Purchasing a home is one of the biggest things you will ever do in your life. And, the actual transaction of the purchase can be very long and complicated. If anything is done incorrectly and mistakes are made, it could result in some serious problems. People have differing opinions about the importance of real estate attorneys, but make no mistake, this is a very important person to hire when you are purchasing a home, be it your first time or your tenth time. As you will see below, there are many steps to be taken when purchasing a home and there are several things that could go wrong. To make sure that you are protected legally and financially, you have to hire the services of an attorney.
The costs of hiring real estate attorneys are different, but budget to pay around $2,000. It may seem like a lot of money, but if you purchase a home for $200,000 you will only be paying around 1% of the price of the home. Also, attorneys generally determine their fees in two different ways; they either charge by the hour, or they charge a flat fee until the sale is closed. So, before you hire an attorney, make sure that you find out how they charge their fees and what services they will be providing you for that fee.
A good way to find an attorney is to talk to an estate agent. They deal with real estate attorneys all the time, because they are in the same industries so the agents will be able to direct you to the most reputable, reliable and professional attorneys in your area. Another point to remember during this process is that real estate attorneys have to be licensed to work in the state in which they are practicing, so make sure that the attorney that you hire has the necessary license to avoid problems in the future.
An Attorney y will be able to review your purchase contract/agreement before you actually sign it. If you are purchasing your home for the very first time, then this is a step that you cannot afford to skip. The real estate attorney will also work on your behalf, together with the mortgage loan officer, the real estate gents and the home seller’s attorney; to facilitate the transaction and to make sure that everything goes smoothly and according to the law.
The process of purchasing a home involves much legal documentation that is binding. These documents include; bills of sale (for personal property such as furniture), deeds, legal descriptions, mortgage loan documentation, the title and the title insurance policy. It is very important that you have a real estate attorney representing your interests at the closing of the sale. These are all things that can be very complicated and you need someone to assist you at every step of the way, so that you can understand everything and also ensure that your rights and interests are protected throughout.
Some of the problems that could arise for you: The buyer, during the transaction could be the seller leaving unpaid utility bills, condominium assessments and property taxes. The real estate attorney will be able to protect you and make sure that your transition into your new home is as smooth as possible, by protecting your rights as the buyer and making sure that the seller fulfills his/her obligations. If something completely untoward happens during or after the transaction, the real estate attorney will be able to nullify the contract. They can negotiate the expenses of the transaction, and they can change the legal language in the contract.