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Thread: Purchasing a parking space

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  1. #1 Default Purchasing a parking space 
    Hi guys. Has any of you purchased a separate parking space? I'm buying a nest for my future toy car and I just need to figure out the closing.

    Seller has a attorney on his side, and he said he will split the cost of the lawyer with me to set up the closing.

    I talked to a real estate guy who said I should get a lawyer on my side, in case I misread something and in the end I won't own the spot after paying all the money. I trust the seller as he is still my neighbor and will rent his apartment out once he moves out, and on a top of it he works at MGH like I do. I don't think he would have a reason to scam me here.

    Every attorney I talk to seems to be a little biased about this so I'm reaching out to you for advice. Do I HAVE to get a lawyer? Seems like straightforward transaction and my lawyer wants $1200 to set this up for me. Sigh.
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  2. #2 Default  
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    seems silly to not include a lawyer for yourself on such a large sum of money.
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  3. #3 Default  
    how much is the space ?
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  4. #4 Default  
    Quote Originally Posted by 55fanatic View Post
    seems silly to not include a lawyer for yourself on such a large sum of money.
    Right, that's why I'm asking if anyone had experience in this. I feel I can read with comprehension and on top of that my neighbor really has no reason to f me over. Sounds like I'm thinking out loud here. My buddy who bought a parking space from our building didn't need a lawyer. Although now that the seller is a private person, I don't understand why would I get a lawyer if I get a title stating my ownership and a seller lawyer to set up the paperwork.

    Quote Originally Posted by buzztt View Post
    how much is the space ?
    35k
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  5. #5 Default  
    a lawyer isnt just to stop you getting scammed, its to ensure your interests are properly protected (not the same thing), personally i would want someone to look over whatever i was signing, his lawyer may be a total idiot, why risk it, i assume your lawyer wants 1200 to draw everything up, find out how much he wants just to read the contract, i cant imagine it would take an hour
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  6. #6 Default  
    Quote Originally Posted by buzztt View Post
    a lawyer isnt just to stop you getting scammed, its to ensure your interests are properly protected (not the same thing), personally i would want someone to look over whatever i was signing, his lawyer may be a total idiot, why risk it, i assume your lawyer wants 1200 to draw everything up, find out how much he wants just to read the contract, i cant imagine it would take an hour
    That's what I was thinking. One thing I don't understand is what lawyers really do and at this point I just need someone to make sure paperwork on my side is right.
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  7. #7 Default  
    Would definitely get an attorney given the cost. First concern I would have is if the neighbor sold the property. Do you still have a claim to the space. If yes this could be viewed as an encumbrance on the property (like a right of passage) and impact the properties value. the neighbors lender may have an issue with this. A lawyer would be able to make sure that what you are buying you actually have the right to own
    I am not a 14 year old girl, but I play one on the internet.

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  8. #8 Default  
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    I think I paid like $500 for my attorney on my condo closing. Look around for a real estate attorney. I'm guessing your laywer just doesn't want to deal with it if he's quoting that price.

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  9. #9 Default  
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    Mat just bought one last year
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  10. #10 Default  
    Have an attorney read over the paperwork. A few billable hours max. I don't see the need to have him at the closing, you're literally just signing the paperwork. My attorney was at mine, but it was a bit mor complicated as i was buying from a guy on the other side of the country, and had to have the condo assoc. approve of the sale too.
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