Founding Attorney
For many individuals, buying a home is the single largest financial transaction they will engage in during their lifetime. While some may think that they got it alone, an experienced attorney can help to avoid any pitfalls and protect the buyer’s interests.
Although buyers are primarily concerned with the price and the location, there are are number of other considerations. This includes the condition of the home, negotiating the sales contract, resolving potential title issues, and arranging for financing. In short, not having proper legal representation can ultimately be a costly mistake. Let’s take a look at some of the key issues in buying a home.
The Purchase and Sales Contract
In the tri-state area, the custom is for real estate agents to prepare the sales contract, which is usually a “boilerplate” document. An experienced an attorney can review the contract to ensure that it conforms to local and state laws, and contains the necessary provisions that will protect your interests.
Home Inspections
It is the buyer’s responsibility to arrange for a home inspection to ensure that dwelling is structurally sound and that the heating, plumbing and electrical systems are all in good working order. An attorney who routinely collaborate with a respected network of real estate professionals can help arrange for a qualified firm to conduct the inspection.
Title Issues
The seller must have the legal right to sell the property, which must be free of any encumbrances including liens and judgments. If there are any liens attached to the property, they must be paid prior to the sale, although these can also be paid from the proceeds of the closing. Nonetheless, many attorneys also run title abstract companies, or can arrange for a title search of the property.
Document Recording
Upon closing the transaction, it is necessary to perfect the buyer’s interest in the property by recording the deed with the county clerk, and this function is often carried out by an attorney.
The Takeaway
In the end, if your are buying a home having an experienced real estate attorney in your corner is indispensable. An attorney can help you navigate the real estate market, protect your interests and make sure that you make the best deal possible.