Does it make sense for one attorney to handle a closing for 3 parties?

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Does it make sense for one attorney to handle a closing for 3 parties?

My elderly father wishes to subdivide his property into 2 parcels and transfer title to me (parcel 1) and my brother (parcel 2). Each parcel of land contains a structure. There is no financial institution involved; my brother and I will pay cash. I will pay all closing costs. We would like to simplify the process by asking one attorney to handle the entire matter; does that make sense or should we each have an attorney?

Asked on February 19, 2011 under Real Estate Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Generally speaking, an attorney should not represent multiple parties in any transaction or lawsuit where there could be the potential for a conflict of interest to arise.  I have seen parties attempt to have "clients" sign waivers but really that can get you in to trouble as well.  Why, may I ask, are you doing this as a purchase?  Could it be done through estate planning as well?  I would have your Father consult with an estate planner about the best way for you to handle the matter both financially and legally for all parties concerned.  If yo intend to pursue it as a division and sale your Father needs to engage an attorney to prepare all the necessary documentation and you and your brother need to have an attorney review it on your behalf at the very least.  Good luck.


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