Buying a house is a big undertaking. Not only is it a substantial financial investment, but it is hopefully the place you will make a home for years to come. Because of this, you will likely want to do what you can to help ensure your best interests are protected throughout the process. This is one reason why it can be a good idea to have a real estate attorney by your side when buying a house.
Why You Should Have an Attorney If You Are Buying a House
First, it is important to note that, in New York, only a licensed attorney is able to prepare home purchase documents, as well as perform a title search, and close the purchase deal. So, once a seller has accepted an offer, a real estate attorney will need to be retained in order to prepare and negotiate the contract details. In addition to this aspect of why you should have an attorney if you are buying a house, there can be other reasons why you may want to have an attorney along the way.
When you retain a real estate attorney, they can protect your best interests in a number of ways. For instance, financing of the house can be a big hurdle to overcome in the home buying process. An attorney can not only attend the mortgage closing but can review the loan documents you must sign in order to take ownership of the home. The attorney can not just make sure the terms of the loan are fair, but that the loan documents are accurately prepared and show the fees that you and the seller agreed to pay.
Furthermore, it can be helpful to have access to a real estate attorney for the numerous questions you are likely to have during the process. The closing process can be stressful and confusing. On top of this, you may want to try and negotiate with the seller if you have any financial issues that arise when you are down to the wire. The seller may also try to make last-minute changes you don’t agree with.
On top of all of this, an attorney can help you protect your best interests and negotiate a better deal after the home inspection has taken place. The inspector may have found some problems with the home that may vary in terms of severity. Your attorney can use these inspection findings to negotiate things like repairs or a reduction in price with the seller.
There are also legal issues that a real estate agent will not be able to address. Real estate agents are usually not licensed attorneys and, therefore, lack the authority to address legal questions. Additionally, should the transaction involve added layers of complexity, you may want to have an attorney look over the documents involved in the purchase of the property. This is also true if you are entering into a scenario such as a rent-to-own arrangement where you agree to rent the home for a certain amount of time before you will be obligated to purchase the property. If you are buying a house without the assistance of a real estate agent or are buying a house directly from the owner without him or her being represented by a real estate, you are also likely to find vast benefits associated with retaining a real estate attorney.
Real Estate Attorneys
At Merlino & Gonzalez, our trusted team of real estate attorneys is here to help you buy the place you will call home. We want to make this an exciting process and one with minimal stress. Contact us today.