It's interesting that a real estate attorney would be able to help buyers understand what they're signing up for – but attorneys in many states are only hired by the lender (and paid for by the buyer, to whom they owe no fiduciary duty) to assist at the closing and protect the lender.

I'd really like to see more people hire real estate attorney to assist with their closings, help explain documentation and make sure everything is good.

Full disclosure: I'm married to a real estate attorney who does both residential and commercial transactions, so I've heard many stories over the years about people whose deals went haywire because no one was protecting their interests.

Thanks.

Excellent points. Also, bear in mind that when you buy into a subdivision, you have association dues. If the project isn't substantially sold, your association dues may rise dramatically to make up the shortfall.

Yes, yes, the developer is meant to pay the dues for the unsold lots. But…if they are not financially solid and the sales are taking substantially longer than expected, they may not be able to keep up.

Another thing to consider is – will you own the land under your home. Or are you just leasing it? Years ago, the folks in Irvine went ballistic when the Irvine Company offered to sell them the land under their homes. Why? At first, they were given an offer of about $10,000 per lot. Most rejected it. Years later, the original low rental rates on the land lease expired – and the land rent went sky high, they demanded to buy their lots. By then, the lots were valued at over $100,000. More than two or three times what they paid for the house in the first place. (though home values did go up, too.)

Only no one could sell their home – because the new buyer would have to either pay the crippling land rent, or buy the land.

Avoid these problems by understanding what you get in a subdivision – and what you are not getting.