Why you need a lawyer when buying a house
Why you need a lawyer when buying a house
Having an expert by your side while making life-changing financial decisions is always a good idea. And, the process of buying a home definitely fits that description. Thus, besides hiring a professional real estate agent, most buyers also hire a home inspector and pay an appraiser. However, another professional can play a crucial role in these transactions – and that person is a real estate lawyer. In some states, working with a real estate lawyer is even mandatory. But, if you are a do-it-yourself buyer, you are probably wondering why you need a lawyer when buying a house. Well, we are here to help you get the answer to that question. Just keep an open mind, and you will soon realize how a lawyer can make or break the entire house buying process.
What Does a Real Estate Lawyer Do?
We all know that there are all sorts of lawyers and that they all have different practice areas. But, today, we will focus only on the lawyers that practice real estate law.
So, who are real estate lawyers? Simply put, they specialize in practicing real estate law and know how to professionally handle all real estate transactions.
As mentioned earlier, having a real estate lawyer when buying a house is mandatory in some states. Some people hire them early in the home buying process. On the other hand, others employ a lawyer during the contract signing or closing the deal.
This all may not only depend on the state but your needs and finances as well. If this is your first time buying a home and if you have no insight into law matters, it is advised that you hire a real estate lawyer as soon as you decide to start looking for homes.
When Do You Need a Real Estate Lawyer?
If you live in a state where hiring a real estate lawyer is not mandatory, do not rush with your home buying process just yet. Let us first tell you about all the situations where you can benefit from a lawyer of this kind:
- Drafting a purchase contract – It is important to know that real estate agents do not draft their own purchase contracts; they use already made contract templates. So, if the home you are trying to buy or the agreement you are trying to make with the seller is just a little different from ‘usual’, you might have difficulties closing. Real estate lawyers are the only ones who can draft contracts!
- Closing on a home purchase – This is the moment when you sign the contract and get the keys to your new home. However, this is also when you have to review and sign a ton of paperwork. Doing this can be extremely difficult and confusing – it can also be dangerous if you do not understand what you are signing. A real estate lawyer is there to explain the terminology and protect your interests!
- Help with less typical scenarios – Not all home buying scenarios are the same. Some are just a little bit different, and because of that, they require a different approach. For instance, you may be buying a home out of state, buying from a bank, or even an auction. With the right kind of lawyer by your side, you can make do with any scenario!
Why You Should Hire a Real Estate Lawyer
The number one reason why you need a lawyer when buying a house is to have the so-called exclusive representation. Namely, when buying a house, everybody looks at their own interests (sellers, realtors, lenders, etc.). However, when you hire an independent third party, a real estate lawyer, they will always represent your best interests and ensure you get the long end of the stick.
Moreover, when you hire a professional of this kind, you will always have peace of mind! And, what is more important than that? All the complicated legal issues will be explained to you, and you will have nothing to worry about. And, not only that – a real estate lawyer can ensure that the deal is met on all sides. For instance, if you and the seller agree to work on the house to remodel it to your liking so that all you need to do is redecorate after moving in, the seller will be bound by a legal agreement.
How to Find a Real Estate Lawyer?
The best way to find a good real estate lawyer is through recommendations. Ask the people you trust if they know a reliable lawyer who practices this kind of law. If they do not, then turn to the Internet. Search the web thoroughly. But, do not pick the first real estate lawyer you find. You have to find one that suits all of your needs and budget. Once you do find a couple of lawyers you like, call them and set up an interview. Do not hesitate to ask any questions you may have.
Whatever you do, make sure you are not cutting corners. Yes, good real estate lawyers can be pretty expensive, but that will be money well spent at the end of the day! Besides handling your home buying process, professionals of this kind may even tell you about your rights and responsibilities during the move, renovation process, taxes, and pretty much anything that troubles you. Still wondering why you need a lawyer when buying a house?