Depending on where you live, you are not legally required to hire a real estate lawyer when buying or selling a house, but there are real benefits of hiring these professionals to help you navigate the tricky waters of a real estate transaction.
When it comes to purchasing or selling a property, not everyone thinks of hiring a lawyer. Most people assume that the representation of a real estate agent is enough, or that advice from knowledgeable family members and friends – as well as their own research into the subject – will suffice to ensure a successful deal. Perhaps the idea of shelling out several thousand dollars to hire a real estate attorney turns them off.
However, as a buyer, this is one of the biggest purchases you will make in your life and a real estate attorney is trained to spot any legal issues that may arise and deal with them for you. On the other hand, sellers can benefit from the expertise of the real estate attorney to ensure that their interests are protected.
Reasons to Hire a Real Estate Lawyer
- One of the important components of the sale and purchase of real estate is the contract. A real estate lawyer can help ensure that no detail is overlooked which can potentially lead to bigger issues in the future. The attorney will make sure that the contract adheres to state laws.
- This professional knows the ins and outs of the sale and purchase of property and can help you make sure that the entire negotiations process is legal. He or she will make certain that all necessary paperwork is completed and filed, ensuring a streamlined process that is conducted in a professional manner.
- The real estate lawyer knows what to look out for and can help ensure that you are not being taken advantage of. A competent attorney will happily provide you with all the information that you need related to the buying and selling process and assist you when making crucial decisions.
- He or she can perform a title search to make sure that the property you are considering purchasing is free of any encumbrances, such as liens or judgments.
- Part of the lawyer’s job is to advise you if the property is involved in any dispute so you can avoid making a poor investment.
- Another important aspect of the process of buying a home is the filing of real estate deeds, which often have to be done at the county and state level. Your lawyer will be able to do this quickly and competently.
- He or she will generally make life a lot easier for you, as they work directly with mortgage loan officers, the other party’s attorney and/or agent to ensure that they following are organized accordingly:
- Title insurance
- Home inspection
- Mortgage commitment
- Crucial closing documents such as mortgage loan documents, title insurance, deed, bill of sale, etc.
Real estate comes with its own set of complexities so it always makes good sense to have legal counsel. While hiring an attorney can set you back a few thousand dollars, they will be able to help protect your interests, ensure that your transaction adheres to applicable laws, and prevent any costly mistakes and pitfalls.