A home is an enormous investment, and as with any big purchase, it’s tempting to cut corners wherever possible. Hiring a real estate attorney or having one available to you through your broker is often deemed an unnecessary expense as your agent is already there to help you with any concerns. However, there’s no way of knowing what questions or crises may arise during the purchase process. Here are six reasons to consider securing a real estate attorney before beginning the home-shopping process…
Attorneys Will Read Everything
If you’ve purchased a home before, you know there is an insane amount of paperwork. It’s tempting to throw up your hands and stop reading yet another encrypted email from your mortgage lender. Watch out though, those emails might contain information on extra hidden costs that are easily missed and really add up in the process. An attorney will read through all correspondence and immediately raise any concerns regarding unforeseen fees to a mortgage rate expiration date. Even if there are no red flags, an attorney becomes intimately familiar with the details of your purchase and can easily refer back to the documents if necessary.
Attorneys Can Help You Navigate Buying and Selling at the Same Time
Is yours a contingency purchase? If so, the home buying process just got twice as complicated. An attorney can fight for your rights on both sides, juggling multiple questions and helping out in the negotiating process. An added bonus – they can represent you at the closing for the home you are selling, so no need for you to be present.
Attorneys Will Draft and/or Review Any Amendments
Amendments are common during the purchase process. In a contingency purchase, the sale of your home might get pushed back which then mandates a closing delay on the other end as well. If an appraisal would uncover some un-anticipated repairs that are deemed necessary before the closing, he/she can assist in negotiating a revised purchase price. A lawyer can write up the appropriate amendment or review anything drafted by the seller’s attorney while you stay out of the fray.
Attorneys Can Speak to Issues Concerning Tenancy and Eviction
Some buyers are in search of a home with attached rental property as a way to assist in mortgage payment. However, many times tenants are already in place, which means any renovations you may be planning for the rental unit just became more complicated. What if a condo seller has been renting out the unit while on the market and that tenant has signed a long-term lease — what are the options? A lawyer can break down all the contingencies and suggest solutions to use those complicated tenant situations to your negotiating advantage.
Attorneys Will Be There for the Closing
You should always expect the unexpected at a closing – an unforeseen lien that appears in the final hours or that lingering homeowners’ association lawsuit that has yet to be resolved. An attorney can address issues immediately and help determine a reasonable short-term solution that allows the closing to proceed, or advise you to walk away from the purchase if the concerns are insurmountable.
An Attorney Can Calm Your Fears
A home is likely the biggest purchase of your life so it pays to have an extra player on your team. A real estate attorney is going to answer every last legal concern with a confidence you can’t get from anyone else. Even if the purchase ends up going off without a hitch, you’ve had an extra resource throughout the transaction and can walk away from the table with the utmost faith that you came out on top during the home-buying process.
Tom Reese has 20+ years experience in helping his clients sell their homes for a price that sells and makes them a profit. Tom has helped his clients buy and sell property in every neighborhood in Northern Kentucky and Cincinnati.
About Tom Reese
Helping my clients attain their dreams has been the foundation of my success. With my strong attention to customer service, I have earned my clients continued support and referrals. Put my enthusiasm and dedication to work for you!
Call Tom anytime at (859) 393-1293