4 Reasons You Need a Real Estate Attorney When Closing on a Home
Real Estate Attorneys
Real Estate Attorneys
Buying property for the first, or even the last, time can be full of surprises, both good and bad. You might find a house that is more spacious than you thought that you could afford, or purchase property that has been recently renovated. On the other hand, you may need to have an experienced attorney at law to help you go over the contracts and make a purchase that you will not come to regret after closing.
Some home buyers think that they can avoid hiring an attorney when they are going through the short sale process or are buying property from a relative. Even if you believe that you know what you are getting yourself into, these next four reasons will outline how an attorney can help you precisely.
Your Real Estate Attorney Is Loyal to You
If you hire a real estate attorney to represent you, you are always going to get the unadulterated truth. While having a real estate agent is also helpful, only a lawyer can determine what is always in your best interest legally. Whether you have an attorney so that you get the seller to provide you with adequate documentation or have a lawyer to solely act as the go between, you can count on your attorney working to ensure that your home purchase goes well.
Negotiating a Good Sales Price
After getting an appraisal on the property you want to purchase, your lawyer may recommend that you request a lower price. Your attorney can make a logical and factual argument presenting all the reasons that you should lower your offer, and you will be able to learn from your attorney if you are making a smart investment. Sometimes home buyers pay more for property than they have to simply because they aren’t aware of all mitigating factors.
Finding Hidden Property Liens
When you buy real estate you also purchase any debts that are attached to it. While you can get a title search on your property, some debts can be hidden. If you hire an experienced attorney at law, you can have your sales contract written in a way that absolves you of all property liens and hidden debts. This will make the seller responsible for paying off any debts attached to your newly purchased property, and you won’t need to worry about being duped into making an unwise purchase.
Having Recourse in Case You Need to Pull Out
Even if you really want to buy a home that you have been negotiating on for weeks, there are some times that it is better to take yourself out of the running. It could be because a property inspector found serious termite damage or because the seller has not been cooperative. If you have a real estate attorney, you will spend less time attempting to purchase property that will leave you with a major headache.
You can go to closing on a piece of property without a real estate attorney representing you, but there’s also a good chance that you’ll eventually hire one to represent you in court when you realize that you made a bad deal. Not only are real estate attorneys generally very reasonably priced, they can make the home purchasing process more affordable, too. Hire an attorney that will have your back at property settlement and you’ll be able to move into a home that comes exactly as described.
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