Buying a house for the first time in itself is a daunting task. Making such a long-term investment without letting emotions/feelings come in the way is nearly impossible. Hence, having a legal professional represent you, paying attention to all the facts and details can help prevent falling into certain traps and deceitful ways of certain sellers.
What is a Real Estate Attorney?
These are professionals who are certified to deal with the legal aspects concerning either the buying or selling of a property. Their role also extends into representing clients in disputes regarding a property.
These professionals are specialized in all things related to real estate and adhere to the law to ensure fair decisions are made for the party they represent. This becomes more crucial if the buyer is a first-time real estate buyer since the chances of getting a bad deal are much higher. Lack of experience combined with ignorance about the market plays a huge role in the need for such a lawyer.
Responsibilities of a Real Estate Attorney
To understand the importance/ need for a real estate attorney, let’s get into the actual responsibilities of such a lawyer.
Handling Legal documents
The legal documents required concerning property can seem endless. A good real estate attorney can help create and draft these documents with professional precision. Examples of these documents are lease contracts, purchase agreements, eviction notices, and mortgage contracts (to name a few).
Since these documents are of prime importance and any loopholes can give room for exploitation, it is best to have a professional help create them for you.
Disputes relating to properties are very common. In such cases, a real estate attorney will represent the client and help come to a decision that is in the best interest of his/her client. If the dispute cannot be settled out of court, an attorney is required to fight the case for you. Not hiring one could lead to losing a case and definite loss in terms of property, money, etc.
Hiring an attorney is beneficial for both parties since these professionals are trained to make mutually beneficial decisions.
Handling the Technicalities of the Situation
The legal world is known to be technical and that can serve as both a good thing and a bad one.
Real estate disputes and decisions almost always involve very industry-specific terms. Although this brings about clarity in many ways, a new buyer might find themselves bombarded with terms that are either too technical or vague. This is where a real estate attorney comes into play.
Having being trained in handling such topics, these professionals are capable of making the buyer and seller wary of what each term means. This prevents clients from falling into traps set up by the opposing party.
Documents once filed and signed may not be able to be revoked, and this can lead to disasters if they aren’t thoroughly understood from cover to cover. These attorneys serve as translators between the law and the everyday person looking to either buy or sell a property.
Real estate attorneys help devise the best possible action plan regarding an issue relating to the property. Whether it is a dispute or a simple transaction, going into one without a plan can spell disaster. Legal proceedings cost time and money. A real estate attorney will sit with the client and chalk up a proper plan whereby there is minimal loss of both.
Pros and Cons of Hiring an Attorney
- The major advantage of hiring an attorney is that they are paid to represent you. Unlike agents who receive a percentage, lawyers are paid a fee specifically to help you get the best outcome. Lawyers are ethical professionals committed to representing their clients and getting you the fairest possible deal.
- For new buyers, hiring a real estate attorney gives you a professional who knows the law like the back of their hand and will represent you from start to finish. This makes the home buying process much easier and allows you to focus on all the non-legal preparations that go into buying a new home.
- The only real disadvantage is that they are paid-professionals and there will be fees involved in hiring them. With all things considered, hiring a good and ethical attorney should reap more benefits than losses in the long run.
Now that you know more about what a real estate attorney actual does for you in the home buying process, you should be better prepared to know if hiring an attorney makes sense for you and be able to make a better hiring decision.