Buying or selling a home is often one of the most significant legal and financial transactions a person can make in their lifetime. You may be wondering, Why should I hire a real estate attorney when buying or selling a home? We have the answers. Read on to understand some specific reasons why you should always enlist the help of a real estate attorney when buying or selling a home.
Real Estate Attorneys Protect Your Legal Interests
The purchase of real estate is a legal transaction with a minefield of legal technicalities. You need a real estate attorney to address every part of the sale or purchase of your home and protect your rights.
The Purchase and Sale of a Home Is a Binding Legal Contract
The sale and purchase of a home results in a legally binding contract. The age-old rule of never signing a contract without a lawyer first reviewing it applies to real estate sales without a doubt. Gone are the days of handshakes and oral promises. Real estate attorneys complete contracts correctly, complying with every aspect of real estate law. Without legal oversight, you can end up in a situation where a closing does not occur, a title is not valid, or worse yet, fraud is at hand. Protect yourself by having an experienced real estate attorney.
Homeowners Associations Pose Particular Legal Issues
Hiring a legal practitioner for real estate when buying a home is particularly useful when you are looking at property associated with a homeowners association (HOA). HOAs are organizations that govern the area where the property owners live. They determine and enforce community rules that homeowners must follow.
If you are considering buying a property associated with an HOA, your real estate attorney can fully analyze and explain to you all of the restrictions and benefits that come with the associated property. Without a real estate lawyer, you may find yourself owning a property with an HOA that requires dues, has restrictions on parking, or even dictates what color you can paint your house. This may be just what you want. But if not, you may be frustrated that you have entered into a binding purchase agreement for a home that does not suit your needs.
For Sale by Owner Legal Hurdles
The importance of hiring an attorney for real estate when selling a home as for sale by owner still applies. You may be very confident in your ability to list and show your home. You may have experience in dealing with real estate agents potential buyers will use. However, without a license to practice law and substantial real estate law experience, you will be at a disadvantage. A real estate lawyer will be aware of every aspect that should be included in a sales contract and will give you the piece of mind to know that the legal details of selling your home are done correctly.
Real Estate Agents and Real Estate Attorneys Are Not One and the Same
Real estate agents do not have the same legal expertise as lawyers. They may be capable of handling simple transactions that go off without a hitch. However, they are not equipped to confront many of the unexpected circumstances that may arise in the course of your real estate transaction. Moreover, they may not understand all the legal nuances of real estate contracts or HOA agreements.
A lawyer has an obligation to solely represent you and your interest. Therefore, your lawyers will be looking through the lens of your rights and how to advocate and protect you legally. They also can explain aspects of the sale, purchase, title, contracts, and negotiations that are privy to legal experts.
Real Estate Attorneys Help Protect Your Financial Interests
Purchasing a home is an investment. With an experienced real estate lawyer on your side, you can protect the financial investment you are making when you buy or sell your home. The lawyer’s job is to protect you, and this includes your financial interest. A real estate lawyer:
- Is highly adept in dealing with banks and other lenders involved in real estate transactions and will be your representative with large financial institutions;
- Will review and explain to you the mountain of documents lenders require for the purchase of a home; and
- Wil make sure all parties involved meet deadlines (inspections, title search, etc.) that can affect the timing, and thus finances, of a closing.
Real estate attorneys are masters of the many areas, including finance, that impact the buying and selling of homes. They have general resources you can refer to and understand the financial importance of your real estate transaction to you.
Real Estate Lawyers Will View the Transaction with a Critical Eye
The sale and purchase of a home is often an emotional process. Even though exciting, turning over ownership of a family home to another or buying one’s first home, for instance, can also be emotionally taxing. As a result, hiring an attorney for real estate when selling a home or buying one is a protective measure.
The lawyer will keep their eyes on your goal, work toward your best interests, and be a voice of calm and reason when tensions, concerns, and even fears come into play. An attorney with experience, integrity, and skill will be your steading force.
Real Estate Lawyers are Masters of Negotiations
Still wondering, Why should I hire a real estate lawyer when buying or selling a home? Remember this: Real estate transactions and negotiations are synonymous.
Law school, experience, and continuing legal education train attorneys in negotiation. They know how to make offers, decline them, and negotiate until you get the best deal possible.
If you try to negotiate without a lawyer you will find yourself:
- Trying to battle against the other party’s attorney,
- Lacking the experience and negotiating tips and strategies needed, and
- Unable to assess the quality of offers, stipulations and caveats privy to most real estate negotiations.
As a result, you will likely end up with a deal that is not in your best interest. During negotiation, you have no one addressing your legal interest. Negotiations are paramount in buying and selling a home. You want a lawyer to handle your negotiations.
Whether you are buying or selling, be sure to work with a real estate attorney. You are dealing with a crucial legal and financial transaction, and you need the best legal protection you can get.
Bolan Law Group.: Experienced Tacoma Lawyers Serving All of Washington
For over 40 years, the lawyer at Bolan Law Group., have provided outstanding legal services with integrity. Our clients benefit from the skill and experience of all the lawyers in our office. We take a team approach in working toward the best solutions for each client. If you have a legal concern, we urge you to contact our office.