Most people already know that buying a home is one of the biggest financial and emotional investments a person will ever make in their lifetime. However, it can be easy to overlook the fact that a home purchase is also one of the biggest legal agreements a person will ever enter into in a lifetime. That’s why being properly represented in the buying process is important. Take a look at six reasons to always use a lawyer when buying a house.
1. It’s Smart to Have Someone Working Exclusively on Your Side
Buyers interact with a variety of different professionals on the path to closing. This includes real estate agents, lenders, mortgage underwriters, title companies, and more. While these professionals offer support to buyers, they are ultimately working for their interests. A lawyer is the only person in the scenario with the job of working 100% for the best interests of the buyer at all times.
2. Lawyers Help With Negotiations
Part of a real estate lawyer’s job when representing a client is to ensure the accuracy of information. If a lawyer notices a discrepancy with a property, they can bring this to your attention. This information can be vital during the negotiation process. Some examples of “risky” details that a real estate attorney can highlight for a client include tax liens, tax judgments, title errors, boundary issues, water rights, and easements.
3. The Other Side Will Know You’re Being Represented
Unfortunately, some unreputable sellers might use the fact that a buyer isn’t using a lawyer to their advantage. When you have a seasoned real estate attorney from the start, the other party is aware that all documents will be combed through carefully. This fact alone can help to prevent the seller from attempting to “pull one over” on you.
4. Real Estate Attorneys Can Explain Complex Terminology
As anyone who has ever purchased a home knows, the process is far more complicated than simply getting an offer accepted. Buyers often discover that contracts are full of unfamiliar terminologies and phrases that are specific to the legal world. Buyers get peace of mind from knowing that they can bring questions to their attorneys when they don’t understand what specific terms in a contract mean.
5. A Real Estate Attorney Can Help a Buyer Pivot
Buyers are sometimes left shocked and confused when unexpected issues arise after an offer is accepted. They are also unsure how to back out of a contract or demand seller concessions without losing an earnest deposit, being sued, or facing some other legal consequences. A real estate attorney can jump in to help a seller navigate complex issues as they arise. Real estate attorneys can also alert buyers to potential issues before they even happen.
6. You Won’t Sit at the Closing Table Alone
Working with a real estate attorney gives a buyer assurance that every loose end has been tied up at the closing table. A real estate attorney helps to oversee the closing process to ensure that everything that was discussed during the negotiation phase is properly represented in the closing documents. In addition to offering support on the day of closing, an attorney also carefully examines all paperwork before closing to help the buyer show up with everything they need to close.
The reality of buying a home is that the stakes are high. Even a seemingly “simple” purchase can quickly turn complicated. The bottom line is that no buyer should get caught without the right representation.