Should I hire a Real Estate Lawyer?
September 12, 2021
Real Estate
For most people, owning a home is the most important financial investment they’ve ever made. Hiring a real estate lawyer at the start of the deal, whether you’re buying or selling, helps shield you from unexpected issues, and ensure a smooth and stress-free closing.
- 1. In the transaction, a real estate lawyer will protect your rights and interests. Your real estate lawyer is the only party actually “on your side”. Only a lawyer is qualified to provide you legal advice and explain the law to you. All other parties involved in the transaction, on the other hand, have a financial interest in the outcome and may try to influence you to make decisions that benefit them rather than you.
- 2. A real estate lawyer has the experience and training to deal with unexpected real estate concerns and problems. Real estate lawyers can help you avoid issues or unforeseen situations since they evaluate real estate contracts on a regular basis and have a thorough understanding of real estate legislation.
- 3. During the review phase, your lawyer will evaluate and change the real estate contract to ensure that your demands are satisfied and your interests are safeguarded. Many real estate agents/brokers, much alone the typical person, are unfamiliar with real estate contract wording, so having a certified expert available to explain the provisions of the contract and suggest required adjustments are in your best interest.
- 4. What happens if there are any flaws in the property? To guarantee that you know exactly what you’re buying, inspection contingencies must be explicitly specified and addressed. Your lawyer can assist you in drafting these conditions to ensure that you do not unwittingly purchase a home or property with costly flaws.
- 5. What are your legal obligations if you discover problems with the property and decide to cancel the contract? Is it possible to get your earnest money back? Will you be liable to the other party if you change your mind? Your real estate lawyer will explain the consequences of cancelling the contract to you so that you are completely informed before taking the next step.
- 6. Your lawyer collaborates with your mortgage loan officer, the other party’s lawyer, and the realtor to ensure that appropriate dates are provided for a lawyer’s approval, home inspection, title search, mortgage commitment, and other contingencies are set in order to keep your purchase/sale on track and close without unnecessary delays.
- 7. Your attorney will go over all paperwork with you, including the real estate contract, legal descriptions, mortgage loan documents, closing documents, title, and the Real Property Report. Even slight errors in the transaction documentation can cause major title complications and cost you a lot of money.
- 8. Your real estate lawyer will make certain that you are charged exactly what you agreed to, or that the proper credits are granted in accordance with your contract conditions. Because it’s impossible to remedy mistakes after a real estate deal has completed, therefore, it’s a good idea to have real estate documents thoroughly checked by an expert lawyer to ensure that no errors are missed.
- 9. You’ll get something extremely valuable: peace of mind! You’ll have peace of mind knowing that an experienced and independent real estate lawyer is on your side to help you get through your real estate transaction smoothly.
