Those who are eagerly entering the home buying market recognize that it is one of the most important yet most rewarding investments they will make during their lifetime. When property laws come into play, it makes sense to have a lawyer present during all aspects of the real estate transaction. Visit jwagnerlegal.com to learn more.
The following are the top reasons why you should consider hiring a real estate lawyer when it comes time to buy that ranch house, one-story bungalow, or country cabin.
Table of Contents
A written contract between a buyer and seller often contains innumerable pages of confusing jargon and legalese. An experienced real estate lawyer is instrumental in sorting out the legal terms and presenting a clear, well-defined contract that is understandable to the average layperson. Furthermore, a real estate lawyer can make sure that the legal document is endorsed with the correct signatures.
The purchase agreement plays an important role in the sale of a home. As the buyer, you may wish to amend the purchase agreement in order to better reflect your expectations of the property. A real estate lawyer is the most suitable professional to handle this task.
In the case of a seller who must pay a lien before selling the home, a lawyer can be very helpful. When a potential buyer has to wait until the lien has been satisfied, an experienced real estate lawyer can recommend the seller reduce the price. Alternatively, a real estate lawyer can suggest reasonable methods of financing to the seller.
In either case, the lawyer has the legal credentials to obtain proof that the lien has been satisfied. It is the last thing a buyer wants to be responsible for a lien associated with the purchase of the property.
A lender’s attorney, a real estate broker, a title closer, the seller, and the buyer attend the closing. The closing event is a jumble of legalese both for the buyer and the seller. You should attend the closing with a real estate lawyer by your side and protect your rights as a home buyer.
Expect a flurry of disputes over wide-ranging cost adjustments, from taxes to fuel. When you do not have a lawyer present, you risk avoiding critical issues related to delivery of possession and personal property.
The real estate lawyer’s expertise is crucial in the event that the closing does not take place and the home buyer is left in the dark about the down payment. A prospective buyer also benefits from knowing whether the lawyer can hold the down payment in escrow and what options are available for down payments.
Fraud makes headlines, and real estate fraud is no stranger to the tabloids. False identities can be used by sellers to trick eager buyers, only to rob them of their closing funds and leave them without a roof over their heads.
A diligent lawyer who is involved early in the home buying process can steer novice buyers and even experienced buyers away from the pitfalls of real estate schemes before they have a chance to take their destructive toll.