Posted on: 14 September 2020
It doesn't matter if you are a first-time homebuyer or have purchased a home in the past, it's important to hire a real estate lawyer when you make that purchase. Some homebuyers have not hired a lawyer before and wonder what the point is. They are able to do whatever is needed on their own. This isn't necessarily the case.
Here are some reasons why it's important to hire a real estate lawyer when buying a home, regardless of whether you are a first-time buyer or one who has purchased before.
A Lawyer Can Handle The Transactions And Legal Contracts
While you can work with your real estate agent to help you with the transactions, it's always a good idea to hire a real estate lawyer to help with any financials and contracts. There are laws and regulations surrounding real estate purchases that you might misunderstand or even overlook. A lawyer has the expertise and experience to help guide you through them and to ensure they are written in your purchase contract.
They can also help you to understand how the contract is written, the appraisal on the home, the inspection paperwork, and even any leases that might exist from tenants living on the property. Your real estate lawyer can help draft the purchase agreement to protect your interests and rights.
They Can Arrange For Title Insurance
When you buy a home, you should have title insurance on the property. Title insurance is not the same as home insurance, and your lawyer can explain the differences to you. Title insurance just ensures that you know ahead of time of any issues that were existing prior to your purchase of the home, and it will record what happens while you own it for any potential future owner.
Title insurance can include zoning changes, restrictions on the property, or any liens that may have been there previously. Title insurance can also include any tax records and court records, and it will verify ownership history. A real estate lawyer is able to obtain this information quickly for you.
They Can Handle Foreclosures Or Legal Disputes
In some cases, you might find that your financial situation has significantly changed and you can no longer afford your home. In this case, the bank or lender might decide to foreclose on the house. You can use the services of a real estate lawyer to help you through the process of foreclosure and to help protect your own interests in the matter.Share