QUESTION
Can the buyer and the seller use the same lawyer to advise them a mutual land transaction?
Asked on Apr 06th, 2013 on Residential Real Estate - Virginia
More details to this question:
The seller went to a lawyer to check out the realtors purchase contract to get neutral advice which was gotten successfully but then discovered from the realtor that the buyer is using the same lawyer to check out his contract. Is this is legitimate? Can the same lawyer legitimately advise both parties about the same contract?
1 ANSWER
Not really. It is not unusual for a lawyer to do both sides of a closing, but that is AFTER a contract is signed. While still negotiating the deal, it is pretty much impossible for the same lawyer to represent both sides. The potential for conflict is just too great. After the contract is signed, the same lawyer can handle both sides, if both sides consent, but if a conflict develops, then both sides need to get new counsel. I have done both sides many times, after the contract is signed, and the occasions where a conflict develops after the contract is signed are rare.
Answered on Apr 07th, 2013 at 2:56 PM