In general, it’s a good idea to consider hiring a real estate attorney to represent you in a new home purchase. This is because the seller, lender, and even the realtor will all be looking out for their own interests, and that may leave you at a disadvantage. A few of the ways a real estate attorney will protect your interests are listed here.
Review Purchase Agreements and Other Documents
Your real estate attorney has the experience and knowledge that will allow him to gain a full understanding of any legal document. In explaining the terms of the document, your lawyer can ensure you fully understand what’s included. For instance, if the seller agrees to pay your closing costs, you’ll want to make sure that the stipulation is stated in the document.
Assist in Title Searches
Your real estate attorney can also ensure a thorough title search has been performed and may have the resources to help the search. This is important to make sure there are no claims against the property that could affect your ownership of the property. For instance, past-due taxes, or an unresolved lien from a lender, may become your problem if you buy the property without conducting a proper search. Your lawyer can help with the necessary research, so you can make a good faith purchase.
Address Legal Issues
If legal issues relating to the property do arise, you’ll already have a real estate attorney who is up to speed with the details of the transaction. This will be helpful in settling property claims, issues with property lines and easements, or other conflicts that may develop. Regardless of the specific circumstances, your lawyer will try to resolve the conflict, so your transaction can move forward more smoothly.
At the very least, a real estate attorney can review the closing documents to ensure everything is in order. As is the case with any type of contract, a real estate purchase agreement is legally binding, and it’s wise to have an attorney review it. Your attorney can help make sure your rights are protected, and you don’t end up paying more in fees and closing costs than you should. Overall, working with a skilled lawyer can help you engage in a fair and cost-effective real estate transaction.