Are you going through the process of buying or selling a home? If so, you may be deciding if you need to hire a real estate lawyer to assist with the process. Here are a few reasons why you want to have a lawyer on your team.
A Lawyer Is Sometimes Required
Be aware that there are some states that require using a lawyer when you are buying or selling a home. Even if you are selling to a relative or have plenty of experience doing it in the past, a lawyer needs to oversee the process to ensure that it is done correctly and legally. Make sure that you are familiar with your state laws and know if a lawyer is required.
A Lawyer Will Draft All Contracts
There are several contracts that need to be created when you purchase a home. It all starts with the initial contract that commits you to purchase the home. You'll definitely want your lawyer to be the one to draft this document, or to at least review the contract that is supplied by the other lawyer. As a buyer, you want to make sure that there is a way to get out of the sale and keep your earnest money if something odd is discovered later on, such as a bad home inspection. You also want protection as the buyer in case your financing falls through.
As the seller, you want to make sure that the buyer cannot back out of the sale without a good reason. You want the seller to commit to the entire process so that you do not waste time and money dealing with someone who is not serious about the sale. Having a lawyer on your team can ensure that terms that are favorable to you are clearly stated in the contract.
A Lawyer Reviews All Documents At Closing
You will be shocked at how many documents you need to sign on your closing day as a buyer or seller. Chances are that you do not quite understand what all the documents mean, and you likely don't fully grasp the legal terms of everything you are signing. Your lawyer will read those documents for you, summarize them in a way you best understand, and advise you that they are okay to sign. It does not matter if you are buying or selling since you want to make sure that everything you discussed up until the closing date is reflected in the contracts and that the sale is exactly what you expect.
Reach out to a local real estate attorney office, such as Law Office of Steven Kurlander, to learn more.