Purchasing a home may be the most significant and largest purchase you will make, and there are many intricate details that go into this purchase. Buying a house involves the law of real property, which requires following and adhering to many important guidelines and circumstances you’ll have to take into consideration. A real estate lawyer is experienced in dealing with any problems that may arise throughout the purchasing process. Real estate attorneys will provide indispensable assistance to those who are buying homes, especially for the first time.
More than just the passing of the title of the home to the buyer from the seller, many other details and expenses are involved in the purchasing process that will be overwhelming and costly if handled without legal advice. If you’re tempted to cut some corners and save a few bucks by going without a real estate attorney, remember that lawyers belong to a regulated profession with standards they must meet and insurance to cover damages if they make an error or omission. You don’t necessarily have the same standards or recourse dealing with other advisors. Although many legal forms used in real estate are similar, purchase and sale agreements vary from state to state. Also, many title agencies require that borrowers use a lawyer in order to ensure that the title is valid, there are no liens against the property and just to make sure the closing runs smoothly.
If you’re buying a home, your real estate lawyer will:
• Go over the purchase contract with you to ensure that you understand everything, including how you will take title on the property.
•Check that there are no covenants, easements, liens, etc. registered against the property that will hinder your purchase.
•Prepare and register all the legal documents.
•Clarify the terms of the mortgage and work with your loan officer to modify anything that needs to be changed or altered.
•Scrutinize the adjustments, including taxes owed and utilities costs paid, prior to the transaction closing.
•Attend the closing and review all the papers you will be required to sign.
•Arrange title insurance protection to protect you from losses due to title defects.
•Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.
Obviously a real estate lawyer will be an added expense to your closings costs, but one that will be necessary and well worth it. A successful lawyer will save you money, as well as eliminate any added frustration that can occur throughout this sometimes stressful time. If you’re ready to make or accept an offer on a property and haven’t retained a lawyer yet, make the offer contingent on a lawyer’s review and ask your 1AM loan officer for a referral. Our business is based on referrals and successful business relationships, so we’ll be able to refer you to an attorney that you can trust.