Purchasing a home is one of the largest investments most people will make during their lifetime. Because real estate transactions are so valuable, both the buyer and seller must go through a lengthy verification and contract period before the transaction is complete.
It can be beneficial for buyers to hire a real estate attorney before they begin hunting for the perfect home. The legal expertise offered by an experienced real estate attorney can help you protect your investment and avoid making any costly mistakes during the purchase process.
1. Navigate Unique Real Estate Situations
Even experienced buyers can find themselves in need of legal assistance when it comes to navigating unique real estate situations.
Certain properties may come with special restrictions or requirements that are outlined in the contract documents. These types of properties include new construction homes, homes on the historical register, and homes located on land with potential zoning problems.
A real estate attorney will be able to identify all restrictions and requirements and explain them to you in language that is easy to understand. This makes deciding if you will get involved in a unique real estate situation much easier.
2. Obtain All Pertinent Property Information
A real estate attorney will go through the process of buying a home more times than most people will in a lifetime. This means that you can benefit from the experience and expertise your attorney will have throughout the purchase process.
An attorney will be able to assist you in negotiations by asking questions that allow you to acquire all pertinent information about the home. Attorneys often ask questions about past permits or title transfers that buyers may not even think of.
Once you have all of the pertinent information about a property, your attorney can advise you of any red flags that could end up being costly to resolve after the purchase is complete.
3. Coordinate the Closing Process
The closing process for real estate transactions consists of many moving parts. You have to prepare and execute all mortgage documents, secure title insurance, obtain an accurate deed, and complete the final inspection of the property.
Any mistakes made during the closing process could jeopardize your real estate investment.
An attorney will be able to coordinate all aspects of a real estate closing to ensure documents are prepared and filed properly on your behalf. Having this legal support ensures that your real estate transaction will go smoothly.
Contact a real estate attorney to learn more.