If you are thinking about purchasing a new house, you’re probably already feeling completely overwhelmed and stressed out by the entire process. There are so many things that you’ll need to go through and do, which is why you might want to consider hiring a real estate lawyer that will have your back during the purchasing process.
However, you might now be wondering – why do I need to hire a real estate attorney, can’t I do everything by myself? Simply said, yes you could, but there is a wide range of reasons why you should strongly consider working with a lawyer when buying a house and those reasons are exactly what we’ll discuss in this article today. Let’s take a look:
1. They’ll Provide Useful Advice
When you choose to hire a lawyer, you could ensure that you receive all the useful and informative advice you need. The person you hire won’t have any financial interest in the transaction you’ll be making, instead, their job will be to assist you with making better decisions, more specifically, whether or not it is smart to buy a specific property.
2. The Transaction Process Can Be Complex
If you think about all the contingency plans and concessions, as well as the contracts, real estate transactions can be confusing and complex. But, with a legal representative, you’ll be able to completely understand the contract you are presented with. From there, your attorney will advise you on all the risks or hidden fees that you might not be aware of.
3. There Might Be Legal Problems With The Estate
Besides the terms in the contract, there might be some legal problems such as zoning restrictions or easements that can significantly influence the viability of the property you are thinking about purchasing. However, by having a lawyer by your side. you’ll be able to learn about all the problems with the estate, hence, you might end up considering another property in the end.
4. It Might Be Possible to Save a Deal
According to Silkcooper.com, a Rockland County real estate lawyer, working with an attorney could help you with learning new strategies for saving a deal. What does this mean? Well, if you, for example, already tried negotiating a deal that didn’t go through, your legal representative can advise you on the steps you need to take in order to make things better and negotiate a deal that will work for both sides.
5. They’ll Protect Your Interests
By hiring an attorney that will work with you during the entire purchasing process, you’ll have someone working on protecting your interests and rights. Keep in mind, your lawyer will be the only one on your side, which is why you need to ensure that you follow the legal advice they provide you with.
6. They Can Help With Inspection Problems
If you hired someone to inspect the house you are thinking about purchasing, you might have discovered various problems such as pest infestation, illegal structures, or dangerous mold growth, and if so, you’ll need to come up with inspection contingencies that will ensure that you know exactly what you are planning on buying.
These contingencies are not easy to draft, nonetheless, an experienced and knowledgeable attorney can help you with this. They’ll be able to come up with a contingency plan that will ensure that you do not unknowingly purchase an estate that comes with a lot of expensive problems.
7. They’ll Review All Documents
The contract isn’t the only document your lawyer will review. There are other documents that you need to read as well including the deed, all the legal descriptions, mortgage contracts, the closing papers, as well as the title, and its insurance policy. Even the slightest error in these papers could create some major problems in the future and it could delay the transaction.
8. They Can Help if You Change Your Mind
If you determine that there is a problem with the deal you got, do you know what your obligations are if you change your mind about signing the contract? Will the owner return your cash and will you owe the owner anything because you changed your mind? If you do not know the answer to these questions, start looking for an attorney.
By doing so, your attorney will be able to completely explain all the consequences of your backing out from the deal, hence, you’ll be aware of all the things that could happen. This means that you’ll be able to make a better decision when it comes to what your next step should be.
9. They’ll Work With Other Individuals
Negotiating with the owner of the property is not the only thing your lawyer will do. In fact, they’ll also be working with your loan officer, the owner’s legal representative, as well as the real estate agents. By doing so, they’ll be able to ensure that all the dates are set for approval, inspections, title search, loan commitment, and so on. This will also allow you to stay on track with the process, meaning that you could close the deal without any delays.
10. You’ll Have Peace of Mind
Besides all of the aforementioned benefits, one of the biggest pros of hiring a real estate attorney is that you’ll receive peace of mind. You’ll be able to be more confident with making a decision and you also won’t need to worry about any problems that the property might have.
Additionally, the documents – including the contract – you’ll need to review can often be confusing and full of complex terminology, but with a lawyer by your side, you won’t need to worry about properly reviewing and understanding the papers since they’ll do it instead of you.
Purchasing a new property for you and your family members can often be time-consuming, complex, and overwhelming. However, if you choose to work with a real estate lawyer, you won’t only ensure that the entire process gets easier, but, you’ll also be able to protect yourself and your investment better.
So, now that you are aware of all the reasons why you should strongly consider hiring a legal representative when purchasing a new house, you should not lose any more time. Instead, open up your browser, and start searching for a lawyer that will be trustworthy, reliable, and that will work for your best interest.