor, what sort of things typically...the no protection sold "as is" on auction.com and being careful here...I am trying to think of what sort of things this could be that later on I won't be able to negotiate out of...two agents are reviewing it right now, will probably have a lawyer look it over too...we saw the place twice ourselves, it had four walls, checked the water, checked the stove, other things cosmetically we wouldn't be concerned about, what is between the walls would be the building's responsibility, the HOA a month is $209.

Thanks & Regards,

*The contact agent represents the seller, it is not unlikely that he would lie to me like that, but he does represent the SELLER I mean, 

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,