A real estate attorney is helpful for a lot of reasons. If you are uncertain about the home buying process, you can talk to an attorney to help you. An attorney will help you understand the paperwork and payments involved in buying a home in a practical way that even your agent may not be able to. If you’re unsure if you will need an attorney to help you, here’s information on real estate attorneys and what they do.
What Does a Real Estate Attorney Do?
A real estate attorney is an optional attorney, hired by you (the homebuyer) to provide legal opinion and professional advice on your closing documents. If you have bought a home before, you may feel comfortable in not using a lawyer to finalize the process with you. However, if you have never bought a home before, you may want to utilize the knowledge and understanding a lawyer has when it comes to buying your first home.
Attorneys often work with commercial buyers and sellers. Since these purchases are so large and require lots of attention to detail and laws to be followed, lawyers are necessary for these types of sales.
Why Use an Attorney?
You should use a real estate attorney if you have never bought a home before. It is helpful to use an attorney to guide you through understanding the closing documents. If you do not want to sign anything you don’t understand, a lawyer will explain what exactly the closing documents say in laymen’s terms. Attorneys are great because not only will the help you understand the documents, but they will know where to look to find any potential problems in the documents.
Who Needs a Real Estate Attorney?
A real estate attorney is not a mandatory service needed to buy a home. You can hire an attorney if you are buying a home, and you want the safe feeling of having a professional look over your closing documents with you to make sure everything is in order so you get exactly what you’re paying for.
Even if you’ve read and understood lots of legal documents in the past, you might still want to hire a lawyer to help you with the closing process. Commercial real estate purchases often require a real estate attorney on both sides to ensure the buyer and seller are both getting what they want from the purchase.
Junk fees are fees that you do not have to pay, or fees that can be reduced, that come with the closing costs. A Good Faith Estimate will be given to you by the agent to show you all of the costs that come with buying a home and fees from their brokerage. With this estimate, you will find many fees that are unnecessary or overpriced. With a real estate attorney, you can have them look over the estimate, and they will get you the lowest price possible to pay for any fees and also get rid of any junk fees that are completely unnecessary.
What Can Happen Without an Attorney?
Lots of things can happen without a real estate attorney. You will not have anyone to look over the closing documents with you to ensure your best interests are being held to the highest standard and not just what the seller wants. Legal issues can also ensue without an attorney. You can be sued by the opposing party if you fail to disclose any information or problems about the property. Filing state or county level documents improperly can result in time wasted and more monetary complications. These fees and complications can all be avoided by hiring a real estate attorney in the first place.
How to Find a Real Estate Attorney
There are lots of companies that you can use to set you up with a real estate attorney. Real estate attorneys can be found online and hired for a reasonable price depending on how much and how long you need their services for. They are here to help you and all of your legal home-buying needs.
So do yourself a favor, hire an attorney if you need one. If you do, you will see how much they can help you with buying your next home.