If you are getting ready to buy a piece of property, you will want to consider hiring a real estate lawyer. While you may believe that having a real estate lawyer is not necessary, you'd be surprised on what a real estate lawyer can do for you and how beneficial it will be for you to have one if any issue comes up. This article will explain what could happen during a real estate transaction and why a real estate lawyer may be necessary.
Help Prepare And Review The Purchase Offer
The purchase offer is the contract that you and the other party enter into. This contract will include things like the purchase price, how much money you will fund by way of a mortgage, what personal property, if any, is included in the sale, and any contingencies attached to the contract. Your lawyer will be able to make sure that the contract is beneficial to your own circumstances. For example, the contract may be contingent upon you selling your home. Your lawyer will make sure that the contingency is reasonable and that you're not going to lose any money if you have to pull out of the offer because your home did not sell.
Help With Title Review And Issues
Another reason why having a real estate lawyer is beneficial is title review. The title to your property will give a history of your property, including any liens and encumbrances. Your lawyer will be able to make sure that the property you're looking to buy does not have any title problems. If you were to purchase property with a lien attached to it, you're then responsible for paying the lien, as it attaches itself to the property and not the owner of the property. Most liens attached to property are unpaid taxes. A lawyer will make sure that if there is a title problem with the property, the issues are cleared up before you close.
Financing and Closing Assistance
Having a lawyer can also help when it comes to the financing aspect of buying a piece of property. Your lawyer can help you gather all of the necessary documents you'll need for mortgage approval, and also review any mortgage proposal and commitments before you decide to accept the bank's offer. Many people buying a home for the first time are unaware of financial terminology or requirements, and your lawyer can help guide you through the process.
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