When you set forth on the path toward homeownership, there’s probably going to be a lot of jargon and terminology that may mystify and confuse you. For this reason, many individuals choose to hire a real estate attorney to help them along the way. Of course, you do not have to take this step when you decide to purchase a home. But don’t dismiss the idea just yet!
Yes, these attorneys will charge you for their services just like any other attorney. Still, their services are utterly invaluable as you move forward in this process. Having this type of legal aid on your side offers a series of benefits that can even save you big-time on closing day.
Not convinced? Continue reading to learn some of the most compelling reasons to hire a real estate attorney.
The Roles of a Real Estate Attorney
There are many roles that a real estate attorney can fill while you take the steps necessary toward buying a home. Below, we’ll discuss some of the most important reasons that people cite for recruiting the help of these legal professionals.
Handling the Paperwork
There are heaps of paperwork involved in the purchasing of a new home. A lot of these documents will be filled with terminology and real estate jargon that eludes the average consumer. Your attorney, however, will be privy to this information and know how to break it down into terms that you can understand.
In addition to helping their client digest the information included in this documentation, attorneys go over the paperwork with a fine-toothed comb. This ensures that the information present is accurate, lawful and in the best interest of the home buyer. Your attorney will alert you to any errors or other problems that may exist within one or more documents.
Addressing Existing Encumbrances
Liens and other judgements posed against a home are also called “encumbrances,” and they can make it impossible for a home to be transferred from one owner to another. An attorney has the power to conduct what is known as a title search, which displays any and all encumbrances against the property. They will then, in turn, tell you whether it’s even possible to obtain ownership of the property or what difficulties you may face if you choose to move forward.
Should the present owner rectify these encumbrances, your attorney will be able to obtain certification that the encumbrances have been lifted.
Keeping Lines of Communication Open Between Agents
Chances are, the home’s seller has recruited the help of an attorney of their very own. If you do not have an attorney yourself, this could lead to the seller’s legal aid steam-rolling you with legal and real estate jargon that you can’t decipher. This isn’t a very honest thing to do, but it happens all the time.
Your attorney will communicate with the attorney of the seller to ensure that necessary documentation is sent and received promptly. If negotiation of terms is ever necessary, your attorney will act on your behalf during negotiations, too.
It is never bad practice to hire a real estate attorney when you’re trying to purchase a home. While the added expense might not thrill you, the benefits of hiring such a legal professional far outweigh the cost.
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