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>When I bought my house, the attorneys sat down with me and had me read through and explained to me every single term of the purchase agreement and my mortgage,
by tw04 6y ago
>When I bought my house, the attorneys sat down with me and had me read through and explained to me every single term of the purchase agreement and my mortgage, checking that I understood them. Absolutely no one has done this for Facebook, throwing a few hundred into Robinhood, etc. It's not worth it, and the terms change with such frequency that it would be outdated immediately.
I still have my binder from my closing. Worked in the mortgage industry for a while in college. If they truly had you read through every page with explanations it would have taken you multiple days to do your closing. I think you're misremembering.
What they likely did was went through page by page, giving you a summary of each page as they went, and gave you the option to read it in its entirety or just sign based on their summary. You might have read through the first 4 pages before you realized you would be there for the aforementioned multiple days if you wanted to read through every line of every page.
- gnud 6y agoReally? I _know_ I read everything, both for my loan and for the purchase, when I bought my apartment. It wasn't really that much. It took a few hours. I didn't read every law that the contract referred to, but I read the contract itself. Is a house really that much worse when it comes to paperwork? Or is the US just that much worse with this stuff?
- bcrosby95 6y agoI still have my closing documents from our house and it's about an inch and a half of paperwork.
- Jommi 6y agoX Hours = xh$ with probability you misunderstood something Compared to paying lawyer to explain it to you in let's say 1/10 of the time and better understanding X/10h$ + lawyer fees Compared to not reading and just trusting No upfront cost, but probability of bad outcomes increases. I think when buying a house that makes sense. Buying 100$ worth stock? Not sure. 10k worth? Hmmm maybe
- dv_dt 6y agoWhen i closed on my house I insisted the package be sent to me days ahead so I could read it over. Made everyone unhappy that was necessary including me. But I was in a position to do that and I did. I think most good notaries go over a verbal summary of the documents at the time of signing - but it's obviously not binding if there is a misunderstanding. Margin accounts someone could read over after the fact - but the length and lack of a critical summary on most agreements is ridiculous.