There are some situations where hiring an attorney is a natural move: a contentious divorce, battle over custody, or a criminal arrest. When it comes to buying a house or other piece of real estate, though, not everyone hurries to call an attorney.
Perhaps they assume that advice from homeowner friends, combined with a lot of research, is all they need for a successful transaction. The truth is that there are real estate attorneys for a reason. They know the law, are familiar with potential pitfalls, and will look out for you as you make this important investment in your future as well as that of your family.
Here are five key benefits for hiring an attorney for your real estate purchase.
Professional Contract Review
Real estate purchase contracts can be dense documents packed with legal jargon. You might feel pressured by an eager seller to sign on the dotted line without reading and properly understanding the contents. A real estate attorney will ensure that you understand all terms in the contract and advise you if any of the contents are potentially detrimental.
Addressing Complex Contracts
When you’re purchasing real estate from entities such as partnerships, trusts, or corporations both the contracts and the negotiations are going to be a lot more complex. A real estate attorney will have the necessary expertise in these types of transactions and ensure that the contract is legally valid while respecting the charter agreements of whatever entity type you are doing business with.
Title Search and Addressing Liens
After the signing of the purchase agreement, a title search is required to tell you—and the institution that issued your mortgage—that the seller has the legal right to sell the property to you. In other words, there are no encumbrances, such as judgments or liens, that will hinder or even prevent the transaction. Even if such an issue is discovered, a real estate attorney can provide the seller with suggestions for satisfying those claims, and later obtain proof that they have been satisfied.
A Proper Closing
A lot of vital steps occur during the closing of a real estate purchase:
- Preparation of closing papers such as the deed
- Title to the property passes from the seller to you
- You pay the balance of the purchase price
- A closing statement is prepared that itemizes the transactions between you and the buyer
A real estate attorney will provide valuable assistance if there are last-minute questions or disputes over certain costs. Without one, your rights may be jeopardized if something goes wrong during the closing.
Resource By : https://www.forrestertrust.co/5-key-benefits-hiring-attorney-real-estate-purchase
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