Buying A Home? Here’s Why You Need A Real Estate Lawyer
Purchasing real estate is a major milestone in most people’s lives and it involves the implementation of real estate law. Because real estate law in the US is so extensive, it helps to hire a real estate lawyer to guide you through the purchasing process.
Here’s how a competent real estate lawyer can help you buy a house:
Buying Property
Typically, a homeowner works with a real estate agent to list the property and find potential buyers. The broker serves as an intermediary between the buyer and seller; generally the seller doesn’t interact with the property owner and negotiates through the broker.
Once both parties have reached an informal agreement, the broker writes the purchase agreement i.e. the formal contract needed to purchase the house.
The buyer will get a commitment for financing, both parties will finalize the agreement and the ownership of the property will then be transferred.
While the process seems simple, without a lawyer, buyers really don’t know if they’re making a good deal.
The real estate broker works on behalf of the property owner. A real estate lawyer serves to protect you as a buyer and unlike the real estate broker, put your interests first.
Avoid Vague or Unclear Terms
It’s very common for real estate brokers to write an agreement containing unclear terms that set buyers up for many legal problems. Real estate brokers work with several clients at once; instead of developing customized agreements, they use standard forms. These standard forms do not cover special circumstances that may apply to one agreement but not to others.
A skilled real estate lawyer will ensure that the final agreement doesn’t have unclear terms that can be used against. They will write an agreement that protects and prepares buyers for worst case scenarios.
Consider a Consultation
You don’t have to hire a real estate lawyer if you don’t want to but they are excellent sources of information. If you were able to buy a house without the assistance of a lawyer, you can still contact a lawyer for information on taxes.
Both buyers and sellers should consult a real estate lawyer for information on real estate tax laws.
Purchase Agreements
The purchase agreement is a crucial component of the transaction between a homeowner and buyer. If the broker did happen to use a standard form it is still useful to ask a real estate lawyer to explain the various parts of the agreement along with any technical terminology.
Title Search
Buyers can work with their real estate attorneys to review the title search, explain what isn’t insured and help buyers understand zoning prohibitions.
The Closing
The closing is the most significant part of the purchasing process; it’s where the ownership of the property changes from the seller to the buyer. A closing statement will be prepared showing the credits and debits of the buyer and seller.
A real estate lawyer will take both parties through the closing costs before signing the deed and mortgage documents.
From a distance the process of purchasing a property doesn’t look complex but when you’re in the midst of it, it’s easy to get overwhelmed by all the documentation.
When working with a real estate lawyer, you can rest assured that your rights are protected and that you’re making a sound decision.
Looking for a real estate attorney in New York?
Milenkovic Law Group PLLC. offers legal services in various parts of New York such as The Bronx, Brooklyn, Long Island, Manhattan, Queens and Westchester.
Contact us at 914-202-0610 for legal services regarding the purchase of real estate.