These days, since people can search for available homes online, some buyers do not think they need a real estate agent – much less a lawyer. Some buyers assume that they can complete the home buying process just as well on their own, similar to any other online purchase.
Such assumptions can be costly. The truth is that there are many benefits to having a lawyer during a home purchase. What are some of the things that a lawyer can do to assist you?
Offering experience and knowledge
If you are a first-time home buyer, it is beneficial to work with a real estate lawyer who can help you with their experience and knowledge. A lawyer can help you navigate the complex process without missing key steps and advise you on what is in your best interest in a purchase contract.
Reviewing your documents
Additionally, buying a home requires you to sign numerous documents. Do not sign without legal advice from a lawyer and do not make any assumptions about the documents. For instance, the purchase contract is going to stipulate when you take ownership of the home. Is that the day that you close or is the seller trying to set the date out later so that they can buy a new home before moving? These documents are important and require important decisions. You should always consult with a lawyer prior to signing any documents.
Examining contingency clauses
When you make an offer on a home, you may want to include contingency clauses. A lawyer will know how these work and if they have been set up to be legally binding. An important contingency, for instance, is that the home has to pass inspection. Without this clause, a contract might be legally binding even if the home fails the inspection, and you would have no option to walk away from the deal. Mistakes like this can be very costly.
These are just a few examples of how a lawyer can help during a home purchase. Be sure that you find a real estate lawyer who can help you understand how this legal process works and all the necessary steps to take.