Buying a home is one of the most significant investments you will ever make. However, far too many people put themselves at risk by not seeking legal representation when purchasing residential real estate. The following are four reasons why having an attorney on your corner is helpful if you are buying a house.
1. Contract review
Before you close on your house, you will have to sign a stack of papers. These are all legally binding documents that few people ever read. However, this paperwork contains important information.
An attorney can review the purchase and sale contract, the property condition disclosure statement, and other documents to help you avoid any unpleasant surprises further down the road.
2. Title and lien search
Most residential real estate transactions will involve a cursory title and lien search. However, you would be amazed at how much information can fall between the tracks. A skilled lawyer can dig deeper when researching title issues and uncovering hidden liens. A thorough search will help uncover hidden debts and other potential problems.
3. Recourse in case one party pulls out
A seller may experience cold feet right before closing. This can result in all sorts of problems for the buyer, especially if they have sold or have moved out of their previous residence. When a seller has a sudden change of heart, an attorney can help you explore your legal options.
Sometimes, you may wish to cancel a real estate transaction. Perhaps a subsequent property examination uncovered issues that weren’t spotted the first time around. Whatever the case may be, an attorney can help shield you from a potentially costly breach of contract action.
4. You will have somebody representing your interests
Real estate agents are great for getting all the required paperwork in order and setting up closing appointments. However, they are not acting exclusively in your interest. They cannot represent you in legal matters or provide you with legal advice. Having a lawyer in your corner ensures that someone will always be looking out for your interests.
Don’t take a risk on such a significant purchase
You cannot simply return your home to the seller after closing. You should treat a home purchase like the major milestone it is. Seeking advice from a skilled professional can help you avoid the expense and headache of potential legal complications.