3 Advantages Of Using A Real Estate Attorney To Close On Your House
Posted on: 2 March 2015
Are you buying a house? If you are approaching the closing, you may want to give some serious consideration to hiring a real estate attorney. Some states require it and some do not. Even if your state does not require the use of real estate attorneys to close on a house, you still have the option of hiring one to represent you before, during, and even after the closing. If you think you can do it yourself and avoid an added closing expense, you should know that there are three very important advantages to using a real estate attorney. Knowing these advantages will make all the difference in the world when it's time to go to the closing table. Here are the three reasons you simply cannot do without a real estate attorney at your side when you close on your new house.
1. An Attorney Can Help You Understand the Purchase Agreement
The purchase agreement is the document you and the seller will sign that outlines the terms of the sale. These documents may look straightforward, but they are often full of legal intricacies that you may not notice. Your attorney will notice them, and can advise you on whether anything needs to be changed to make the agreement more in your favor.
In some cases, your attorney may advise you to walk away from the sale altogether rather than agree to an unfair or deceptive purchase agreement. It is better to walk away and lose your deposit money than it is to enter into a mortgage or cash purchase of a house with poor terms toward you on the purchase agreement.
According to RealEstate.FindLaw.com, the purchase agreement also needs to clearly spell out that the sale is subject to you obtaining financing. If that provision is not in the agreement, you may be on the hook for going through with the purchase even if you can't get a mortgage.
The sellers could then sue you if you aren't able to come up with the money for the purchase on your own. Your attorney will make sure this provision is in the agreement and worded to protect you completely.
2. Your Attorney Can Make Sure Your Ownership of the House is Secure
Do you know if the title to the house you are buying is clear? If the house has been bought and sold many times, there may be issues with the title that the owners aren't even aware exist. The house could technically be owned by someone who lived in it much earlier (or the heirs of that person), or it could have a lien against it that the current owners didn't know was there.
Your real estate attorney can perform a title search for you. This search will uncover any issues with the title. Most of the time, there won't be any. However, if an issue is found, your attorney can take care of it for you and clear the title before you purchase the house.
3. You Will Discover If You Can Use the Property the Way You Want
If you have any special plans for the property you want to buy, you need to know if you can legally follow through on those plans. Your real estate attorney will look at any improvements made to the house and be sure they are up to code so you don't have to fix them when you buy it.
Your attorney will also look at zoning laws and property lines to ensure you can add buildings and make additions to the property if that is your desire. Don't buy a home you can't legally change to your liking, or you will regret the purchase.
Conclusion
When it comes to buying a house, you really can't do without a real estate attorney. Even if your state doesn't require you to use one, there is too much at stake to go it alone. Don't risk your money and your happiness with your future home.
Make sure you're getting exactly what you want. Contact real estate attorneys today to protect you during the house buying process and get the home of your dreams.
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