Featured News 2013 When Do Homebuyers Need a Real Estate Attorney?

When Do Homebuyers Need a Real Estate Attorney?

While some states require that a real estate lawyer be involved whenever someone buys a home, in other states, a real estate attorney is a fixture in the home-buying process by choice. Even where a lawyer is not the norm or the mandate, legal counsel can be something that any homebuyer requires. If something goes south in your deal, then you will need a lawyer in any case, which means more time and money lost than if you had worked with a lawyer in the first place.

A real estate attorney can specialize in commercial leases, house rentals, investment property, or other types of property. If you are a homebuyer who is looking to get an attorney, then you need a lawyer who is experienced in looking over or writing up contracts, examining homeowner association rules, researching title, etc.

What can a real estate attorney do for you? A legal professional can be of invaluable assistance at any point in the process of buying a home, and even after. First off, a lawyer could help you draw up a contract, negotiate its terms, and then evaluate it. Then he or she could ensure that all the terms of the contract are upheld. Researching title refers to a lawyer making sure that there are no legal obstacles to buying the place, such as liens. If any disagreement sparks between you and the seller over the contract, then a lawyer can provide the representation you need to smooth matters over while still asserting your rights. A lawyer can also assist you in closing a deal.

Then there are many home-buying situations that require even more technical and legal expertise. Perhaps there are legal claims on the house you want to buy. Maybe you want to use the guest house in the back as a rental to make extra income, and you need to be certain that this is allowable under state and city law. What if you want to build a room over the garage? You need to know that this will be legal according to zoning ordinances. You could face issues that concern the title, such as the surprise that a neighbor is using the same driveway as you would, even though this does not appear anywhere in the title.

You would benefit from the help of an attorney if you are looking to purchase a condo or house that is part of a planned unit development; a legal professional can help you go over papers such as CC&Rs. Perhaps you need to look over a co-op proprietary lease. Maybe the house you are hoping to buy is newly built; you would need to examine the contract that the developer drew up. Maybe you need to take out a private loan from family or friends in order to buy the house. Or if you want to purchase a house with someone else, you would need a lawyer to help you create a co-buyer agreement, and to set up how the title would work. When you are buying a property that is "for sale by owner", then you will need a real estate lawyer to step in. The same goes if you are purchasing a foreclosed home, or a house that is in probate or is going to be short sale.

Maybe you think that the seller is dishonestly breaking contract with you, or perhaps you need to find a legal way to break contract. Then after you have bought a home, your bottom floor could flood during the next storm, something that the seller never made you aware of. In all these instances and more, a qualified and knowledgeable real estate lawyer can make sure that your rights are upheld. Find an excellent real estate attorney today.

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