Buying or selling a piece of real estate will probably be one of the biggest financial transactions you ever complete. You may spend decades paying for your home and commit a significant percentage of your regular income toward the transaction.
Still, you might only have the guidance and advice of an individual who has completed a few hours of specialty school and passed a basic state test to help you with this transaction. Given what a major transaction this will be and how important it is that you protect yourself, it may be in your best interests to work with an attorney rather than just a real estate agent.
What are some of the benefits that come from having an attorney help with your upcoming home purchase or sale?
An attorney can draft custom documents that properly protect you
It will only take you a few seconds on a search engine to locate numerous boilerplate documents for making an offer on a property. However, real estate documents that don’t contain specific information intended to protect you won’t benefit you as much as customized documents might.
Especially if you are the one making an offer, you want optimal protection for your earnest money. Whether you worry about the inspection or about the timeline for the move, drafting customized offer and closing documents will offer much more protection than generic ones you download online.
You understand what it is you will sign
Real estate agents are eager to tell you where to sign, but they often won’t take the time to really explain the details of the documents or the future implications of your agreement. An attorney can help you make sense of dense contractual language and ensure that you have a purchase agreement and a mortgage that works in your favor. Otherwise, you may sign documents without truly understanding the long-term consequences.
You have someone ready to help if there is a significant complication
After closing, your real estate agent will likely commit minimal effort to help you with the final stages of the transaction or with dealing with issues that you discover long after the closing. If you secure outside legal help, you will have to obtain records and bring them up to speed about your situation and the documents you signed.
Working with a real estate attorney as part of your real estate transaction ensures that there is someone with personal knowledge about the documents and circumstances of the transaction. If you need help later on with a legal matter related to the sale or purchase, they will be able to take action on your behalf.
Partnering with a real estate attorney can set you up for a smoother, better-protected transaction when you buy or sell a piece of residential real estate.