Purchasing a property is the biggest investment you’ll ever make in your lifetime, which is why it is always better to have assistance and advice during the entire transaction process. Besides hiring a real estate agent and scheduling inspections of the property, another expert that could assist you quite a lot is a real estate lawyer.
However, if you do not know what real estate lawyers do or what they can assist you with, you might find this article to be quite helpful. The text below is going to feature an explanation of what these lawyers specialize in, as well as the reasons why you should consider hiring them. Let’s take a closer look:
Real Estate Attorneys: Explained
Before we explain why it might be wise to hire an attorney when buying a house, it is important for you to learn and understand what they actually do. As the name implies, a real estate agent specializes in real estate transactions, which means that they are licensed for practicing law in the field of real estate.
They are familiar with all the processes revolving around purchasing and/or selling a property, and they could represent lenders, sellers, as well as buyers. If you want someone to represent your interests, you should strongly consider hiring an attorney. Keep in mind, some states require the presence of an attorney during the closing, so, check whether or not you are required to have one.
You should know that you could opt for hiring a lawyer at the beginning of the entire process, especially if you need assistance with reviewing the documents and contract, as well as ensuring that you are getting the best deal possible. Depending on where you live, the expenses of hiring a lawyer will go from 200 to 300 dollars per hour or a flat rate that you need to pay at the closing.
So, What Are The Benefits of Hiring a Lawyer?
There are literally countless benefits that you could gain from choosing to hire an attorney that will help you with the purchasing process of a property. However, for the sake of this article, we will only mention some of the most important advantages that you could gain, including:
1. They’ll Properly Review Your Contact And Other Documents
If you are like me, you probably also dread when you find yourself in a situation where you need to read a lengthy and often extremely confusing contract. But, if you choose to hire a legal representative, they’ll read the contract, as well as any other document that is presented to you.
By doing this, they’ll be able to guide you through the contract and explain all the terms before you actually sign anything. For example, if they notice something that could cause the price to go up later on, they’ll let you know and advise you on what your next step should be. Additionally, they’ll also make sure that you are protected by guaranteeing that you can benefit from the contract.
2. The Entire Process Will Be Easier
It does not really matter where you wish to purchase a new house, your attorney will make sure that the entire process goes smoothly, easily, and properly. He or she will act as your advocate when you are taking a tour of the estate, hence, if you cannot make it to some meetings, they’ll be there instead of you.
3. The Title Search Will Be Handled
According to the attorney Paul Silk Cooper, one of the most important things that you cannot skip doing is to ensure that the owner of the house actually has the right to sell it to you. And, your attorney will guarantee that everything is legitimate and that there aren’t any problems with the estate.
There are situations where a homeowner inherited a house with an incorrect title, which will make it illegal for you to purchase the property you want. Once your lawyer completes their research, they’ll be able to assure you that everything is up to par and that you can begin the process.
4. Filing All The Important Paperwork
Trust me, you’ll be completely overwhelmed by the amount of paperwork you’ll need to fill out. But, if you have a lawyer by your side, they’ll take care of all the documents instead of you. Besides this, they’ll guarantee that the title transfer is properly filled out, in the right town, state, or country.
This will allow you to have more time, which means that you could use that extra time for realizing your moving plans such as packing all of your things, clearing your previous house, as well as determining when you should move, all of which are quite important.
5. They’ll Know How to Properly Close
There are various steps that you’ll need to take in order to properly close the deal. Some of the tasks that you’ll need to do include preparing the closing documents, transferring the title to yourself, paying for the estate, as well as preparing a closing statement that will get you ready for the transaction between you and the homeowner.
6. They Can Offer Guidance And Advice
When you are ready to start negotiating the price of the house, you should first talk with your lawyer before doing so. Why? Well, if you do, they’ll be able to offer you guidance and advice, which means that you could negotiate a better price for the property you are planning on buying. Additionally, they’ll also notify you if there are some issues with the estate, meaning that you could use it to your advantage.
As you were able to read and learn, a real estate agent could help you with a wide range of things. Not only will they ensure that everything is right with your contract, but they can also file all the paperwork you need, as well as handle any legal problems that the property might have.
So, now that you are aware of all the advantages you could gain, you might not want to lose any more of your time. Instead, you should start researching your local real estate attorneys in order to choose one that will work with your best interest in mind and that will help you purchase a house that you always wanted.