Expert: Hans Weber, Licensed Broker Associate - 4/21/2006

Question
Hi Mr. Weber,
I am planning to buy a 1BR in a new condo development in Chelsea.  The sales office recommended I use their mortgage broker and lawyer. I am unsure whether doing so would be in my best interest. Should I find a lawyer and mortgage lender who are not associated with the building?

Answer
Hello Tess,

Thank you for your question.

It would certainly be smoother for them and you to use their lawyer and mortgage broker since they are familiar with the complex and its nuances.

However their lawyer and mortage broker represent them, the builder/seller.  What if, though not likely, there was a problem somewhere?  You need someone to represent you that is looking out for your best interests.

Their mortgage broker may be fine and reputable and offering great rates as a special in the development.  But it does not hurt to check another independent source to compare.  Try Coldwell Banker Mortgage, toll free, every day, 888-407-6720 and compare.

You may certainly ask them to have their attorney prepare a contract, but be sure you have your own to look it over for you.  Need a name and number, let me know.

Hans