So, you are in the market to purchase a new home, this is more than likely both an exciting and nerve-racking time. No matter if you are a first-time buyer or a seasoned vet it is always a good idea to assemble a team of experts to be on your side during this substantial and costly purchase.
You will want the following individuals on your side; a real estate agent to help sift through the available properties and narrow down the options to those that meet your needs and your budget requirements, as well as assist with the price negotiations. A mortgage broker to help secure financing at the best rate possible and a real estate lawyer to help you navigate the murky waters and avoid potential pitfalls of the buying process.
1. A Real Estate Lawyer Will Assist With Several Aspects of Your Home Purchase
This includes reviewing the most important document of the transaction, the purchase agreement. Even though most purchase agreements are standard, a real estate lawyer will help explain the forms as well as make and additions or changes to meet your desires and expectations.
A few key items the real estate lawyer will look for or add if absent include a provision in the purchase agreement that makes it subject to you obtaining financing, what happens if the home inspector finds termites, lead-lead based paint, asbestos, and what are the legal ramifications if the closing does not happen, and what happens with the down payment at that time?
2. A Real Estate Lawyer Will Also Review the Title Search Results and Conclude if the Legal Description is Accurate
In addition, if there are any issues adjoining or prior owner, if there are any easements or restrictions on the property, and if there are any zoning restrictions that would interfere with your future plans for the home, such as additions or rules against two-family dwellings.
3. A Real Estate Lawyer Will Ensure the Closing goes as Smoothly as Possible
Your attorney will explain the amount and reasons for the closing costs, and once all documents are signed your real estate lawyer will make sure that the documents are executed correctly and everyone is on the same page. If for some reason a last-minute dispute pops up your real estate lawyer will be there to support you and your rights.
If you are concerned about the additional cost of having a real estate lawyer on your team, consider the potential cost and legal ramifications of not having an attorney on your side. Your real estate lawyer’s fees will depend on the complexity of the transaction, a straight forward purchase will cost less as it will take less time.
In the grand scheme of things, your real estate lawyer’s fees are a small fraction of the total investment of your new home and completely worth limiting the potential costs and gaining peace of mind when making such a large investment.
