When you are buying a home, you most likely will be advised to contact a lawyer, and not just any lawyer, but one who deals in real estate matters. If you are a new homebuyer, you might wonder why this is a necessary step and perhaps think hiring one is more money than it's worth. But there are really important reasons that every home buying transaction should include a real estate lawyer or legal service.
What does a real estate lawyer do? Do you really need to hire one? Yes, if you want to protect yourself during the biggest transaction you can make.
Create Legal Documents
Real estate agents in some states are able to fill in legal documents such as the sales agreement, but they don't have a full understanding of the law as a lawyer does. A real estate lawyer or legal services practice can create legal documents that are in your best interest.
These documents include deeds to properties, leases or rental agreements for income properties, purchase contracts, and financing agreements. Only lawyers are allowed to actually create or revise these particular documents.
Negotiate The Sale
Your real estate agent can help you get the best price for the home you want to buy, but a lawyer can negotiate a potentially better deal for you. This can include the terms and conditions of the sale such as the closing date, what's included in the sale, and if you can get any upgrades included in the purchase price if it's a new construction.
A lawyer can work out negotiations with developers, brokers, investors, or other lawyers.
Review The Sale
It's possible that you and your real estate agent have already gone through the negotiating and have come to an agreement on terms of the sale. At this point, you can hire a lawyer to review the terms of the sale. This also means they will review the sale as a whole.
Reviewing the sale as a whole means they will check to see if there are any title issues with the property, environmental issues such as flooding or grade problems, or if there were any kind of issues with the property itself or any other transaction such as any liens on the property.
Litigation and Foreclosure Proceedings
When a real estate transaction goes wrong, a lawyer gets involved in any lawsuit you might bring about. They will represent you in court, draft any pleadings and appeals, and represent you in any bargaining as well.
A lawyer also helps handle any foreclosure proceedings against the house. If you find yourself in financial trouble and the bank is trying to foreclosure on the home, a lawyer can help make it difficult for them to do so. They can challenge any mistakes that were made by the lender or even negotiate a reasonable settlement that could help you keep your home.
For more information, contact a local firm like Barrett Twomey Broom Hughes & Hoke LLP.