A Few Reasons To Hire A Real Estate Attorney

When you get ready to buy or sell any real estate, you probably turn to a real estate agent to help you. You should also find a real estate attorney. While the state may not mandate a lawyer is involved in the sale or purchase of property, it is definitely in your best interest to use one. Do not wait to hire one simply for the closing. There are a number of things you may find you need help with before you actually complete the deal. Here are just a few ways an attorney can help when real estate is going to change hands.

Purchase Agreement

A purchase agreement is a document signed by both the buyer and seller stating that the buyer will pay the seller a specified amount to purchase the property. As the buyer, you should have an attorney go over the agreement before you sign it. There may be some stipulations you want added to the document such as the property passing a home inspection and having a clear title. If a problem arises with either the inspection or title, there should be options in the agreement that both parties agree to in order for the sale to proceed. 

Clear Title

As mentioned above, you should have a lawyer perform a title search for the property. While you could do this yourself, you probably do not know all the different searches to perform. You may be able to trace the ownership of the property to determine the seller has the legal right to sell it, but things can get tricky if the property passed to someone due to the death of a legal owner. There may have been a number of people who inherited the place and you need to know that everyone involved has signed off on the sale. It is also important to know if any liens have been placed on the place. If not handled properly, you could end up owing a contractor or other lien holder when the seller does not pay the lien with the proceeds of the sale.

Closing

Once all the documents are agreed to, the buyer and seller meet to exchange ownership. Most of the time, a bank or mortgage company will provide the funds to pay the seller the purchase price. A lawyer is important to make sure all the purchase documents and mortgage documents are in order and that you understand everything. 

You do not want to go through the process of buying a property to find out the place has some major problems that you have to fix or that someone else has a right to your new home. Hiring a real estate lawyer as soon as you start looking for a home will ensure the process moves along smoothly so you can start living in your new home as soon as possible. For more information, reach out to law firms like Souders Law Group.

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