Five Benefits to Having an Attorney During a Real Estate Sale

Those that are ready to enter the home buying market understand that it is one of the biggest decisions to make. Considering that property laws go into effect, a wise home buyer will be intent on having a lawyer present during all facets of the real estate transaction.

1. Contracts

The written contract between the buyer and seller can contain confusing jargon and legal speak in numerous pages. A lawyer working on the home buyer’s behalf is instrumental in understanding the legal terms and presenting a clear, well-defined contract that is understandable to anyone out on the street. The real estate lawyer can also ensure the legal document is endorsed with the appropriate signatures.

The purchase agreement is an important document when transacting the sale of a home. If the home buyer wishes to complete the purchase agreement to better reflect your desires for the property, a real estate lawyer is the most suitable.

2. Title Search

If a seller is under the obligation to pay a lien before selling the home, a lawyer can be helpful in moving the deal forward. They can recommend the seller reduce the initial price, given the potential buyer has to wait out the period before the lien is satisfied. Alternately, a lawyer can suggest to the seller reasonable methods for financing. The last thing a buyer wants to do is be responsible for a lien that is associated with the purchased property.

3. Closings

Professionals in attendance at the closing include the lender’s attorney, real estate broker, title closer, the seller and buyer. The closing event is not only full of legal finalities for the buyer, but equally for the seller. Attend the closing with a real estate lawyer by your side and be prepared to secure your rights as a home buyer.

The real estate lawyer’s expertise is key in the event the closing fails to occur, and the potential home buyer is left in the dark about the down payment. An interested home buyer also benefits from knowing whether or not the lawyer has the capacity to hold the down payment in escrow, and what are the accepted down payment options.

4. Scams

Real estate fraud is a real thing and still around to this day. Sellers may fool eager home buyers with false identities, only to snatch away the closing funds and leave the distraught buyer without a roof over their head.

A diligent lawyer who is involved early in the home buying process will steer new home buyers and even experienced ones away from the complex world of real estate schemes before they have a chance to take their destructive toll.

5. Professional Advice

Legal advice should be sought when making the decision to purchase a home, especially if it is a problematic property. Sink holes, undesirable neighboring structures and zoning issues in relation to a property require the expertise of a real estate lawyer. Buying a home from a deceased owner masquerades as its own tricky situation and demands the advice of a knowledgeable attorney, who will ensure the property has properly undergone probate.

If the unexpected situation arises where you need to exit the contract for any reason, including financial ones, it is critical for a real estate lawyer to step in on your behalf. On the other hand, the seller may back out of the contract, forcing you, as the buyer, to seek the guidance of a real estate attorney.

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