Philadelphia, PA asked in Real Estate Law for Ohio

Q: Buying parent's house w/ no agnt & bank asked for purchase contract. Do I need to hire real estate lawyer for contract?

The sale is being made as sell by owner. My mother is selling the home to me and bank asked for a purchase contract. We're trying not to involve a real estate agent, but my research showed a real estate lawyer should be used for the contract drafting. I've seen examples of contracts online and I wasn't sure if those are safe t follow/use. We're trying to keep costs low as possible.

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2 Lawyer Answers
Joseph Jaap
Joseph Jaap
Answered
  • Cincinnati, OH
  • Licensed in Ohio

A: A real estate agent is not required, but you definitely should retain a local real estate attorney to prepare the contract, deed, and other documents that are required as part of the closing. On-line forms might not be specific to your state. It also is prudent to perform a title examination to be sure that there are no unknown liens, judgments, or other title problems that might be recorded in the county real estate records. The lender probably will do that, but your attorney can review the results. Use the Find a Lawyer tab to retain a local attorney to assist you. It might cost a few hundred dollars for an attorney to assist you, but could save you a lot later if the transfer is not completed properly. A home is a big investment.

Bruce Martin Broyles
Bruce Martin Broyles
Answered
  • Lancaster, OH
  • Licensed in Ohio

A: Short Answer: Yes, you could purchase your mother's house using an on-line file in the blank purchase agreement.

An attorney is rarely needed when things go smoothly and there are no disagreements. However, if an issue comes up or there is a disagreement then you will wish you had used at least one attorney, if not one attorney for each of you. This is especially true if there are other family members who may have an interest or an expected interest in your mother's assets. After your mother passes are there going to be questions raised as to whether she was competent,, unduly influenced, or subjected to duress or coercion?

In addition, you may want an attorney to examine the purchase agreement to make certain that your mother is properly protected for any medicaid look back provision if she would have significant medical expenses in the next five years.

An attorney should not cost a great deal and the value received may be significant.

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