Congratulations! Your offer on your dream home has been accepted! Now what?
Your realtor tells you that you need to get a lawyer. “Do I really need a lawyer to buy a house?” you think to yourself. The answer is yes. Well, you can represent yourself if you want, but generally you do need to hire a lawyer.
Having a realtor is a great asset when purchasing a home. Your realtor will help facilitate the transaction by coordinating showings and inspections, negotiating offers and assisting with financing options. A real estate attorney, on the other hand, is equipped to assist with the legal aspects of home buying and selling to ensure that you are legally protected in your purchase, or sale, to prevent future complications.
Buying a house is often a person’s first experience with hiring a lawyer. Many people are unfamiliar with the legal process of home buying and wonder why lawyers need to be involved. Real estate attorneys provide legal representation to ensure compliance with real property laws and locally accepted real estate customs. Your lawyer will review your contract to purchase, examine title documents for your home, calculate figures for closing and help explain the closing documents- all the work that goes on behind the scenes to get you into your new home.
Title examination is critical to ensure you are purchasing a home free and clear of any liens or encumbrances. A skilled real estate attorney will thoroughly review the title to your new home to make sure that the property description is accurate, note any easements or restrictive covenants and secure payoffs for any mortgages on the property, among other things. Your real estate attorney will also assist in explaining important financing documents to you, such as your mortgage and promissory note, that govern how you will pay for your new home.
Buying a house is a big deal and you want to make sure that you are legally protected during the process so you can enjoy your new home without worry.
Written by Jillian L. Brodock
