Whether you’re a first time homebuyer or a seasoned veteran, the process of purchasing real estate can be expensive—and potentially complicated. When you’ve found a home that you love, it’s important that you use the services of a good real estate lawyer in order to protect both your interests and your investment. Read on to learn more about why you should use a real estate attorney and what you should expect from him or her from offer to settlement, advice from lawyer Michael Jaccarino.
- Assistance with Contract Review
There are bound to be at least a few paragraphs in your real estate contract that are very difficult to understand. By reviewing all the paperwork that you sign with a real estate attorney, you can avoid some very costly mistakes. He or she is the primary person who will represent you and your family’s interests during this transaction.
- Assurance that the Deal Goes Through
Once your offer has been accepted and signed, the home is yours assuming that it clears inspection and you secure financing. This means that if the seller tries to back out for any reason (such as a higher offer), your attorney will protect you and enforce the regulations of the signed offer.
- Insurance of Clear Title
One of the primary functions of your real estate attorney is to make sure that the title of the home is clear before settlement. This means doing research to ensure that any outstanding liens against the home are settled; if this is not done before you sign the final documents, these debts will become your burden and responsibility.
- Expertise in Unusual Situations
While your real estate agent probably has enough experience to deal with a standard sale, there are many situations in which a real estate lawyer is preferable. For example, if you are buying a property out of state; if you are buying a home that is in short sale or foreclosure; or if you are buying a property that needs a good deal of work, a lawyer will be necessary in order to negotiate the nuts and bolts of your sale.
- Protection from Unforeseen Circumstances
No matter how good your home inspector, it’s possible that something could go wrong with your home after settlement. If you’ve retained the services of a good real estate lawyer, he or she can help you get reimbursed or repair funds for any pricey items that should have been caught during the inspection and/or disclosed by the seller.
In addition, six states require that you retain a lawyer prior to closing with a handful of other states require a lawyer to be involved in some aspect of the sale. For best results, find an attorney whose primary area of practice is real estate. This means that he or she has undergone continuing legal education in the field and is up to date on all the laws and regulations that pertain to your purchase. To find a real estate lawyer, ask family or friends in the area who have recently purchased a home for recommendations, or contact your local bar association for a listing. You can also check out this video below from Deanna Kory, Senior VP of The Corcoran Group, on how to find the right real estate attorney for your needs.
- The Role of a Real Estate Lawyer in the Sale of Property (realestateattorneywinnipeg.wordpress.com)
- Five Questions To Ask A Potential Real Estate Lawyer (fortimewastersblog.wordpress.com)
- 3 Questions to Ask a Real Estate Lawyer (conwaylaw.wordpress.com)