Home Buying
Thread Starter
Racer
Joined: Dec 2003
Posts: 411
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From: Arvada CO
Home Buying
Okay I'll make this post vette related by saying that I need a garage to store my 69 vert in.. :-)
My wife and I are looking to bid on a house in Arvada,CO this weekend and our agent told us that in Colorado there is no need for a lawyer. Is this true? It makes me feel really uneasy that I'm about to drop my whole life savings into something and I don't have the protection of an attorney. If anyone has had a good experience with a CO real estate attorney for a residential purchase please let know who they are.
Any and all insight is appreciated!!
My wife and I are looking to bid on a house in Arvada,CO this weekend and our agent told us that in Colorado there is no need for a lawyer. Is this true? It makes me feel really uneasy that I'm about to drop my whole life savings into something and I don't have the protection of an attorney. If anyone has had a good experience with a CO real estate attorney for a residential purchase please let know who they are.
Any and all insight is appreciated!!
Last edited by CruisinCO; Mar 31, 2007 at 12:05 AM.
Racer
Joined: Dec 2006
Posts: 460
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Generally, the house gets inspected by an outside (independent) inspector. He will check everything in the house to make sure everything is up to code, including radon test, asbestos, and what not. Anything that needs repaired, replaced or updated, he will note that on the inspection report. It will then be up to the seller to correct those issues for you at his own expense.
You can also ask all kind of questions in regards to the house. Ask neighbors about past residents, or issues they may be aware of. How old is the house.
If it's an old house, check the plumbing under the kitchen sink, furnace, heater and stuff like that for corrosion, and possible weak connections. Check the roof also.
You can also ask all kind of questions in regards to the house. Ask neighbors about past residents, or issues they may be aware of. How old is the house.
If it's an old house, check the plumbing under the kitchen sink, furnace, heater and stuff like that for corrosion, and possible weak connections. Check the roof also.
Thread Starter
Racer
Joined: Dec 2003
Posts: 411
Likes: 0
From: Arvada CO
Thanks for the reply... I was definitely going to be getting an inspection.
Maybe I didn't ask my question properly..... Other than buying a new home which is probably a pretty straight fwd contract,...what makes Colorado special that buyers of used homes feel safe from the unknown? Is there nothing that a lawyer will do to protect me above and beyond the standard bidder contract?
Maybe I didn't ask my question properly..... Other than buying a new home which is probably a pretty straight fwd contract,...what makes Colorado special that buyers of used homes feel safe from the unknown? Is there nothing that a lawyer will do to protect me above and beyond the standard bidder contract?
Drifting
Joined: Nov 2002
Posts: 1,692
Likes: 207
From: Loveland, CO
I'm not sure what you expect an attorney to do? If you get a good inspection, the mechanicals are covered. Title insurance will protect you against old title issues. The real estate purchase contracts are all pretty standard per the state.
In this day, the major issue may be don't get suckered into some exotic mortgage situation. The foreclosure rate in Colorado is probabally your biggest risk. Don't accept any mortgage with a pre payment penalty.
Good luck. Ralph.
In this day, the major issue may be don't get suckered into some exotic mortgage situation. The foreclosure rate in Colorado is probabally your biggest risk. Don't accept any mortgage with a pre payment penalty.
Good luck. Ralph.
