Six good reasons to use a real estate attorney when buying or selling your home
Housing is one of the necessities of life, so there will always be home buyers and sellers. This means that the assistance of a real estate attorney will always be in high demand. There are many ways these qualified professionals use their skill and experience to help with residential property transactions. These are some of the valuable services they provide:
1. Review of contracts
No one should sign a legally binding contract before it is reviewed by a lawyer. This is especially important when it comes to property sales. Many buyers and sellers automatically assume a document is accurate if it is printed on a real estate agent’s standard form; however, errors can always occur.
2. Act as advisors
A real estate attorney will ensure that both the buyer and the seller have smooth transactions. They can complete and submit the proper paperwork needed in a professional manner. They also know the closing procedure intimately and can expedite the process so that it is addressed in a timely manner on your behalf.
3. Title Review and Compensation
A real estate attorney is astute at following up on title issues. He or she will ensure that any prior mortgages are released and the correct deeds are approved by the probate court, as well as take care of the powers of attorney and obtain the satisfaction of all liens against the property. Any problem, however minor it may seem, can become a legal obstacle in the future.
4. Track important contract dates
Experienced property attorneys carefully note important dates for each file. Inspections, financing, and buyer deposit dates can make or break a deal before actual closing. These professionals must keep track of the dates to fill out the forms accurately and make sure that neither party loses money. These calculations are crucial for the legality of the contract.
5. Provide information
Many property attorneys are more than happy to answer questions about the buying and selling process, and have the knowledge to help you make important decisions during the ordeal. This is much better than flying blind in a situation where property and large sums of money are involved.
6. Verification of writing
Although you may not be thinking about the day you sell your property the day you buy it, a competent real estate attorney will always check to see if the property has been properly deeded to make it viable to sell in the future. The lawyer will prepare your property description and warranty deed to ensure there are no problems if you ever decide to sell.
The information that an attorney can bring to your transaction is well worth the flat fee that most charge. After all, a good property attorney serves as a second set of eyes at worst, and an expert in his corner at best.